Mid-Year Benefits Checkup: 5 Smart Moves to Make This Summer
Summer is an ideal time for faculty and staff at Idaho's public universities to take a step back and assess their employee benefits. The academic year winds down, workloads shift, and there’s often more room to reflect without the pressure of immediate deadlines. Even though Open Enrollment at Idaho State and Boise State typically takes place in the spring, June and July are perfect for strategic planning and setting yourself up for success.
Whether you're at Idaho State University, Boise State, or the University of Idaho, a mid-year checkup can help you make the most of your benefits package and avoid last-minute surprises.
Below are five smart moves you can make this summer to stay proactive, informed, and in control.
1. Review Your Health Insurance Usage
The halfway point in the year is a great time to check your medical, dental, and vision claims. Ask yourself:
• Have I met my deductible?
• How much of my out-of-pocket maximum have I used?
• Have I scheduled my preventive care visits?
By accessing your Blue Cross of Idaho portal (or other carrier, depending on your institution), you can track claims and see where you stand. If you or your dependents have had significant medical expenses this year, you may be close to meeting your deductible. This might impact how you approach care for the rest of the year—for instance, scheduling elective procedures or managing prescription costs.
Also, assess whether your current plan (e.g., PPO vs. High Deductible Plan) is still meeting your needs. If you anticipate higher medical usage next year, you might want to switch plans during the next Open Enrollment period.
Tip: If you haven’t used your free annual physical or preventive screenings, now is a great time to schedule them!
2. Evaluate Your FSA or HSA Contributions
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are great tools for tax-advantaged savings—but only if you’re using them effectively.
• HSA holders: HSAs roll over and grow tax-free, so they offer long-term savings potential. Are you contributing the IRS maximum? If not, can you increase your contributions?
• FSA holders: Remember, these are "use-it-or-lose-it" accounts. Check your current balance and review eligible expenses. Summer is a good time to purchase qualified items (e.g., sunscreen with SPF 15+, first aid kits, or prescription sunglasses).
You can view or adjust your elections through your university’s HR portal. Each institution’s benefits site will have specifics on mid-year changes, though some options are only available during Open Enrollment unless you have a qualifying life event.
Tip: Consider using HSA funds for dental or vision expenses, which often get overlooked.
3. Reassess Your Retirement Plan Strategy (PERSI & ORP)
Retirement planning is just one part of your overall financial health. A good mid-year check in should include both your retirement account and broader savings goals. Consider these questions:
• Do I know how much I'm saving for retirement each month?
• Am I contributing at least 15% a year of my income toward retirement?
• Have I looked at my account balance or retirement plan statement in the last 6 months?
• Have I scheduled time with a financial advisor who specializes in working with university faculty, whether independent or through a university partner?
Whether you're in PERSI or an Optional Retirement Plan (TIAA, Fidelity, etc.), the summer months are a great time to log in to your portal and review your progress. Even small increases to your contributions now can significantly boost your long-term savings.
Tip: Set a recurring calendar reminder to review your savings and retirement once every quarter—it only takes a few minutes and builds long-term awareness.
4. Update Beneficiaries and Life Events
Life changes—marriage, divorce, birth of a child, death in the family—can all impact your benefits, but many people forget to update their records. Take 10 minutes this summer to:
• Review and update beneficiaries for life insurance, retirement accounts, and HSAs. • Notify HR of any qualifying life events that occurred this year.
• Double-check dependent coverage for health, dental, and vision plans.
Updating beneficiaries is especially important for retirement plans and life insurance. An outdated designation can lead to legal complications or your benefits going to unintended recipients.
Tip: If you’re unsure where to update this info, your university’s HR portal or the specific vendor (e.g., TIAA, Blue Cross) will typically have an online form or dashboard.
5. Invest in Your Wellbeing Using Your Benefits
Summer is not only a time for rest—it's also the perfect opportunity to focus on your physical, emotional, and financial wellness using the benefits already available to you.
Many Idaho universities offer access to wellness resources you may not be fully using, including:
• Employee Assistance Programs (EAPs): Free, confidential counseling for mental health, financial planning, legal questions, and more.
• Fitness or wellness reimbursements: Some plans offer incentives or reimbursements for gym memberships, fitness classes, or wellness programs.
• Mental health services: Most university health plans include behavioral health services with in-network therapists.
Don’t wait for burnout or stress to take a toll. Use the slower pace of summer to recharge and explore these tools.
Tip: Visit your benefits portal or speak with your HR office to see which wellness services are included in your plan.
Final Thoughts
Taking a mid-year approach to benefits is like preventative care for your financial and personal well-being. You wouldn't wait until you're sick to see a doctor—so don't wait until
Open Enrollment to think about your benefits. Whether you're looking to save money, plan for retirement, or protect your family, these five steps will help you make confident, informed choices.
Use your summer wisely. A small investment of time now can yield long-term rewards in peace of mind, financial security, and benefit optimization.
If you need help reviewing your benefits, reach out to your HR office:
• IDAHO STATE HR: https://www.Idaho State.edu/hr
• Boise State HR: https://www.boisestate.edu/hrs
• U of I HR: https://www.uidaho.edu/human-resources
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