Spouses – They Should Have a Voice too, Regarding Benefits

August 03, 2010

Flash back to last fall, the typical time for open enrollment at work and my husband is handing me his un-opened benefits packet for me to pick for him.  Sound familiar?  As with many couples, there is one who cares a lot about making these choices, and sometimes there is one who has no clue about the importance of this annual event.  I recently was counseling an employee regarding her retirement goals, and, as I normally do, I started asking about her husband’s retirement plan, how much he has saved so far, how much he defers, etc.  She got upset because she was not able to answer any of my questions!

Turns out her husband is a teacher for a public school system, so we assumed he probably has a pension and the ability to contribute to a 403b plan.  Maybe the answer to this situation is similar to a parent/teacher meeting her husband does each year .  I know that from a spousal point of view, I would be very interested if my husband’s employer hosted a workshop for spouses that reviewed all the benefits, perks, and overall compensation structure since all of these impact me, too.

So as you prepare for this year’s upcoming open enrollment, consider how you can reach out to the spouses too, by offering a Benefits Planning Workshop.  By reviewing the employer health plan, FSA or HSA, and voluntary benefits such as life and LTC from a financial planning perspective, spouses can take a more active role in making these once a year decisions that they should have a voice in, too.