Benefits and Me – January 2023

What Happens If You Miss Open Enrollment?

If you miss your open enrollment deadline, you could lose coverage and be unable to make benefits changes or enroll until the next enrollment period. One exception to this rule is if you experience a life-changing qualifying event that would trigger a special enrollment period (SEP). Events such as getting married or divorced, having children or losing eligibility for other health coverage can trigger special enrollment rights. Additionally, if you missed your employer’s enrollment deadline, there are a few other options for trying to obtain health insurance, including:

• Spousal benefits
• Young adult benefits under a parent’s plan
• State insurance marketplace
• Medicaid
• Short-term health insurance

Contract your HR representative if you missed the open enrollment deadline and think you might qualify for a SEP.

Family-building Benefits

There have been shifts in the path to parenthood as many people turn to in vitro fertilization, surrogacy and egg freezing to build their families. As such, employers are responding to these modes of family-building with expanded and inclusive benefits.

Family-building benefits can support many different forms, but some of the most common including fertility treatment, donors and adoption. Family-building benefits can also include holistic support, such as emotional and mental health resources, as you build your family. Consider the following steps to better understand family-building benefits:

• Be aware of which fertility treatments, testing and other services are covered.
• Ask if deductibles, copayments or coinsurance are consistent with those for other health benefits.
• Ask about any pre-certification hurdles or exclusions in family-building policies.
• Research in-network clinics and service providers in your area.

Talk to HR if you have questions about available family-building benefits.

HSA Basics

Investing in a health savings account (HSA) is a rapidly growing trend. An HSA is a tax-exempt savings account used to pay for qualified out-of-pocket medical expenses of an individual, their spouse and dependents.

One of the most attractive features of an HSA is that these funds grow through the accrual of tax-free interest. Here are some other basics of an HSA:

• HSAs have federally mandated contribution limits. The 2023 HSA contribution limit for self-only coverage is $3,850 and $7,750 for family coverage.
• HSAs are portable even when changing jobs.
• HSA funds can be carried over from one year to the next.
• Both the employee and employer can contribute.
• People ages 55 and up can made additional contributions to accelerate their savings.