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Take a Hard Look at Employee Benefits

The final quarter of the year is the time when many employers typically offer open enrollment.  This selection period gives employees the opportunity to make their benefit elections for the following year.  But mistakes can be costly.  So if it’s open enrollment time where you work, pay close attention to your benefit choices and review them for coverage changes or increases in premiums.  If your employer’s coverage doesn’t meet your needs, your financial professional may be able to help you fill in the gaps.

A Healthy Review

One of your most valuable employer-provided benefits may be health care coverage.  It’s also one of the most expensive for your employer.  Escalating costs have prompted many companies to increase employee premium contributions and other out-of-pocket costs, such as copays.  Other employers have reduced or eliminated benefits or decreased dependent coverage.  During open enrollment, carefully review any changes to your coverage or participant costs.  Then decide if you would be better off with coverage through a spouse’s plan or by purchasing additional health insurance coverage on your own.

Disability on the Table

Your employer may provide disability insurance as one of your benefits.  But would the benefit be enough to pay your bills if you were out of work for an extended period?  A supplemental disability policy can provide additional money to cover your expenses if you can’t work because of a covered illness or injury.  There are a variety of plans and coverage alternatives to choose from, so talk to your financial professional about your options.

Life Insurance Above and Beyond

Your employer may offer life insurance coverage as an employee benefit.  Typically, a policy pays your beneficiary a multiple of your annual salary in the event of your death.  But if you have minor children or if your family depends on your income to maintain its lifestyle, a couple of years’ salary probably isn’t going to cut it.  Purchasing additional life insurance gives you the ability to secure coverage that fits your personal needs.  It may also protect your family if you leave your job and lose coverage through your employer.  Your financial professional can help you determine the amount of coverage that will adequately protect your loved ones.



CNB Insurance Agency is a wholly owned subsidiary of The Canandaigua National Bank and Trust Company. Products offered through CNB Insurance Agency are not deposits or obligations of, or guaranteed, or endorsed by, The Canandaigua National Bank and Trust Company. These products are not federally insured by the Federal Deposit Insurance Corporation or the Federal Reserve Board. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with The Canandaigua National Bank and Trust Company or CNB Insurance Agency.