You’ve built a strong financial foundation through thoughtful saving, spending and planning. Now, your focus may be shifting from establishing good habits to making more strategic decisions about your money.
We’ve organized benefits, tools and resources below to help you refine your strategy and make confident decisions at this stage of your journey.
After you’ve reviewed the resources below, click the Test Your Knowledge button to take the MH Money Smarts quiz and see what you’ve learned.
You’ve done the work to build savings. Now, consider how Memorial Hermann’s retirement resources can help you make that money work toward your longer-term goals.
Review your investment strategy: As your savings grow, your investment mix should continue to reflect your goals, timeline and comfort with risk. Visit NetBenefits to review your current investments and explore planning resources that can help you decide whether adjustments make sense. You can also read Fidelity’s Investment Biases article to learn how emotions and common thinking patterns can influence investment decisions.
Look for opportunities to save more: If you’re already contributing enough to receive the full Memorial Hermann match of 6% (or 3% if you’re eligible for the Pension Plan), consider whether you have room to increase your contribution. Even a 1% increase can make a meaningful difference over time, and the Auto Increase Program can help you raise your savings gradually by a percentage you choose. Review your contribution limits and important information on how you contribute.
Talk with a professional: As your financial picture becomes more complex, personalized advice can help you think through retirement, investments and competing long-term goals.
Visit Fidelity Investor Center representatives* at retail locations throughout the Greater Houston area, or call 866.811.6041 to learn about Personalized Planning & Advice, a fee-based service designed to help you develop and maintain a retirement strategy.
Memorial Hermann employees also have access to unlimited one-on-one financial coaching through DailyPay. Use a financial counselor to talk through competing goals, major financial decisions or changes in your priorities, and adjust your plan as your needs evolve. Coaching is available in English and Spanish. In the DailyPay app, select Perks > Financial Tools > Free Financial Counseling. You do not need to set up direct deposit accounts with DailyPay to access coaching.
*Investor Center products and services are offered beyond those available through your employer-sponsored retirement plan.
We want you to be prepared for whatever may come your way. It’s worth reviewing whether your coverage still reflects your income, assets and responsibilities.
Disability Insurance: If an illness or injury keeps you from working, disability coverage can replace a portion of your income so you can continue managing everyday expenses while you recover.
If you have been working at Memorial Hermann for less than one year, you may want to consider enrolling in employee-paid Short-Term Disability coverage if you want coverage before you become eligible for the employer-paid plan.
Consider Supplemental and Dependent Life Insurance: As your income and financial commitments grow, review whether your current life insurance would be enough to support the people who depend on you. When eligible, you can purchase supplemental life insurance up to eight times your annual base salary, subject to plan limits. You can also purchase dependent life insurance for your spouse* and/or child(ren), providing additional financial protection if the unexpected happens.
Review available Accidental Death & Dismemberment insurance: When you’re eligible to enroll, you can elect this optional insurance, which pays a benefit to you or your loved ones in the event you or a covered dependent suffers accidental injuries that result in death or dismemberment.
Prepare for health events: Memorial Hermann’s Voluntary Health Plans (often called “supplemental health plans”) provide a lump-sum cash benefit directly to you after a covered critical illness, accident or hospitalization (including planned surgeries and childbirth). Enroll in one, two or all three plans.
Each plan offers a $75 wellness benefit per covered family member when each person receives an eligible preventive screening.
While these plans are not intended to replace medical coverage, they offer peace of mind during challenging times. You pay the full cost for coverage through payroll deductions, so consider if this coverage is right for you.
Consider Increasing Your Life Insurance Coverage
The right amount of life insurance depends on your family’s financial picture. Use Voya’s Life Insurance Needs Calculator to get a personalized estimate and choose the right level of coverage with confidence.
Protect Yourself in Uncertain Times
In this article, Fidelity explains why considering your insurance needs is an important part of your financial plan.
Feeling more financially secure can give you room to think beyond your own needs. Memorial Hermann benefits can help you support your loved ones now and in the future.
Create a will: It may be a good time for you to create a will and make your wishes clearer for the people you care about. If you participate in a MetLife Legal Plan, you have access to eligible estate-planning services. You can also learn more about wills and advance planning through the Texas State Law Library.
Keep your beneficiaries updated: As your financial life becomes more established, it is important to make sure your beneficiary elections still reflect your wishes. Review them periodically, and especially after major life events such as marriage, divorce, the birth or adoption of a child, or the loss of a loved one.
Life and AD&D and Supplemental Health Benefits: Workday
Back-up care, tutoring and more: When your regular plans fall through, Memorial Hermann provides subsidized back-up care for children and adults through Bright Horizons, plus test prep and parenting resources. You also can access SitterCity to search for babysitters, nannies, pet sitters and other household help with free background checks. Need tutoring instead? Exchange one or more back-up care days for four hours of tutoring.
Caregiving support:Wellthy can help you navigate the costs and logistics of caregiving. Whether you’re caring for a child or an adult, your Care Coordinator can help you understand your options, explore payment resources and make informed decisions.
Access free, confidential counseling: Save on the cost of support with six free confidential therapy sessions and six free coaching sessions for you and each eligible dependent through Spring Health. Counseling can help you understand yourself better, work through challenges, learn healthy coping skills and improve your self-confidence, while coaching can help you create a path to success in personal and professional development.
Support Your Parents—While Protecting Your Finances
Helping aging parents manage their money is one of the hardest financial conversations many of us face, and it’s easy to put your own plans on hold to do it.
In this Money Unscripted podcast, Fidelity shares ways to support a parent’s finances without derailing your own budget.
Digital Estate Planning
Through your MetLife Legal Plan, you can create your estate plan online in just fifteen minutes.
Follow the step-by-step checklist
Instantly receive your state specific documents
Review and edit your documents anytime
When you’ve built a strong financial foundation, you can start looking ahead to what matters next. Whether you’re planning to buy a home, pay for education, make a major purchase or prepare for another life change, these Memorial Hermann resources can help you plan with confidence and keep your long-term goals in view.
Keep building on your progress and give each goal a plan: Fidelity Goal Booster can help you explore your savings and investing options, manage your goals and start saving today.
Prepare for retirement: One of these goals is probably a comfortable retirement. Visit Savings and Planning for Retirement to prepare for this milestone.
Prepare for college costs: These costs can add up long before tuition is due. If you’re a parent, Bright Horizons College Coach gives you free access to impartial guidance from former senior admissions and financial aid officers, plus free resources, live events and more, without adding another expense to your family’s budget. You also have access to free test prep and tutoring resources through Bright Horizons.
Pursue your own education: Learn Well offers low-cost and even no-cost options through partner schools, along with direct payment programs that may reduce what you need to pay upfront or borrow for eligible education programs.
Have legal support ready when you need it: If you’re enrolled in the MetLife Legal Plan, you have access to expert legal advice for personal legal matters that may come with major life changes, such as buying or selling a home, reviewing contracts or handling other important legal needs.
