It’s Annual Benefits Enrollment Season at P&G
It’s annual benefits enrollment season, which means it’s a great time to review your elections and consider what changed in the last year, or likely to change in the next. Please note that your selections must be complete by October 30, 2020. Some questions to consider:
Do you have the right insurance coverages?
P&G offers several options for group life and disability coverages. While it can be tempting to simply elect the same options as last year, stop to consider what would happen if you died or were disabled. Who relies on your income, and how would they be impacted if something happened to you?
Is a Health Savings Account right for you?
Several years ago, P&G added a High Deductible Health Plan to the benefits package. One of the benefits of a HDHP is that it comes with the option of funding a Health Savings Account (HSA). An HSA can be a tax efficient way to pay your medical expenses, but is even more powerful as a tax-free long-term savings vehicle! Still, for some and depending on your healthcare needs, the traditional PPO plan can make sense. It’s important to consider these options each year and adjust accordingly.
What about the P&G Savings Plan?
Unlike the Profit-Sharing Trust, which is funded by company contributions, you make contributions to the P&G Savings Plan directly from your monthly pay. It has a pre-tax and a Roth contribution option – have you considered which is right for you? To learn more about these accounts, check out our earlier piece on maximizing your tax-advantaged savings plans.
Whatever your personal situation, benefits enrollment should be a thoughtful process instead of just rolling past decisions forward. At Truepoint we’re here to help you think through the options and how they might fit into your unique situation.