End of Year Benefits Checklist

As the year comes to a close, it’s the perfect time for employers to ensure that employees are making the most of their benefits packages. This end-of-year benefits checklist serves as a roadmap for maximizing financial security, health, and overall well-being. It will help you make sure your team optimizes their benefits and makes informed decisions about the benefits available from you, and independently, what they can access on their own.

First Things First: Know What Your Employees Have

Before diving into year-end planning, start by encouraging your employees to conduct a thorough benefits review. It’s essential for them to understand the components of their employee benefits package, ranging from healthcare options to retirement plans. Encourage them to take note of any changes that may have occurred throughout the year, as staying informed is the first step towards making the most of their benefits.

Life Insurance

Remind your employees that life changes, and so do their insurance needs. Encourage them to review their life insurance coverage to ensure it aligns with their current financial situation and family needs. Making adjustments now can provide peace of mind for the future.

Dental and Vision Benefits

Highlight the importance of renewing dental and vision insurance policies. Emphasize that it’s often overlooked but crucial for overall healthcare. Encourage your employees to schedule dental check-ups and eye exams for preventive care before the year ends. After all, this helps catch issues early, potentially saving them from extensive treatments. Mention the importance of checking for policy changes, staying in-network for reduced costs, and considering using Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) if applicable.

Retirement Planning: Secure Your Employees’ Futures

Stress the significance of retirement planning as a crucial aspect of the end-of-year benefits checklist. Encourage your employees to review their retirement contributions, such as their 401(k) or Individual Retirement Account (IRA). Consider suggesting that they increase their contributions to take advantage of potential tax deductions. Remind them that retirement may seem distant, but the sooner they invest, the more secure their future becomes.

Paid Time Off (PTO): Balance Work and Life

Highlight that paid time off is more than just a vacation benefit; it’s a chance to maintain work-life balance. Encourage your employees to review their PTO balance and understand your company’s carryover policy. Stress the importance of not letting unused PTO go to waste and advise them to plan their days off strategically. Whether for rest, recharge, or personal development, PTO is a valuable resource for personal growth and well-being.

Benefits Optimization: Help Them Make Informed Choices

Make benefit optimization the heart of your checklist for employees. Familiarize them with eligible expenses for their FSA or HSA and advise them to make necessary purchases before the year-end deadline. For employers, emphasize the importance of educating your staff about FSA benefits and deadlines, as it can enhance their overall satisfaction with the benefits package. Explain that by optimizing benefits, they are securing their financial future and well-being.

How Can Post Insurance Help?

Providing “Smarter Insurance Since 1954,” Post Insurance is a third-generation insurance agency with expertise in personal and commercial insurance of all types. Our Employee Benefits specialists will help you build a program tailored to your company’s needs, including Disability Insurance, Group Medical, Life Insurance, Voluntary Benefits, and more.

You may have been recommended to us by one of our many satisfied customers, or you may have searched online for “employee benefits near me.” However you found us, we’re happy to welcome you. If you have questions about an Employee Benefits Program or would like to receive a quote, please fill out our contact form or call 800.262.9998.