MOST OF US TRY TO KEEP our work and home lives separate, but it’s a mistake to compartmentalize your financial life, says Kai Walker, head of Inclusion Transformation, Retirement and Personal Wealth Solutions at Bank of America. “The benefit decisions you make at work — about your health coverage and retirement accounts, your life insurance and stock options or equity awards — shouldn’t be considered in a vacuum. They’re an integral part of your overall financial plan and could affect your goals and priorities for years to come.”

As you consider your workplace benefit options during open-enrollment periods and whenever a change occurs in your life, it can help to talk through your choices with your financial advisor to see how they might complement the financial decisions you’ve made off the job. “That way all of your money can work together to help you pursue your goals,” Walker adds.

Consider the insights and questions below as you periodically review your benefits with your financial advisor, as well as your tax and legal professionals. Your goals and priorities will likely change over time — and when they do, you may want to adjust your benefit decisions.

Is your retirement plan aligned with your goals?

There are quite a few considerations here, says Walker. “In addition to helping you decide how much to save for retirement each year, your advisor can help you determine how the investing choices you make for your 401(k) plan account fit into your larger strategy and preferred asset allocation. Say you’ve taken a conservative approach, with an emphasis on fixed income, in your 401(k) plan account; to pursue greater diversification, you might consider investing in potential growth stocks in your brokerage account outside of work. “If your compensation includes stock options or equity awards, you can get guidance about how they might fit into your overall retirement strategy,” he adds.  And if your employer offers a 401(k) plan with both Roth 401(k) contributions and traditional 401(k) contributions, your advisor can help you look at what your income needs might be in retirement so that you can have a more informed conversation about the potential tax advantages of each with your tax professional.

How could your health insurance work harder for you?

Potential tax advantages are one way.¹ If your employer offers a high-deductible health plan (HDHP) linked to a health savings account (HSA), take a serious look at the potential triple tax advantages it offers, says Danovan Clacken, director, Health and Benefit Solutions at Bank of America. “You contribute pre-tax dollars to the HSA, the funds are invested and have the opportunity to grow tax-free, and withdrawals for qualified medical expenses are also tax-free.” Unlike a flexible spending account (FSA) — another potentially tax-advantaged health account your employer may offer to help cover annual out-of-pocket health expenses — your unused HSA balance remains available year over year. You don’t forfeit it if you don’t use it, which means you can keep your HSA when switching jobs.

You can’t contribute to both an HSA and an FSA in the same year unless your FSA is a “limited-purpose” FSA intended to help pay for out-of-pocket vision and dental expenses, notes Clacken. To make the most of your HDHP, if that’s the health insurance option you choose, “think long term; consider contributing the maximum amount to your linked HSA to help pay for your healthcare needs in retirement,” he suggests. “If you’re unable to contribute the maximum, at least allocate enough to cover the deductible for your HDHP. That way you can use tax-free funds to cover some of your out-of-pocket health expenses.”

How much life and disability insurance do you need?

Figuring out how much life insurance you need starts with looking at your long-term goals, says Rob Murray, insurance relationship manager, Investment Solutions Group at Bank of America. “Think about what you want to protect: Do you have a family that depends on your income, or are you single?  Do you have charitable interests you want to be able to support after you’re gone?” Understanding your priorities will help determine how much insurance you may need, says Murray.

If your employer’s life insurance coverage isn’t enough to fund those priorities, you could consider purchasing additional group coverage through your employer — as long as your employer offers that option. But keep in mind that group coverage generally includes restrictions and time limits on portability, or continued coverage when you change jobs. “Should your health change during that time, it could impact your ability to purchase life insurance on the private market later on,” says Murray.

Similarly, when reviewing the disability income insurance your employer offers, consider how your goals and priorities might be affected if you couldn’t work for a period of time. Employer- sponsored disability-income insurance plans generally cover only 60% of salary, and their length of coverage may vary. Look at how much you have in your emergency fund and consider: Would it be enough to cover that shortfall for an extended period? If not, you may want to consider purchasing additional disability income insurance, Murray adds. “It’s a great way to supplement and preserve your existing emergency fund in the event of an unexpected health problem.”