Comments on: 4 Ways Not to Miss Out on Open Enrollment http://www.suddenlyfrugal.com/2009/10/4-ways-not-to-miss-out-on-open-enrollment/ A blog about frugal living Fri, 30 Jul 2010 20:44:41 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: leahingram http://www.suddenlyfrugal.com/2009/10/4-ways-not-to-miss-out-on-open-enrollment/comment-page-1/#comment-2789 leahingram Tue, 20 Oct 2009 11:41:57 +0000 http://suddenlyfrugal.wordpress.com/?p=2092#comment-2789 Thanks for this detailed and helpful information. Thanks for this detailed and helpful information.

]]> By: psychotherapyprivatepractice http://www.suddenlyfrugal.com/2009/10/4-ways-not-to-miss-out-on-open-enrollment/comment-page-1/#comment-2788 psychotherapyprivatepractice Tue, 20 Oct 2009 02:17:20 +0000 http://suddenlyfrugal.wordpress.com/?p=2092#comment-2788 As a former HR person, I need to point out open enrollment varies BY COMPANY. Every business has their own fiscal year, which can be any month of the year. They also give usually 2 months from the point of open enrollment so your "new" benefits don't start right away. A problem with open enrollment being by company is if you and your spouse don't have the same open enrollment, there is no way to change insurance unless you have a "qualifying event", which includes a new baby, changing to a non-benefit employment status like part-time, quitting, or adoption. This is why engaged couples need to carefully look at insurance plans so when they get MARRIED, which is a "qualifying event", they can figure out where they want to be. Extra important is to look at maternity coverage because if the womans insurance is less than her grooms, but her grooms plan offers a lower deductible and better maternity care, they're better off canceling her insurance at the wedding and moving to his. Even if they don't want babies for a few years. They need to run the numbers pre-wedding because the only time they'll be able to change coverage is AFTER the baby, which doesn't help the woman in her pregnancy-care. One "loophole" is if you know you are quitting (to have a baby, or to go part-time and lose benefits), you can enroll for X flex dollars and get all that reimbursed for the medical event (the baby, or perhaps the big Lasik surgery before going part-time.) The business pro-rates your total flex dollars by pay check to get that money back but you as the employee have a right to claim the total pre-tax dollars any time you want. This is part of the risk an employer makes in offering a maximum amount (which is almost always lower than the IRS limit.) I was able to claim $1,800 towards pre-tax dollars, and only had a couple months of money taken from my paycheck before I quit but was able to pay those baby bills with that $1,800. -Elizabeth As a former HR person, I need to point out open enrollment varies BY COMPANY. Every business has their own fiscal year, which can be any month of the year. They also give usually 2 months from the point of open enrollment so your “new” benefits don’t start right away.

A problem with open enrollment being by company is if you and your spouse don’t have the same open enrollment, there is no way to change insurance unless you have a “qualifying event”, which includes a new baby, changing to a non-benefit employment status like part-time, quitting, or adoption. This is why engaged couples need to carefully look at insurance plans so when they get MARRIED, which is a “qualifying event”, they can figure out where they want to be. Extra important is to look at maternity coverage because if the womans insurance is less than her grooms, but her grooms plan offers a lower deductible and better maternity care, they’re better off canceling her insurance at the wedding and moving to his. Even if they don’t want babies for a few years. They need to run the numbers pre-wedding because the only time they’ll be able to change coverage is AFTER the baby, which doesn’t help the woman in her pregnancy-care.

One “loophole” is if you know you are quitting (to have a baby, or to go part-time and lose benefits), you can enroll for X flex dollars and get all that reimbursed for the medical event (the baby, or perhaps the big Lasik surgery before going part-time.) The business pro-rates your total flex dollars by pay check to get that money back but you as the employee have a right to claim the total pre-tax dollars any time you want. This is part of the risk an employer makes in offering a maximum amount (which is almost always lower than the IRS limit.) I was able to claim $1,800 towards pre-tax dollars, and only had a couple months of money taken from my paycheck before I quit but was able to pay those baby bills with that $1,800.

-Elizabeth

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