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Choose employee benefits carefully
Save money
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Many employers will soon be offering open enrollment for next year’s employee benefit coverage. Wading through all that paperwork is a sure-fire cure for insomnia, but considering how much is at stake, you may want to pour another cup of coffee and dive in.
Here’s why:
New coverage options. Employers occasionally change benefit plan options as a way to control costs or eliminate underused or unpopular plans. In addition, they sometimes retain the same insurance providers but change certain levels of coverage within the plan; for example, increasing deductibles or copayments or changing eligibility requirements.
In addition, insurance providers themselves may alter terms of coverage. For example, medical plans sometimes change which medications they will cover and at what copayment levels. And individual doctors, clinics and hospitals sometimes drop out of plan provider networks. Thus, it is wise to review plan changes carefully and check with your providers before automatically signing up for the same plan as last year.
Prepare for possible economic hardships. In these uncertain times, it pays to know all your options in advance. For example, if you or your spouse suspect you might be vulnerable to a layoff, find out the relative costs to join the spouse’s employer’s medical plan or buy COBRA coverage. COBRA is a federal law that allows many people to retain health coverage under their former employer’s plan for a certain amount of time at their own expense.
Maximize tax advantages. If your employer provides a retirement savings plan and dependent care and health care flexible spending accounts (FSAs) and you’re not participating, you could be missing out on thousands of dollars in annual tax savings.
Briefly:
• 401(k) plans let you save money for retirement tax-deferred — that is, you don’t pay federal or state income taxes on your savings or investment earnings until you withdraw them at retirement.
• Similarly, FSAs let you set aside money on a pretax basis to pay for eligible out-of-pocket medical and dependent care expenses, lowering your taxable income.
• To learn more about how 401(k) plans and FSAs work, visit Practical Money Skills for Life, Visa’s free personal financial management program (www.practicalmoneyskills.com/benefits).
Family status changes. If you marry, divorce, or gain or lose dependents, it could impact the type and cost of coverage options best for you. A few examples:
• Compare maternity and pediatric benefits offered by the various medical plan options. Slightly lower monthly premiums might not be worth more restrictive coverage.
• If you participate in a dependent care FSA, carefully estimate how many weeks’ worth of childcare (or day care for eligible adult dependents) you’ll need next year to maximize your tax advantage.
• Similarly, take family status changes into account when estimating eligible expenses for your health care FSA. Remember, over-the-counter medications count.
• Recalibrate insurance coverage if more dependents now rely on your pay.
• Also review beneficiary designation forms to ensure your life insurance, 401(k) or other benefits will go to the appropriate people if you should die.
A little homework now can save you a lot of money later on.

Alderman directs Visa’s financial education programs. Sign up for his free monthly e-Newsletter at www.practicalmoneyskills.com/newsletter.
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Visit with children a real eye-opener
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One of my favorite activities as a state senator is when I get to speak to students at our local schools. This year, I spoke to third-grade students at May Howard Elementary and Marshpoint Elementary in Chatham County and Button Gwinnett Elementary in Liberty County.
The students from each of the schools had been studying civics and were familiar with the three branches of government — executive, judicial and legislative. I explained my role as a senator in the legislative process and told the children how the citizen legislature in the state of Georgia works.
Presenting each of the schools with a Georgia state flag, I explained the three principles for which the state flag stands — wisdom, justice and moderation — and had them recite the pledge to the flag with me. 
The students at all three schools were bright, respectful and well-disciplined — a tribute to their families and especially to their teachers, who had prepared the students for my visit with ideas for great questions.
The students in Ms. Hutchinson’s class at Marshpoint Elementary were impressive in singing the preamble to the Constitution during my visit. What a great way to learn such an important part of our nation’s history — another wonderful example of the great job our teachers are doing.
I was delighted last week to receive thank-you letters from some of the students. Here are excerpts from a few of their letters:
 
Dear Mr. Carter,
Thank you for taking the time out of your busy schedule to come speak to us. I learned so much! I learned that there are two kinds of Pledge of Allegiances. That is pretty cool.
Do you travel all over the world do you? I really like that you taught me more about the three branches of government.
— Megan
 
Dear Sen. Carter,
Thank you for telling us about your job and your favorite thing about your job. I liked the Georgia state flag. I still have more questions. Do you have to work on Saturday and Sunday? Are you the only one who makes the laws?
Yours truly,
Ryleigh 


Dear Sen. Buddy Carter,
Thank you for coming and letting us have a little bit of your time. I want you to know that I learned something new. The Georgia pledge! Justice, wisdom and modesty! Thanks again!
— Liam
 
Dear Sen. Buddy Carter,
Thank you for coming and helping us learn more about the government and some of your job. Thank you for giving us a Georgia flag. It was fun when you came. Thank you for giving us some questions so we could answer them.
P.S. Did you ride in a limousine? I was going to ask you a question but then I forgot. But now I remember. How many rooms are there where you work? You can send me a note if you can.
Your friend,
Erin
 
I’m uncertain whether the students learned as much from me during my visit as I learned from them. One thing that I was reminded of was the honesty that comes from the innocence of childhood. I wasn’t quite sure how to interpret some of the questions, such as the one asked in this letter:
 
Dear Sen. Carter,
I loved your speech. Thanks for coming to our school. I think my favorite part was when we held the flag. It was so fun! I have a question: How many people voted for you?
Sincerely,
Shelly
 
I also was more than a little concerned about a recurring question in the thank-you notes that was posed to me during one of my visits by a beautiful, brown-eyed girl who, with a very serious look on her face, asked “Did you ever get re-elected be-fore?”


What a great group of young people! My faith and hope in our future has been reassured. What an amazing job our families and teachers are doing on a daily basis to support and encourage our next generation. Thank you for your dedication to teaching our leaders of tomor-row.

Sen. Buddy Carter can be reached at Coverdell Legislative Office Building (C.L.O.B.) Room 301-A, Atlanta, GA, 30334. His Capitol office number is 404-656-5109

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