The Best Money Moves for November 2021 | Personal Finance | – Independent Tribune

“The last 18 months have been a unique time, and the benefits you selected a year ago may have fit your needs then but might not fit your future plans,” he says.

In fact, a recent MetLife survey found 8 out of 10 millennial employees expect to make major life changes next year. Several commonly cited changes, including having a child, getting a pet or undergoing a major medical procedure they had delayed, tie into workplace benefits.

How can you prepare? Look at what you used — and didn’t use — this year. For your health insurance, for example, look back at how many times you visited the doctor and what you paid for medication over the past year. Then think about what you expect for the upcoming year.

If you’re paying for a gold-plated plan, but never visited the doctor, you could probably scale that back and pay smaller monthly premiums. Alternatively, if you’re in a low-cost but high-deductible health care plan and you expect to have a baby or need a medical procedure, you may be better off choosing an insurance plan that covers more.

People tend to dread open enrollment season, Smallwood says. But think about it this way: It’s technically part of your compensation, and you want to be sure you’re getting as much value out of it as you can.


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