Open Enrollment for your 2022 benefits begins on October 18, 2021 and ends on November 5, 2021!
The most common question we hear this time of year is, "If I want to keep everything the same, do I have to do anything?" The short answer is: YES!
Did you know that Total Rewards (our comprehensive benefits offering) adds tremendous value to your total compensation? For every Fayette County Public Schools employee, it adds close to 50% or more to your pay. So, here are the 6 important decisions everyone needs to make during Open Enrollment each year - along with the resources we have created to assist you in making each decision.
Choosing the best health plan depends heavily on how much you expect to use it throughout the coming year. How has your current plan worked for you this year? Do you expect significant medical expenses in the year to come? While it is easy to just keep what you have, that may not be the best course.
This year, there are big changes to our dental plan! Everyone who wants coverage needs to select the new plan they want. We made sure to retain an option with ultra-strong benefits and keep rates as affordable as possible. Everyone is encouraged to use network dentists; on average, it saves us 30% on the cost of dental services.
FSA's enable you to pay for out-of-pocket health, dental and vision costs with before tax dollars. That is like getting everything at a 30% discount! We encourage everyone with those expenses to use an FSA, yet only 1 in 5 employees do. When you continue to enroll in the FSA, you can roll over up to $550 of your left over funds into the next year.
Keeping the short-term disability (STD) plan you have today may cost you more than necessary! Have you accumulated more sick leave days? If so, and if you are currently in the STD plan, select a later "wait period" as you enroll this year. It works the other way too - if you have used a lot of sick leave, consider selecting a shorter wait period.
Every year, we all need to make sure the beneficiary information for our life insurance plan is up to date. We also encourage you to make sure that the amount of life insurance you have still reflects what your family would need if anything should happen to you. Remember - if you need to add coverage, you will need to answer some questions online.
While you can make changes to your retirement savings at any time, Open Enrollment is a great time to focus on your total financial well-being. We encourage everyone to save as much as they can. Even a small increase in what you are saving can make a big difference in the long run!