Happy New Year! A new year brings a new opportunity to get on track and focus on tasks that you may have been putting off for weeks or months. When it comes to wellness programs, health insurance and financial and retirement plans, many people often neglect or overlook opportunities that maximize their short- and long-term benefits.
We’ve mapped out some New Year Resolutions to ensure you and your employees have a successful 2018.
1. Attend a virtual doctor visit.
Virtual doctor visits are included in most health insurance plans, but most people forget to take advantage of the benefit or may not know they have that benefit. Virtual doctor visits allow you to video conference with a health professional when you or your child is sick. By communicating the symptoms, you can receive an initial diagnosis and a prescription for medicine without having to wait for hours in an emergency room or urgent care clinic.
2. Review your 401k retirement plans.
It’s important to check the performance of your 401k retirement plan each year. Review the performance of your current funds and how they relate to their benchmark and redistribute your contributions if it’s not performing to your expectations. Also, conduct a quick search to find any new funds available in your plan that may be worth investing. Lastly, if you can afford it, consider increasing your annual contribution. Even a one percent increase to your 401k can benefit you by the time you reach retirement.
3. Ditch the paperwork.
There are several digital platforms that are available now to streamline your health records. Whether through your health insurance provider or a third-party app, enroll in one today. Right at your fingertips, you’ll be able to review what medical services are available in your health care plan, electronically submit requests for health care reimbursement, request to a change in benefits due to a life event such as marriage or a new child, and even update your beneficiaries.
4. Invest in something new.
While most of you already have some sort of IRA or 401k, there are many more investment options available to help you save money in the future. If you would like to help pay for your child’s college, consider opening a 529 plan, which is a tax-advantage savings plan that offers a range of investment portfolio options to put towards college tuition. To help cover medical expenses when you retire, investing in a health savings account will prepare you to afford costs for doctor visits, prescriptions and other treatment when you retire.
If you would like to get started on these resolutions but do not know where to begin, don’t hesitate to give The Barnett Group a call at 901-365-3447 or contact us below.