Using Time Wisely

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Personal Insurance: Annual Enrollment Reports

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Creating a place for each document AND keeping those documents in the correct file gives you freedom from clutter. To keep the clutter at bay, I have 4 stackable trays on my desk. The top tray holds all the paperwork that needs to be processed. This 2-inch tray gets filled very quickly.

In fact, too quickly.

As the pile mounds, I choose a time to sort, schedule, file, and research these items.

With many items coming through our household, I usually keep one or two on-going tasks that need to be done in the pile. However, having a designated place for each bill, statement, important document, and insurance item makes filing day manageable.

In keeping the insurance documents manageable and off my desk, I have designated a home for them in Box 2 of my important documents filing system. Behind our summary insurance page in the first file opening, I keep our annual enrollment reports.

Most of our insurance policies are through group plans at Paul’s work. Each year, we attend an insurance meeting with a representative to select, review, and/or change our insurance selections. During odd years (i.e., 2011), we have open enrollment, where we can add, delete, or change any insurance we hold through these plans. Next year during an even year, we will have annual enrollment, where only some of the insurance policies are available for additions, subtractions, or changes.

The minimum number of documents I need to house in this first file opening of my insurance documents is two years worth. Since the open enrollment covers two years with only limited changes available the second year. However, I currently have six years worth for reference and confirmation of our choices. You do not need to keep this many. This is just my personal preference.

Annual Enrollment Reports

In this file slot, I keep these following documents:

    • Business card of representative from insurance meeting
    • Summary of new elections
    • Summary of payroll deductions
    • Summary page of each policy change
    • Copy of any new enrollments with premium charges
    • Statement of Benefits
    • My notes and calculations for future comparison
    • Insurance booklet which explains all the new changes for the current enrollment period

All these documents are then stapled together. I write the enrollment year on the front of the documents and house them in this file opening. In January, when the new premiums take effect, I will refer to these documents to verify that the payroll deduction amounts are accurate.

I will also refer to these documents during annual enrollment next year before our insurance meeting with our representative. For the most part, these documents just reside in this file until needed.

By having a designated place, I am able to keep my desk free from excess clutter and can quickly locate these documents in the file. As you organize your documents, the process may be slow, but the clutter-free office area will be a welcome reward. Keep plugging along while using time wisely. Happy organizing!

Question: Do you have open enrollment each year, or do you alternate between open and annual enrollment? Please add your answer to the comments.

Personal Insurance: Summary Page

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With all our Box 1 documents filed and organized into the four categories: Credit Cards/Reports, Personal Documents, Home Ownership, and Vehicles, let’s concentrate on Box 2 which houses all the insurance documents. The first category housed in the first file opening holds our personal insurance documentation.

Personal Insurance Documentation

  • Summary Page
  • Annual Enrollment Reports
  • Former Severance Package
  • Privacy Policies and Travel Insurance
  • Medical Information Bureau (MIB) Files

Summary Page

Because this insurance file holds policies and paperwork that will be needed during possible life-changing events, I keep a one-page summary in each category of this insurance file that contains the following vital information for each policy we hold:

      • Type of policy
      • Policy number(s)
      • Name of insurance company
      • Web site address of insurance company
      • Telephone number of insurance company
      • User name, password, and security questions to access the account(s)
      • Benefit administrator’s contact information

In the event that immediate contact with these companies is needed, Paul or I can get one of these summary pages and get access to our accounts. If you, like me, are the one that registers the accounts and handles the insurance paperwork, please be sure your family has access to your passwords.

A close friend panicked for 3 days after the sudden loss of her husband because there was no record of the passwords. Besides planning a funeral, housing guests, and taking time to grieve, she was trying to access her accounts. She finally succeeded, but she exerted energy and time that could have been used elsewhere had she known or knew where to look for those passwords.

In using time wisely, I highly recommend that you write down the information, store it securely, and inform your family or a close, honest friend of the location to this information.

Having a summary page will help you access your documentation quickly if you need to increase your coverage, change your contact information, or request information.  In using time wisely, a little time now compiling this summary page will save you time, energy, and frustrations down the road. Just adding the policies you have now will be a great start. Happy organizing!

Question: How do you keep track of your passwords? I write down the information on the packet of documents for that company. The documentation is then housed in one of my filing boxes under the appropriate category. How does your system differ? Please add your answer to the comments.