Tailor Fit Your Benefits

Open enrollment gives you the opportunity to review the benefits your employer will offer in the coming year. It’s important to look at all your options and make selections based on your current needs.

Health Insurance

For many employees, health insurance is their most sought-after benefit. If your employer offers more than one plan, choosing the best one for your personal circumstances may take some sleuthing. Finding the right plan means thinking about your usage and comparing each plan’s out-of-pocket costs, including premiums, deductibles and copays.

If one of your options is a high-deductible health plan (HDHP), keep in mind that your out-of-pocket costs could be as high as $7,000 for individual coverage and $14,000 for family coverage* before insurance kicks in. However, premiums are typically lower for an HDHP and some preventive care that’s not subject to the limits may be covered.

Another benefit exclusive to an HDHP is the ability to contribute to a Health Savings Account (HSA) to pay medical costs. HSA contribution limits are $3,600 for an individual and $7,200 for a family,* and your employer may make contributions to your account.

Life Insurance

Your employer may already provide term life insurance equal to a multiple of your annual salary at no cost to you. However, you might be able to purchase additional coverage at your employer’s group rate. Keep in mind that if you leave your current employer for any reason, your coverage will generally end.

Flexible Spending Accounts (FSAs)

You may have the option of contributing pre-tax dollars to a health-care FSA and/or a dependent-care FSA to pay health-care and dependent-care expenses. Contribution limits are $2,750 and $10,500, respectively.*

Long-term Disability Insurance

While your employer may provide short-term disability insurance for a disability typically lasting six months or less, long-term disability insurance replaces a portion of your income if you’re unable to work for an extended period for a covered claim.

Dental and Vision

You may have the option of choosing dental and/or vision coverage. Dental coverage typically covers preventive care, as well as a portion of the cost of other services. Vision coverage may include eye exams and a portion of the cost of corrective lenses.

*2021 Limits