Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

Common open enrollment considerations for doctors

Shane Tenny, CFP
Finance
November 15, 2022
4 Shares
Share
Tweet
Share

Similar to most financial topics, benefit elections are not a one-size-fits-all recommendation. Open enrollment occurs at the end of each year and remains open for a month and a half. During this time, you can sign up for health insurance, flexible spending accounts (FSA) for health care and/or dependent care, health savings accounts (HSA), retirement plans, as well as other benefits. Be aware that employers often use the open enrollment period to make changes to their plans, so you may need to account for this when choosing your plan.

With that all said, it is common to feel overwhelmed when comparing and contrasting plans and trying to determine which option is best for you and your family.

Here are a few questions to ask yourself as you start the open enrollment process:

  • Have my or my family’s needs changed over the last year?
  • What are the changes to my plan, and are there any that benefit me and my situation?
  • Are there changes to the providers?
  • What insurance do I and/or my family actually need?
  • How will my choice(s) affect my take-home pay?

Answering these questions can help start the process and give you some insight into what is essential for you. Next, there are some key considerations that may affect you as a physician.

Use this time to double-check your retirement plan contribution and ensure you are putting in what you think. Ensure you are contributing enough to meet any minimum requirements to receive a match from your employer. If you can, and it makes sense for your specific situation, you may want to take full advantage of your employer-based retirement plan by maxing it out each year.

Think about adjusting your HSA contribution to max out the 2023 allowable limit. The maximum HSA contribution limits for 2023 are $3,850 for self-only coverage and $7,750 for family coverage. And individuals aged 55 and over may contribute an extra $1,000 to their HSA.

Update your beneficiaries. When was the last time you updated your beneficiaries? If your marital status has changed or a new child has joined your family, you may need to account for these life changes. Your estate plan, retirement plan, investments, and life insurance are some of the most common areas where you may have designated a beneficiary.

Review the disability insurance options from your employer. It is crucial to ensure you are protecting your most important asset – your ability to earn an income. When looking at the disability insurance options, there are two considerations you may want to consider:

  • What percentage of income will be replaced if you get sick or hurt?
  • Is there any supplemental coverage available?
    • If so, you may want to enroll
    • If not, you may want to explore obtaining supplemental disability insurance on your own

Contemplate if you have enough life insurance. If you think you may want more life insurance, but due to certain factors, including age, it is cost prohibitive, try looking into your group insurance under your employer plan to see if it is an option for you.

Consider enrolling in identity theft protection. Often services like these are offered at discounted rates through your employers. If you feel the growing need to protect your information, this can be a cost-effective way to try it out.

Open enrollment will be here before you know it. And there are a lot of critical decisions to make in a short period of time. If you aren’t sure what to do, your financial advisor can walk through your specific situation to help determine which benefits elections best suit you and your family for the coming year.

Shane Tenny is managing partner, Spaugh Dameron Tenny, LLC, and host of The Prosperous Doc podcast. 

Securities, investment advisory and financial planning services offered through qualified Registered Representatives of MML Investors Services, LLC. Member SIPC. Supervisory office: 4350 Congress Street, Suite 300, Charlotte, NC 28209, (704) 557-9600. Spaugh Dameron Tenny is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies. CRN202510-3194816

Image credit: Shutterstock.com

Prev

Preparing for fall and winter: Importance of COVID-19 vaccination during the flu season [PODCAST]

November 15, 2022 Kevin 0
…
Next

Design thinking in health care: Physicians already have the training to be innovators

November 16, 2022 Kevin 0
…

Tagged as: Practice Management

Post navigation

< Previous Post
Preparing for fall and winter: Importance of COVID-19 vaccination during the flu season [PODCAST]
Next Post >
Design thinking in health care: Physicians already have the training to be innovators

More by Shane Tenny, CFP

  • Transition planning: financial moves for medical residents and fellows

    Shane Tenny, CFP
  • Financial infidelity: It’s not about the money, it’s about trust

    Shane Tenny, CFP
  • Here’s why doctors are financially depressed

    Shane Tenny, CFP

Related Posts

  • Why do doctors who hate being doctors still practice?

    Kristin Puhl, MD
  • Doctors: It’s time to unionize

    Thomas D. Guastavino, MD
  • When doctors are right

    Sophia Zilber
  • We’re doctors. We signed the book.

    Jonathan Peters, MD
  • Why doctors-in-training need better nutritional education

    Abeer Arain, MD, MPH
  • Who says doctors don’t care?

    Cindy Thompson

More in Finance

  • Retirement planning: Understanding sequence of returns risk

    Jordan Bilodeau, CFP
  • The short-term rental tax loophole: a game-changer for physicians

    Jeff Anzalone, DDS
  • Why every doctor should have a side gig

    Anonymous
  • Maximize your practice’s revenue: Follow these 5 billing metrics

    Aaron Morgenstein, MD & Heather Signorelli, MD
  • Character, not cash: the ingredients of a happy and meaningful life

    Miguel Villagra, MD
  • A physician shares his financial mistakes

    Varun Verma, MD
  • Most Popular

  • Past Week

    • Resetting the doctor-patient relationship: Navigating the challenges of modern primary care

      Jeffrey H. Millstein, MD | Physician
    • Nobody wants this job. Should physicians stick around?

