What If I Do Nothing During Open Enrollment?
- Your current health, dental and vision elections, if any, will remain the same and carry over in 2021.
- Your current elections, if any, for accidental death and dismemberment and other voluntary insurances also will remain the same in 2021.
- Your participation in a flexible spending account will not carry over in 2021; per IRS regulations, you must enroll every year. The employee contribution limit to a medical Flexible Spending plan will remain the same for 2021 at $2,750.
- The employee maximum contribution to the retirement plan will remain the same for 2021 at $19,500 for persons under age 50, and $26,000 for persons age 50 and older.
- If you are eligible for the Leave Sharing program, your next opportunity to donate will be during Open Enrollment in November 2021.
- Your current beneficiary information will remain the same. Although you can update your beneficiaries at any time, Open Enrollment is an ideal time to check your listing and make adjustments.
While “doing nothing” is an option, don’t let another year go by without taking a look at your current coverage and how you utilize your benefits.