Archive for month: November, 2021
Open Enrollment is now open for anyone who would like to make changes to their insurance coverage effective January 1, 2022.
If you do not plan to make any changes to your health insurance you do not need to complete any forms for health insurance.
Changes will not be made to the plan unless an employee completes the attached forms and indicates a change in enrollment. The HSA Election form must be completed if enrolling or already enrolled in an HSA-Health Savings Account and you would like to make changes to contributions to your HSA plan.
Employer Contribution Options:
50% VEBA/50% HSA
Unless a new designation is made all employer contributions will continue to be made to your current VEBA or HSA plan.
Keep the following in mind:
Your entire election amount is available to you at the start of the plan year, even if you haven’t contributed funds from your paycheck yet. This means that if you have medical expenses early on, you can use your funds in advance to pay for them.
Any unused funds over $550 in your account at the end of the plan year will be forfeited.
You cannot change your election amount throughout the year, unless there has been a qualifying life event.
Please review the attached forms and submit to Denise Nichols by November 12, 2021.
2022 Medica Insurance Election Form– This form must be completed only if changes are needed for change of coverage Single/Family and VEBA or HSA Election.
HSA Employee Contribution Election Form – This form must be completed if you would like to annually enroll or make changes to your HSA account through a payroll deduction. The attached form must be completed for 2022 elections even if the employee contribution amount will remain the same as the previous year.
HSA Contribution limits made by both employer and employee: Single $3,650.00/Family $7,300. It is the employees responsibility to determine whether contributions to their HSA have or will exceeded the applicable maximum annual contribution limit.