      Katie Klingberg, MD | Physician
    • From physician to patient: one doctor’s journey to finding purpose after a devastating injury

      Stephanie Pearson, MD | Physician
    • An unspoken truth about non-compete clauses in medicine

      Harry Severance, MD | Policy
    • Fostering the next (diverse) generation of clinicians

      Imamu Tomlinson, MD, MBA | Physician
    • Healing through love and spirituality

      John T. James, PhD | Conditions
  • Past 6 Months

    • The hidden dangers of the Nebraska Heartbeat Act

      Meghan Sheehan, MD | Policy
    • The fight for reproductive health: Why medication abortion matters

      Catherine Hennessey, MD | Physician
    • The vital importance of climate change education in medical schools

      Helen Kim, MD | Policy
    • Resetting the doctor-patient relationship: Navigating the challenges of modern primary care

      Jeffrey H. Millstein, MD | Physician
    • Why are doctors sued and politicians aren’t?

      Kellie Lease Stecher, MD | Physician
    • The Titanic sinking: a metaphor for the impending collapse of medicine

      Aaron Morgenstein, MD & Corinne Sundar Rao, MD & Shreekant Vasudhev, MD | Physician
  • Recent Posts

    • Rescuing primary care: the role of health administrators [PODCAST]

      The Podcast by KevinMD | Podcast
    • Breaking down barriers: How technology is improving diabetes management in underserved communities

      Anonymous | Conditions
    • From penicillin to digital health: the impact of social media on medicine

      Homer Moutran, MD, MBA, Caline El-Khoury, PhD, and Danielle Wilson | Social media
    • Healing the damaged nurse-physician dynamic

      Angel J. Mena, MD and Ali Morin, MSN, RN | Policy
    • How to overcome telemedicine’s biggest obstacles

      Harvey Castro, MD, MBA | Physician
    • Deaths of despair: an urgent call for a collective response to the crisis in U.S. life expectancy

      Mohammed Umer Waris, MD | Policy

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

Leave a Comment

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

CME Spotlights

From MedPage Today

Latest News

  • Investigational ALS Drug May Have Clinical Benefit, FDA Staff Says
  • Cases of Deadly Fungus Tripled in Past Few Years, CDC Says
  • Small Gains in Cardiorespiratory Fitness Track With Improved Longevity
  • Improved OS With Hyperfractionated RT in Recurrent Nasopharyngeal Carcinoma
  • GPT-4 Is Here. How Can Doctors Use Generative AI Now?

Meeting Coverage

  • Rapid Improvement in Atopic Dermatitis With Topical PDE4 Inhibitor
  • New Approaches in the Bladder-Sparing Paradigm
  • Response Rates in Hidradenitis Suppurativa Continue to Climb With New Therapies
  • Another Win for a JAK Inhibitor in Alopecia Areata
  • Biologic Switch Revs Up Response in Plaque Psoriasis
  • Most Popular

  • Past Week

    • Resetting the doctor-patient relationship: Navigating the challenges of modern primary care

      Jeffrey H. Millstein, MD | Physician
    • Nobody wants this job. Should physicians stick around?

      Katie Klingberg, MD | Physician
    • From physician to patient: one doctor’s journey to finding purpose after a devastating injury

      Stephanie Pearson, MD | Physician
    • An unspoken truth about non-compete clauses in medicine

      Harry Severance, MD | Policy
    • Fostering the next (diverse) generation of clinicians

      Imamu Tomlinson, MD, MBA | Physician
    • Healing through love and spirituality

      John T. James, PhD | Conditions
  • Past 6 Months

    • The hidden dangers of the Nebraska Heartbeat Act

      Meghan Sheehan, MD | Policy
    • The fight for reproductive health: Why medication abortion matters

      Catherine Hennessey, MD | Physician
    • The vital importance of climate change education in medical schools

      Helen Kim, MD | Policy
    • Resetting the doctor-patient relationship: Navigating the challenges of modern primary care

      Jeffrey H. Millstein, MD | Physician
    • Why are doctors sued and politicians aren’t?

      Kellie Lease Stecher, MD | Physician
    • The Titanic sinking: a metaphor for the impending collapse of medicine

      Aaron Morgenstein, MD & Corinne Sundar Rao, MD & Shreekant Vasudhev, MD | Physician
  • Recent Posts

    • Rescuing primary care: the role of health administrators [PODCAST]

      The Podcast by KevinMD | Podcast
    • Breaking down barriers: How technology is improving diabetes management in underserved communities

      Anonymous | Conditions
    • From penicillin to digital health: the impact of social media on medicine

      Homer Moutran, MD, MBA, Caline El-Khoury, PhD, and Danielle Wilson | Social media
    • Healing the damaged nurse-physician dynamic

      Angel J. Mena, MD and Ali Morin, MSN, RN | Policy
    • How to overcome telemedicine’s biggest obstacles

      Harvey Castro, MD, MBA | Physician
    • Deaths of despair: an urgent call for a collective response to the crisis in U.S. life expectancy

      Mohammed Umer Waris, MD | Policy

MedPage Today Professional

An Everyday Health Property Medpage Today iMedicalApps
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

Leave a Comment

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...