At this time of year, a common question is "Do I need to do anything during Open Enrollment?"
The simple answer is "maybe".
If you take no action during open enrollment 2020, your current elections for medical, dental, vision and legal coverage will roll forward into 2021. Your current dependents will remain covered in 2021, as long as they remain eligible dependents.
However, there are a few situations that require action during Open Enrollment.
If you plan to sell PTO in 2021, you should declare the number of hours that you want to sell during this Open Enrollment period. That will mean that you can sell them for 100% of their value. If you do not take action to declare those hours during Open Enrollment, then when you sell them in 2021, you will receive only 85% of their value before taxes. Keep in mind that if you declare a number of hours that will sell in 2021, you will be selling those hours in 2021. If the year goes by and you have not sold those hours and they are still available in your PTO bank, they will be sold for you on the final payroll of 2021.
Health Care Flexible Spending Accounts, Dependent Care Flexible Spending Accounts and Health Savings Accounts can be great ways to set aside pre-tax dollars for use throughout the year. However, if you plan to use one of these accounts in 2021, you must select the amount that you want to contribute during Open Enrollment.
Review the Open Enrollment 2021 Guide to learn more about your benefits and compare plan options.
Also consider these options to learn more: