Annual Enrollment: What to expect when talking with a coach

Individuals 08.27.2021 3 MIN READ

Annual enrollment decisions may seem confusing and complicated—but you don’t have to go it alone! When you talk with an Ayco coach, they can help you digest and evaluate what’s most important to focus on for you and your family. Your coach can guide you through the decision process and answer any questions that come up about what benefits best fit your needs.

Annual enrollment season is your chance to get the most out of the benefits your company offers. But how can you ensure you’re making strategic decisions about what is best for you and your family?

Speaking with an Ayco coach can help you feel confident you’re making the right benefit elections for your personal situation by combining best practices, the tools available to you and their deep knowledge of the benefits your company offers.

Ayco coaches are highly trained in all things healthcare-related (from your company-sponsored medical plans, FSAs and HSAs to Medicare), as well as all the other company benefits available to you, like a 401(k) retirement plan.

Getting to know you

Where you stand financially today, your current situation and your future goals all play a part in determining your benefit elections. When you speak with an Ayco coach, you can expect questions like the ones below to guide your decision-making. Don’t worry; you don’t have to have all of the answers before you call. Your coach will guide the conversation and tailor your discussion based on your needs and experience.

Do you share your finances with anyone? If you combine finances with a spouse or partner, their available coverage is important to consider when evaluating your options.
Do you currently have coverage? Discussing your current coverage is a good place to start. From there, coaches can help you understand the differences between the various plans that are available.
How comfortable are you with the cost-structure of your current plan? Are you satisfied with the coverage? Understanding medical plan terminology, like deductibles, co-insurance, and out-of-pocket maximums is key to evaluating healthcare coverage options. It’s important you feel the plan you choose works well for your family and you know what costs to expect. If your current coverage isn’t working for you, your coach can help you explore other plans that may be a better fit.
Who are you looking to cover on your medical plan? The number of dependents you have can impact the costs associated with your medical plan.
Do you or your dependents expect to incur any medical expenses for the upcoming year? Depending on the type and amount of medical expenses you expect to incur, some plans may be more suitable than others. Your Ayco coach can walk you through the different options based on your expected expenses.
Are you currently enrolled in a FSA/HSA? If so, what do you typically contribute? A savings vehicle like a FSA or HSA can be a good way to prepare for medical expenses before you incur them. You can review your previous expenses and what you expect to spend this year with a coach to determine how much you should contribute. Your coach can help you consider any company matches you’re eligible for and how you could maximize tax savings with your FSA/HSA.
Should you buy life insurance through your company or through an external provider? Your coach can discuss the pros and cons of employer-linked and separate policies, go over some of the most important things to consider when purchasing life insurance and help you calculate how much additional coverage (if any) is needed to meet your goals.
Do you need disability insurance? Your coach can help you look at your current coverage relative to your expenses, consider how taxes may play a role and help you think through how your spending may need to change if you were to become disabled.

What will you receive from your call?

You drive the focus of your conversation with your coach. Based on your financial and personal priorities, your coach will help you review and make decisions about your benefits options.

Your coach can help you develop a financial plan (if you don’t have one already) or strengthen your plan by incorporating your benefits.

If one call isn’t enough time to cover everything, you can always schedule more calls with your coach to review additional questions or concerns as they arise.

Ok, but how is this going to impact your life?

Each call with a coach is a chance for you to have one-on-one time with a financial professional who is focused on your goals and needs. From basic to complex, your coach will meet you where you are financially and explain concepts in a way that you understand. Our goal is for you to leave every call with a better sense of where you are now, a plan of action to get you where you want to go and a solid relationship with a coach who can continue to help you along the journey.

If you have Ayco as a company benefit, register or log in to schedule an appointment with a coach and access other Annual Enrollment resources.