Do you know and understand your Policies?
National Insurance Awareness Day, held annually on June 28 is a day designed to be a reminder to review your insurance policies and to take steps to prevent being underinsured. Insurance offers security, covering loved ones, and recovering losses in the event of damage, illness, or death.
While insurance doesn’t cover everything, it does ease the cost burden should a disaster strike. Policies to review include policies you may have outside of employment such as automobile, renters, or home owners, and those offered through employment such as Medical, Dental, Vision, Accident, Critical illness, Short-term disability, Identity protection as well as Universal and Term life insurance policies.
Annual open enrollment for health insurance as well as supplemental insurance coverage take place at MSU November 1- December 1. Qualifying event changes must be made within 31 days of qualifying event and require supporting documentation.
This awareness day also serves as a reminder to use up any Flexible Savings Account funds before you lose them.
Don’t forget to update your Beneficiaries too!
Beneficiaries can be updated at any time. Times to consider updating your beneficiaries include, but not limited to, a major change in your life, such as marriage, widowhood or a divorce, you should review your beneficiary designation and make necessary changes. If you do not remember who you have designated as your beneficiary, or do not remember making a designation, you should review and update/designate as appropriate.
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