Would a young adult rather pay monthly for insurance or streaming services? Insurance Education for Your Children

Lessons about the importance of insurance to teach your children early

Kids will learn a lot of lessons throughout their lives. The value of a dollar is certainly one. But how about the value of insurance? We are told we need various insurance policies, but do young adults understand the reason why it’s an important part of our financial planning?

Here are a few topics to cover that can help your children learn about the importance of insurance at an early age so they can better plan for their future:


Insurance is necessary. Insurance is one of the keys to financial security. Whether you want to buy a car, own a home, or see a doctor, you must provide proof that you have insurance since the cost of a loss can be so expensive.

Protect what you care about from unexpected risk with insurance. If your car is in an accident and damaged beyond repair or there’s a fire at your house that prevents your family from living in it, having the proper insurance could help pay for unexpected catastrophes like these and cover resulting damages, medical bills, and/or repairs.

Safeguard your wallet with home owners and rental insurance. If a thief broke into your house and stole valuable items, including that brand new gaming system or laptop, for instance, insurance could help to pay for the cost of buying new ones instead of paying to replace the items out of your own pocket.

Accidents happen, you need insurance. If a friend or visitor gets injured on your property, you could be responsible for paying the medical bills needed to get treated and recover from the injury. And liability insurance (as part of home insurance) could pay for those bills.

Are you a collector? There’s insurance for that. From vintage records to a personal collection of baseball cards or comic books, there’s insurance for treasured items like these. Part of being responsible for them is protecting them with a valuable articles or collection policy just in case they are ever stolen, or damaged/ruined by an unforeseen covered event.

Auto insurance and auto titles, do yours match? If you have adult children who drive a car you own, think about transferring the car out of your name and into theirs, especially if they no longer live with you. Not only does this make them financially responsible for the car, but it also limits your liability and makes sense for insurance purposes.

Here’s why:

Personal car insurance covers only the people who live in your house related to you by blood, marriage, or adoption. So, if your child lives elsewhere, he or she would not be covered by the policy and neither would damage he or she causes to the car.

If your child has an accident with the car, an injured victim could sue you, even though you were not driving or involved, but simply because you are listed as an owner.

Your landlord’s insurance covers the building, renters insurance covers your assets. As your children grow up and move out, it’s important to understand that just because the owner or landlord of a property has insurance, the policy would only pay to rebuild the structure they live in if it was damaged. It would not pay to replace any tenants’ belongings.

Renters insurance, on the other hand, would include coverage for:

Personal property for belongings that are lost, damaged or stolen

Liability for needed repairs if they accidentally damage someone else’s property or medical bills if a visitor or friend gets hurt while in their apartment.

Extra expenses to pay for temporary living arrangements if the rental is ever damaged, deemed not livable, and must be repaired.

Say “I do” to wedding insurance. If one of your children is planning to get married, it’s a good idea to consider wedding insurance, which is a specific type of event insurance that could reimburse for financial losses that stem from a variety of unfortunate circumstances, including, but not limited to, unexpected illness, cancellation or postponement, or even stolen wedding gifts.

For more information about how we can help educate and protect your family, contact our Private Client team today.



This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal and accounting advisors for those services.

2023’s Must-Have Employer’s Checklist for Open Enrollment

It’s almost that time of year again: open enrollment season.

Whether your company conducts open enrollment for health insurance benefits in September or December, now’s the time to start planning for a stress-free experience for both you and your employees.

For 2023, rising inflation is spurring a number of changes that you’ll likely have to deal with or consider, and you’ll have to communicate with employees about it. Potential changes include:

  • Increased contribution limits for health savings accounts
  • Higher minimum deductibles for high deductible health plans (HDHP)
  • Higher maximum amounts for out-of-pocket expenses for HDDPs

So where should you start? How can you stay on track? What can you do to ensure a complete and successful process? Experts suggest several practical steps to help you manage your timeline for planning and implementing your open enrollment process.

Use the following multi-point checklist as a guide:

business team working


Reflect on last year’s open enrollment campaign. Understand what went right, what could have gone better and, which, if any, process improvements you would like to make this year.

Review overall company goals with leadership for coming year. Confirm (or adjust) your benefits strategy to align with it.

Determine overall changes that may impact your 2023 benefits budget. This includes major shifts in your workforce and possible mergers and acquisitions, as well as new office locations that could impact or pose challenges for how you communicate key dates and activities or how you execute your open enrollment process this year.



Survey various levels of your organization. Given that benefits are playing a very significant role in attracting and retaining talent, you may want to find out how satisfied employees are with your current healthcare options. Include questions that can probe for overall satisfaction with your offerings, carriers, and provider networks.

Analyze survey results and decide on action plan for addressing feedback.

­­Collect and compare benefits data from similar companies in your industry. Gauge your own company’s performance and look for potential opportunities to enhance your program.

Figure out how many employees are eligible for your benefits.

Coordinate, or work with your TPA to manage COBRA requirements for employees who experienced a qualifying event (e.g., job termination) during the year.

Communicate key dates for open enrollment with insurers and benefit providers so they can share information on their programs that you may need to pass on to your employees. Also, notify internal stakeholders, like payroll staff or finance department so they have ample time to prepare for their role in the process as well.


Evaluate health plans and renewal packages. Meet with your broker to review usage rates for current plans and discuss any new benefits you may want to offer such as telemedicine, fertility, FSA, and wellness programs. Compare details and pricing from your current carrier and other carriers on the market.

Review current HIPPAA, ACA, and other regulations so you can understand how any changes may impact benefit offerings to your employees.

Make 2023 benefits selections for your program.


Work with your team to review the options prepared by you and your benefits broker and finalize selections. See what type of information and decision-making tools (e.g., info booklets, calculators, etc.) your broker can provide that can help employees during open enrollment.

Assign a main point of contact to handle any and all employee benefits questions during open enrollment.

Inform employees when your 2023 open enrollment period will begin. Include key dates for major activities they won’t want to miss, such as virtual events and onsite meetings.



Roll out official employee communications program announcing the open enrollment period for 2023 benefits and share details. Use a variety of distribution channels, including emails, intranet, Teams, or Zoom to reach all employees.

As part of this effort: 

  • Update corporate calendar with important dates, events, and deadlines
  • Summarize changes to your existing plan options and update pricing
  • Announce any new offerings or programs
  • Remind employees that any life changes and health needs, such as major medical procedures, and dental work are variables they should consider when picking benefits
  • Provide descriptions and materials for plan options

Schedule temporary employees to help with added workload during open enrollment period. 


Begin sign up. Monitor activity with employees to ensure they elect or decline benefits before the deadline.

Communicate with employees about support hours, points of contact, and shared resources for getting answers to questions throughout the entire period.

Remind employees of due dates so they don’t forget to enroll.

Verify individual benefit selections, check for errors, and reach out to employees for corrections prior to submitting final forms.


Submit approved selections along with the group application to benefit providers and health insurers.

Address any issues from your broker or benefits providers.

Follow up until everything is approved.

Managing your benefits strategy is pivotal in attracting and retaining talent in today’s competitive hiring market. Connect with our benefits team to learn how we can help you build the right program of offerings that differentiates you from the competition. Our team is here to provide the ongoing support and expert guidance you need to prepare for open enrollment.

Contact our Employee Benefits team.

business team working



This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal and accounting advisors for those services.

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