Do you need to review the employer-sponsored medical insurance options (e.g., health, vision, and dental) available to you (and your spouse, if applicable)? If so, consider factors like your age, health, income, cash flow, and emergency fund when making your selection (e.g., high-deductible vs. low-deductible, high co-pay vs. low co-pay, etc.). If you are married and/or have dependents, do you need to review the benefits of adding your spouse/dependents to your employer-sponsored medical insurance? If so, consider the following: Determine how much your employer will pay toward your spouse and/or dependent’s coverage and analyze any cost savings, if applicable. If your spouse and/or dependents are already covered elsewhere, determine what factors will change by switching to your plan (e.g., prescription coverage, providers, etc.). Do you need to review any HSA, HRA, or FSA (dependent care and/or healthcare) benefits provided by your employer? If so, consider the following: Take advantage of any HSA/FSA contributions offered by your employer, but be mindful of “use-it-or-lose-it” policies associated with FSAs. Take advantage of employer contributions to HRAs for demonstrating good health behaviors (e.g., reporting exercise activities, annual checkups, physicals, etc.). Be mindful of portability issues associated with HRAs. Depending on how your employer’s HRA documents were drafted, you may need to exhaust HRA funds prior to using any FSA funds. Consider this when making your order of selection from your available funds. If using an HSA-eligible HDHP, are you utilizing the HSA as a savings tool? If so, consider the following: The investment allocation (if investments are available) of the HSA may need to factor in multiple uses for the funds (such as retirement goals and health expenses). You may be able to use your HSA to reimburse yourself for medical expenses tax-free for you (or your spouse or dependents) in perpetuity. (continue on next page) Do you need to review your current investment options and allocations? If so, consider your risk tolerance and goals, and whether the current investment options offer appropriate diversification for your needs. Be mindful of plan fees and expense ratios. Do you need to review what retirement accounts and contribution types are available to you? If so, consider the following: Be mindful of shared and independent contribution limits across account types (e.g., 401(k), 403(b), 457, etc.). Determine your tax situation relative to your goals and allocate appropriately between pre-tax, after-tax (non-Roth), and Roth contributions. Review any in-plan Roth conversion or Mega Backdoor Roth options that may be available to you. When applicable, take advantage of catch-up contributions allowed under your plan (e.g., 401(k) over-50 catch-up, 457 3-year catch-up provision, etc.). Do you need to review the employer contributions to your plan? If so, consider the vesting schedule relative to your intended time horizon at your employer, and ensure you are contributing enough to receive the full employer match. Do you anticipate needing to take a loan or hardship withdrawal? If so, consider any consequences that may be associated with these options, as all plans have different rules. Be aware of any important limitations (e.g., amounts, repayment schedules, interest, etc.). Do you want to roll in an old employer-sponsored retirement plan or IRA to your current plan? If so, consider the following: Review the Summary Plan Description to verify if your plan allows rollover contributions, and compare the fees/investment options with other outside accounts available to you. Rollovers to your plan may open up opportunities for Backdoor Roth IRA contributions. RETIREMENT PLANS YES NO MEDICAL INSURANCE YES NO
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