By the People & Culture Team
It is that time of year again – time to select your benefits for 2021 – 2022.
Open enrollment will begin on August 30, 2021. This is your annual opportunity to pick your benefits. The new plan year starts October 1, 2021, and runs through September 30, 2022. You will not be able to change your benefits until the next open enrollment period without a qualifying life event. All benefit selections, other than changes to your 401(k) contribution, need to be made in Paycom no later than September 8, 2021.
Things to consider when selecting your benefits:
- Think about your 2022 plans. Are you thinking about or already expecting a baby? Will your child need braces? Is there a medical procedure you have been putting off?
- Consider the costs. Make sure you know what your deductible, co-insurance, co-pays and out-of-pocket amounts are, not just what the per pay period deduction is. If you are selecting the high deductible health plan, make sure you understand that you will be paying the negotiated rate for all medical expenses until you reach your deductible and then a share of those costs until you reach the out-of-pocket maximum. Can you comfortably afford to come up with $2500 to $5000 if needed?
- Pay attention to your HSA (and FSA later). These are a great way to save money now, tax-free, for future expenses. And an HSA account is yours forever.
- Look into the supplemental benefits. These extra benefits can be extremely helpful in the event of unexpected events.
Look for additional information from the People & Culture team on Monday, August 30 to help you make your decisions.
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