Preparing for Open Enrollment: A Wealth Management Perspective

Open enrollment is right around the corner, and whether you’re considering your health insurance options, evaluating retirement benefits, or looking at additional coverages, this period provides a valuable opportunity to align your benefit choices with your overall financial goals. At Pinnacle Advisors, we believe that each financial decision should contribute to your broader wealth management strategy, ensuring you’re prepared for today and tomorrow.

Here are some key areas to consider during open enrollment, along with how Pinnacle Advisors can help you make informed choices:

1. Reviewing Health Insurance Options: Beyond the Premiums

While it’s tempting to focus on premiums, there are other factors to consider when choosing a health insurance plan. Take a close look at deductible amounts, out-of-pocket limits, and coverage options. Your advisor can help you evaluate which plan best aligns with your healthcare needs and financial goals. If you’re planning a major medical expense, such as surgery or the addition of a new family member, choosing the right plan can make a significant difference in your financial outlook.

2. Maximizing Contributions to Health Savings Accounts (HSAs)

If you have a high-deductible health plan, contributing to an HSA can offer both immediate tax savings and long-term growth potential. HSAs allow you to contribute pre-tax dollars, which can then grow tax-free and be withdrawn tax-free for qualified medical expenses. At Pinnacle Advisors, we view HSAs as a powerful tool within a comprehensive wealth management strategy. We can help you determine how much to contribute this year to maximize these benefits.

3. Evaluating Retirement Plan Contributions and Matching Opportunities

Open enrollment is an ideal time to review your retirement savings strategy. Make sure you’re taking full advantage of any employer match programs available through 401(k) or 403(b) plans. Additionally, consider increasing your contributions as you approach the end of the year. Every dollar you contribute is a step closer to securing your financial future, and Pinnacle Advisors can provide insights on optimizing your retirement savings in alignment with your broader wealth management goals.

4. Exploring Supplemental Insurance Options

Many employers offer supplemental insurance policies, such as life insurance, disability insurance, and even long-term care insurance, during open enrollment. While these can add an extra layer of security, they may not always be the best fit for everyone. Your advisor can help you weigh the costs and benefits of these options and determine whether they complement your existing financial protections or if other alternatives might better suit your needs.

5. Understanding Flexible Spending Accounts (FSAs) and Year-End Use-It-or-Lose-It Rules

If you’re enrolled in an FSA, it’s essential to keep an eye on your balance as the year ends. Unlike HSAs, FSAs often have use-it-or-lose-it rules, meaning any unused funds could be forfeited. Consider using these funds for eligible expenses now to avoid losing them. During open enrollment, you can also adjust your FSA contributions for next year, with guidance from your advisor on how to best utilize this benefit in your overall financial plan.

How Pinnacle Advisors Can Help During Open Enrollment

Open enrollment decisions go beyond choosing benefits for the coming year—they play a crucial role in shaping your financial future. At Pinnacle Advisors, we’re committed to helping you make decisions that align with your long-term wealth management strategy. By integrating your benefit choices with your overall financial plan, we ensure that each decision moves you closer to achieving your unique financial goals.

Ready to make the most of open enrollment? Contact your Pinnacle Advisors team today, and let’s discuss how your benefits can support a brighter financial future.

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IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pinnacle Advisors [“Pinnacle”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Pinnacle. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Pinnacle is engaged, or continues to be engaged, to provide investment advisory services. Pinnacle is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Pinnacle’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.pinnacleadvisors.com. Please Note: Pinnacle does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pinnacle’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Pinnacle client, please contact Pinnacle, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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