2023 Benefits Guide
YOUR BENEFITS FOR 2023 Thank you for being a valued employee of our team! We strive to provide you with a comprehensive benefits package, recognizing each of our employees has unique coverage needs for themselves and their family. This guide is an overview of the plans that are available and can be used to help make your enrollment election for the 2023 Plan Year. Making wise decisions about your benefits requires planning. By selecting benefits that provide the best care and coverage, you can optimize their value and minimize the impact to your budget.
The following are recommended as your evaluating your options:
z Assess your health and the health of your family members before making any selections. For instance, plans with higher monthly premiums and lower copays and deductibles are best for those who will use a lot of health care services over the course of the year. Yet, healthy individuals and families may save a great deal by selecting a plan with low premiums and a high deductible. We offer two plans through Cigna, a High Deductible Health Plan and a Traditional plan option. z Examine how you allocated benefits last year beyond just health care – retirement, dental, flexible spending accounts, etc. If you didn’t invested in some of these benefits in the past, now may be the time to consider adding them. z Review the resources posted on our ADP portal. These electronic resources are avaialble to you 24/7 and can help you determine which plan would be most appropriate in the coming year. z Utilize tax-free benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs) and dependent care spending accounts. These savings vehicles can provide tremendous tax advantages, as contributions are made with before-tax income. Reimbursements from these accounts are also tax-free. They can be used to pay for prescriptions, deductibles and health-related costs that are not covered by your insurance (braces, eye glasses, etc.). HSAs are also a great way to save for future medical costs and if you elect the HDHP, we contribute to your HSA! z Are you saving enough to be comfortable during retirement? If not, change your retirement plan withholdings. Don’t forget to take advantage of your company match in your retirement account. This is free money for the future. For tenured full-time employees, elections made during Open Enrollment will become effective on January 1, 2023. For newly hired full-time employees, plan elections made will become effective 1st of the month following date of hire. We look forward to being a resource for you and your family as you navigate your benefit options.
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