Annual Benefits Review Checklist

Use this checklist annually during your employer’s open enrollment period (or year-end) to make sure your benefits align with your financial goals, healthcare needs, and protection strategies.

Health Insurance

• Review your current health insurance plan (HDHP, PPO, HMO) and coverage needs.
• Compare premiums, deductibles, and out-of-pocket maximums.
• Evaluate if an HSA (with HDHP) or FSA fits your situation.
• Use or plan your FSA balance (remember the “use it or lose it” rule).
• Consider Dependent Care FSA if you have eligible childcare or dependent expenses.
• If self-employed or not covered, review Marketplace options during open enrollment (Nov 1–Jan 15).
• If 65+, review Medicare Part C & D coverage (Oct 15–Dec 7) for changes in costs or providers.

Disability Insurance

• Confirm whether you have short-term disability coverage (3–6 months, 70–80% salary).
• Review the elimination period (30–90 days) for short-term coverage.
• Check long-term disability enrollment (40–70% salary coverage).
• Understand long-term disability elimination period (90–180 days).
• Decide whether to pay premiums pre-tax (benefit taxable) or after-tax (benefit tax-free).

Life Insurance

• Review your group term life insurance coverage (usually 1–2x base salary).
• Note any taxable portion (coverage over $50,000).
• Consider increasing coverage if needed.
• Evaluate spousal coverage options if your spouse lacks insurance.
• Reassess your total life insurance needs (employer + personal coverage). If you are unsure, your financial advisor can help you run an analysis to determine if there is additional need.

Retirement Accounts

• Review contributions to 401(k), 403(b), 457, TSP, or SIMPLE IRA plans.
• Adjust contribution amounts during available update periods.
• Maximize pre-tax contributions to reduce taxable income.
• Revisit investment allocations and beneficiaries.
• Confirm you’re on track for long-term savings goals.