Life is full of big moments—starting a family, getting married, buying your first home, going back to school, etc.—and each milestone comes with its own set of challenges. Fortunately, your employee benefits can often help more than you realize. Here’s how to tap into the perks you may already have.
Starting a family
Starting a family is a big undertaking. Before your due date or adoption date is on the calendar, review your employee benefits package for coverage that can help with medical costs and time off. Consider these steps:
- Maximize your short-term disability insurance: Electing additional coverage during your enrollment period may mean a smoother financial cushion during maternity, paternity or adoption leave.
- Add supplemental health insurance early: Critical illness, accident and hospital indemnity coverage can help with costs your health plan may not cover to potentially reduce your out-of-pocket expenses.
- Review dependent coverage: If your child will be on your health plan, check deductibles, out-of-pocket maximums and dependent health coverage ahead of time so you’re not surprised at a critical moment.
Getting married
Marriage is a joyful milestone, but it also comes with important benefit decisions. Discuss these changes with your new spouse early to maximize your benefits options:
- Health plan coordination: Compare your workplace benefits with your spouse’s to decide which plan offers the best value—or if it makes sense to stay on separate plans.
- Life insurance policy updates: Add your spouse as a beneficiary, and consider increasing your life insurance to reflect shared financial responsibilities and added protection.
- Retirement savings opportunities: If your spouse doesn’t have their own 401(k), consider increasing your own contributions to help reach your joint retirement savings goals.
- Medical spending accounts: A marriage may qualify as a life event that lets you adjust contributions to flexible spending accounts (FSAs) and health savings accounts (HSAs), helping you set aside pre-tax dollars for eligible expenses.
Buying a house
Purchasing a home is exciting—but it’s also one of the biggest financial commitments you’ll make. Here are some employee benefits that may support you:
- Increased life insurance: If you take on a new or larger mortgage, you may need more life insurance for mortgage protection to ensure your family can keep the home if something happens to you.
- Employee assistance programs (EAPs): Some EAPs may offer budgeting tools or financial counseling. These financial wellness benefits could help you plan for mortgage payments and related costs.
- Legal assistance benefits: If your employer offers prepaid legal services, you may be able to get help reviewing contracts or understanding closing documents.
Going back to school
Whether it’s for career advancement or a career change, higher education can be an investment in your future. Your employee benefits plans may help you manage the cost.
- Employer tuition assistance: Many employers offer reimbursement for part or all of your tuition if the degree is related to your work.
- Professional development stipends: Some employers may provide funds for certifications, workshops or courses outside of traditional tuition programs. Ask about training offered through your employer or through outside sources that could benefit your position.
Basic employee benefits can be flexible tools you can adapt to your biggest life milestones. Reviewing your benefits options or meeting with your HR department could reveal opportunities you didn’t know you had.
Additional reading:
Make sure your benefits keep up with your life changes
Life changes happen—your benefits can change, too
Are you missing out on benefits offered by your employer?
Saving money by tying the knot: The financial advantages of getting married
