November 3, 2023

Woo Money Mastery's Weekly Roundup

Hi Reader,

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This week's issue of Dollars & Sense has the following in store:

• Benefits Open Enrollment and its Impact on Your Finances
• Story time: I (unexpectedly) got a new car

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Benefits open enrollment and its impact on your finances

Tonight’s video is about something very time-sensitive: BENEFITS OPEN ENROLLMENT!

Open enrollment is the short period of time where you can make changes to your benefits for any reason, and for many people it is taking place now.

It is sooooooo important to take the time to read the fine print, as it can have a significant impact on you and your family’s well-being and finances for the next year.

Sometimes you have to manually opt-in to keep the current benefits you have. Sometimes the benefits that are offered change from year to year (even if you keep the same plan or level!). Sometimes doctors or medications that you have had for years are no longer covered.

I’m going through this myself now, and I am so glad I took the time to read the fine print. None of this was communicated by my employer, but I found out that:

• My doctor is no longer covered under my current plan. I needed to switch to a new one.
• My son’s medication is no longer covered AT ALL.
• My dental insurance benefits have been reduced, even though it is the same plan name and cost. They will only cover treatment at 50% of the cost (this year it was 80%)

If I rushed through this process it would have cost us thousands of dollars in unexpected costs over the next year.

I acknowledge that it can be a time-consuming and confusing process but it is SO WORTHWHILE.

I worked in benefits for 6 years so feel free to message me with your benefits questions and I will help explain them to you, or direct you to the right place to get answers 🙂

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Story time: I (unexpectedly) got a new car

I've been a bit sporadic here the last few weeks because I encountered some major car trouble that ultimately ended with me buying a new-to-us car. Like a movie, it was full of emotional ups and downs, but gratefully ended with a happy ending. I created a series of posts on Facebook and Instagram that walks you through the entire process, and ends with 7 steps that you can use to overcome any challenging situation (financial or not). Check it out and let me know if any of the tips are helpful. The link to the first post in the series is here:

​https://www.facebook.com/woomoneymastery/posts/351025767449427​

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Until next time, and lots of love,

Caroline

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