Community

Six Questions to Help You Make Your Open Enrollment Selections

Renee A. Hanson, CFP® , ChFC®, CEP®, CDFA™, CFS® , BFA®, APMA® medical services) that are not covered by your health insurance.

4Is there value in a Flexible Spending Account (FSA)?

Out-of-pocket costs not covered by insurance, ranging from deductibles and copays to prescription drugs, eyeglasses and dental work, can be reimbursed through an FSA. By directing pre-tax dollars into this account, you can reduce your net out-of-pocket costs. However, unlike HSAs, these dollars do not carry over from year to year. Any leftover money is lost, so you’ll want to plan in advance to determine an appropriate amount to save in the account.

In the fall, many employers offer an open enrollment period – a window of time to select your benefits package for the coming year. It’s easy to overlook this opportunity and maintain the status quo, but this could be a costly mistake given the significant role benefits play in your financial life. This year resolve to review your options with a fresh perspective. Consider the following six questions to get started:

1Have you experienced a major life change recently?

If you’re on the verge of having a child, recently had a child graduate from college and enter the workforce, or the job status of you or your spouse has changed, reconsider your health insurance options to accommodate your current situation. If you are experiencing or anticipating major health expenses, you might decide to choose a health plan with a lower deductible. Or perhaps you may decide you are better off paying a lower monthly premium with a higher deductible.

5Are there other benefits I should contemplate?

Benefit options vary by employer. Depending on where you work, you might have the ability to enroll in benefits such as dental coverage, eye exams, legal assistance, term life insurance or other specific services that may be useful. Carefully weigh these options to see if they are cost effective.

2How do your employer’s benefits selections compare to those offered through your spouse’s employer?

Employers change their offerings from time to time, so make it a priority to compare your options every year. If you’re considering changing healthcare providers or opting in for legal assistance, check to see if the professionals you currently work with are covered under the new plans. If not, consider the cost and whether you want to work with someone new as you make your decisions.

6What are your financial goals?

Kick off open enrollment season by reviewing your financial goals. If you’re married, talk to your spouse and realign on key priorities for the next year.

Having a clear vision can help you evaluate benefit options with your lifestyle and financial situation for the coming year at the forefront. If you would like additional support, consult a financial advisor before you finalize your enrollment form.

3Is a Health Savings Account (HSA) worth considering?

If you choose a high deductible health plan, you may be able to set up a Health Savings Account (HSA).

With an HSA, you contribute pre-tax dollars into the account. The money can be used to pay out-ofpocket costs (such as deductibles and co-pays for

Renee A. Hanson, CFP®, ChFC®, CEP®, CDFATM, CFS®, BFA®, APMA®, is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, Arizona. She specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix, AZ 85054-3115. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.Putting the needs of clients first is the approach I believe in. I’ll work with you to find Ameriprise Financial Services, LLC. Member FINRA and SIPC.the right financial solutions to help you plan for your unique goals. And together, we’ll © 2021 Ameriprise Financial, Inc. All rights reserved. File # 3685575-RUSH (Approved 08/2023) track your progress over time, adjusting your plan along the way to help get you where you want to go.

Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA®

Private Wealth Advisor

Affinity Wealth Advisory Group

A private wealth advisory practice of Ameriprise Financial Services, LLC

602.923.9800

7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com

Community

October 24 Trick Or Treat Family Fun Run Helps Local Children in Need

Childhelp, a nonprofit organization advocating for abused and neglected children, is giving residents the chance to get out, get active and make a difference for the love of a child. The community is invited to participate in the Childhelp Wings Trick or Trot Family Fun Run on October 24 at McCormick Ranch Golf Course in Scottsdale. Check-in will begin at 7 a.m. with the staggered start beginning at 8 a.m. Proceeds from this event benefit the Childhelp National Child Abuse Hotline and Childhelp’s “Speak Up Be Safe” program.

Throughout the pandemic, calls to the Childhelp National Child Abuse Hotline, housed predominantly in Scottsdale, have spiked as high as 46% over the previous year. Childhelp’s “Speak Up Be Safe” program helps children and teens learn the skills to prevent or interrupt cycles of neglect, bullying, and all forms of child abuse.

At the event, there will be a one-mile and a 2.8-mile route on the Palm Course, an oasis in the desert that offers panoramic mountain vistas beyond vast, sparkling lakes. Come as you are or dress up in your favorite costume to have some fun and take pictures, all for a good cause. Candy and games will be available at each hole around the golf course. At the finish line there will be refreshments, snacks, upbeat music, and a raffle to celebrate participation from everyone. There are opportunities to support the event as a sponsor, fundraiser (individual or team), donor, or participant. The cost to participate is $25 per individual and tickets for two, three, or five-person families (not including children under 12 and under) are $50.

Sponsorships include the Skeleton Tee at $1,000, the Zombie Zone at $2,000, the Ghost Racer at $3,000, and the Shining Title at $5,000. Each Ghost Racer and Shining Title sponsor will have its logo design placed on signage at specific holes around the course. Other donations or corporate gifts can be made online.

Founded in 1959 by Sara O’Meara and Yvonne Fedderson and headquartered in Scottsdale, Childhelp aims to meet the physical, emotional, educational, and spiritual needs of abused, neglected and at-risk children. In 2019, Childhelp provided services to 30,000 children and families in Arizona. Since its inception, Childhelp has served more than 11 million children in communities across the globe.

Whether miles away or near enough to attend, all are welcome to participate. Learn more at childhelp.org/trickortrot. You can also coordinate your own walk where you live and send pictures to share. Send photos or questions to Kathy Emig at kemig@childhelp.org.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.