Enrollment Deadlines
Open Enrollment
Open Enrollment is the annual period when Waters employees get to renew or update all their benefits for the coming year.
Open Enrollment takes place in the fourth quarter of the year (usually specific dates in October and November). This year, Open Enrollment lasts from October 17 – November 14, 2023 [Wyatt employees dates are October 24 – November 21]. Then, any new selections or changes you make at that time will go into effect on January 1st, 2024, and remain in effect for the rest for the year.
If you miss the Open Enrollment deadline…there are no automatic re-enrollments for Flexible Spending Accounts (FSAs) or for Health Savings Accounts (HSAs). If you are currently enrolled in an FSA or HSA, but miss the Open Enrollment deadline, you will not be contributing to the account in the following year (although you can start or change your HSA contributions at any time after the first payroll).
FSAs include:
General Purpose Health FSA
Limited Purpose Health FSA
Dependent Care FSA
Aside from what is mentioned above, if you miss Open Enrollment, all of your plans will carry over into 2023 [Wyatt employees have to make active elections as there will not be carryover from Wyatt to Waters]. This isn’t always the case. Pay attention to the details communicated each Open Enrollment, because some years, many plans won’t automatically carry into the next year when there are significant changes to those plans.
But even if you think you just want to leave your benefits as they are, it’s a good idea to actively step through Open Enrollment. It’s a great time to review all of your benefit elections and make sure they’re still right for you. Once Open Enrollment ends, there’s no going back on most of your elections-unless you qualify for a Special Enrollment/Life Event. (It’s also a good time to review your beneficiaries , and make sure they’re still in line with your wishes.)
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Medical Plans: Check out the details on your medical plans.
General Purpose Health FSA: Set money aside to help pay your out-of-pocket medical, dental, and vision costs.
Limited Purpose Health FSA: A more limited version of the FSA, that let’s you set money aside to help pay your out-of-pocket dental and vision costs. (NOT medical costs, though.)
Dependent Care FSA: A tax-free way to pay for daycare expenses.
Health Savings Account: Learn more about setting aside money in an HSA to pay medical costs throughout the year.
Whole Life Insurance with Long Term Care: Life insurance that you can take with you, even if you leave Waters, that will also pay out to cover costs of care, if you suffer from a long term illness or disability.