Open Enrollment Resources
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It’s once a year that you can make changes to your current benefit elections. Whatever choices you make during the annual open enrollment stay with you for the next calendar year, unless you experience a big life change (think marriage, divorce, new baby etc.). So now is the time to step back and take a close look at each benefit offered to you.
360 checklist
Medical PPO vs. CDHP Plan. Which plan is right for you?
Flexible Spending Account (if you want to save taxes).
Long-term Disability Core vs. Buy-up Plan. More is not always better.
Supplemental Life & AD&D insurance. Is your family covered?
Dependent coverage. Are your dependents eligible?
Take action. Look at your open enrollment email/memo to find out what you need to do to tweak your benefits.
Medical ppo vs. cdhp plan
higher premiums = better insurance?
You may have thought or heard that the PPO plan is a “richer” plan, that more procedures are covered, that you may not be able to continue to see your doctor when you switch to the CDHP plan … WRONG. Let’s bust some myths around the two medical plans.
need a refresher on your medical plans?
Have a refreshment, sit back, and watch a short video, comparing the two medical plans.
RECORDED podcasts
IN CASE YOU MISSED IT …
Recordings of the live podcasts:
November 2, 2021 - covering medical, HRA VEBA and FSA
November 3, 2021 - covering life and disability insurance and WA Cares fund.
flexible spending account
hate paying taxes and have medical and/or dependent care expenses?
If you answered YES, a flexible spending account may be for you!
Enroll in the health care FSA and set aside up to $2,750 tax free to pay for expected medical, dental, vision, prescription expenses.
Enroll in the dependent care FSA and set aside up to $5,000 tax free for child and elder care, summer day camp, nursery school, and pre-school expenses.
isn’t there a use it or lose it rule?
Yes, that’s why you need to plan carefully and only set aside money for expected expenses.
Need a refresher about FSA?
Watch a short video to learn more about how you can take more of what you earn home.
LONG-TERM DISABILITY CORE VS.BUY-UP
MORE IS BETTER - RIGHT?
Not always. Buying up doesn’t give you a bigger benefit if you earn $10,500 per month (regular wages).
Why? Because the maximum benefit for the core and buy-up plan is $6,300. If you earn $10,500 or more per month, the calculated benefit exceeds the maximum benefit capped at $6,300; the long-term disability benefit is paid at the maximum tax free benefit of $6,300.
Supplemental Life and AD&D coverage
i’M COVERED - RIGHT?
Maybe. The PUD buys life insurance coverage and accidental death and dismemberment insurance coverage for you (1x your straight time annual earnings up to $200,000 each).
You can apply for supplemental life insurance with evidence of insurability. No evidence of insurability required for AD&D coverage.
DEPENDENTS
So, you enrolled your spouse and dependents when you first were hired. BUT, are they still eligible?
Remember you must notify HR within 30 days if your dependents become ineligible for coverage due to a qualifying life event. If you don’t, you may become liable for claims paid for ineligible dependents.