Open Enrollment Means Decision Time

Open Enrollment is your once-a-year opportunity to make changes to your employee benefits for the upcoming year. For Einstein staff, faculty and pre-doctoral, the Open Enrollment period occurs each November and, for 2019, Open Enrollment started on November 5, 2018. It will end on November 30, 2018. Carla Pasquali, director of benefits, sat down with Inside Einstein to review some of the new facets concerning benefits that you should keep in mind as you make your decisions for the coming year.

Open enrollment continues through November 30, 2018. Be sure to make your selections before the end of the month!

What is Open Enrollment?

Open enrollment is a period of time when employees may elect or change the benefit options available through their employer, such as health, dental and life insurance, and ancillary or voluntary benefits. For Einstein faculty, staff, and graduate students, Open Enrollment typically runs from early November to the end of that month. For 2019, it’s the period between November 5 and November 30, 2018. It’s a good time for employees to review their current benefit elections and to make any changes to ensure that their choices continue to meet their needs and those of their family members. It’s also a good time to learn about any changes to the benefits offerings, and this may include any new offerings for the upcoming year. Often times, there are new contribution limits that will affect how much you can set aside into plans such as the flexible spending accounts or retirement plans, so make sure to read your open enrollment materials.

Where can I learn about the various choices there are?

All employees were recently sent an electronic newsletter (which can be downloaded into a pdf document and printed) specific to the benefit offering for their employee or student type. Check your inbox for e-mails sent from HR Benefits, Einstein’s communication consultants. The e-mail contains information and links regarding how to obtain more information and where to go to review, enroll in, or change your benefit elections. You also can visit our benefits page where we have information specific to your employment status (as well as for postdocs and students), where you can review the options available to you.

The recent e-blast noted some new changes. There was something about an expansion to the vision plan. What can you tell us about that?

As of November 1, 2018, the vision plan now includes UnitedHealthcare’s Children’s Eye Care Program for children up to age 13. There is no additional cost to use this program, and you can take advantage of this program now if it’s applicable to you.

There also was a change to the limit for healthcare expenses that we can allocate to our health care flexible spending account. What can you tell us about that?

For 2019, there’s been an increase to the limit of what we can each set aside on a pre-tax basis to the healthcare flexible spending account (FSA). When you make your election for your anticipated healthcare expenditures for 2019, you’ll be able to set aside up to $2,700. But make sure to plan carefully because any money left in your account will be forfeited. Remember, each year, you have a grace period of two-and-a-half months in which to use the money you set aside in the healthcare FSA. For example, you have until March 15, 2019, to incur expenses against any money you set aside in 2018 and you have until April 30, 2019 to submit your 2018 claims for reimbursement. If you fail to use all your 2018 funds by March 15, 2019, they will be forfeited.

If I haven’t previously had a FSA can I still create one now?

Yes, however, it’s important to note that you must make an election each year if you want to take advantage of the FSAs.

I am confused about where to go to make changes during Open Enrollment?

There are several important websites for you to remember and which can assist you during the open enrollment period. These are:
www.montebenefits.com — where you go to make changes to your health and welfare benefits such as medical, dental, vision, life, disability, and flexible spending accounts;
www.mymontebenefits.com — your source for specific information about the benefits plans offered to you as an employee of Einstein;
www.wageworks.com — where you go to enroll in or make changes to your commuter or parking reimbursement accounts; and
www.403b.com — where you go to make changes to your retirement contributions.

I know it’s seems like an awful lot of websites to remember but once you familiarize yourself with each of them for the first time, you won’t be confused the next time.

I’m trying to decide how much to contribute to my retirement plan. I know that even if I contribute nothing, Einstein will contribute 7.5% toward a retirement account for me. How can I figure out what I can contribute, and is there a limit to how much I can do?

These are all great questions. Both you and Einstein play a significant role in helping you reach your retirement goals. And yes, it’s true that Einstein provides eligible employees with a non-elective contribution of 7.5% of their base pay each payroll period. This non-elective contribution is provided regardless of whether you choose to contribute your own contributions. Einstein does its part in helping you get closer to reaching your retirement goals, but the rest is up to you. That’s why it’s so important for you to start contributing to the plan as soon as you can.

According to Fidelity Investments, the single most important thing you can do is start saving early. The earlier you start, the more time you have for your investments to grow—and recover from the market’s inevitable downturns. Fidelity’s rule of thumb is to aim to save at least a total of 15% of your pretax income each year from age 25 to age 67. Together with other steps, it should help ensure that you have enough income to maintain your current lifestyle in retirement. While 15% may seem like a lot, the good news is that Einstein’s 7.5% non-elective contribution counts towards your annual savings rate. Of course, 15% is just a guideline. Your annual savings rate may be higher or lower depending on when you want to retire, how you invest, and how you want to live in retirement.

For 2019, you can contribute $19,000 to the Einstein retirements plans (increased from $18,500). That is the most you can contribute to your retirement account for the coming year, and you can decide to do less depending on what makes the best sense (and cents) to you and your livable budget. There also is a catchup limit for employees who are age 50 or will turn age 50 in 2019; that amount remains at $6,000. If you need to make changes, simply go to www.403b.com, but keep in mind any changes you make now will affect your 2018 payroll deductions. If you want to wait, it is recommended that you wait until after December 21, 2018 but before January 4, 2019 to ensure your changes get made for 2019.

To assist you in assessing what allocation is most appropriate for your age, income, and time horizon for retirement, you can schedule a one-on-one meeting with Marsha Alexis, Einstein’s on-site retirement planner, who can help you determine what will be a comfortable amount to contribute and make sure you’re on track. To schedule an appointment with Marsha, visit Fidelity.com/reserve or call 877.895.5986.

I feel good about my retirement allocations but I need to update who my beneficiaries will be. How do I do that?

It’s important that you review your beneficiary designations each year to make sure they are up-to-date and accurately reflect your wishes. Situations can change, such as marriage, divorce, birth of a child or grandchild, or death of a loved one. Any of these life events could lead you to make updates to your designations. You can now designate your beneficiaries using Fidelity’s On-line Beneficiary Designation Service. Simply click on “Beneficiaries” to get started.

What if I have other questions? How can I contact you?

Our benefits team is here to help you. In addition to speaking with Marsha for guidance on your retirement allocations, you can contact us at benefits@einstein.yu.edu, or by e-mailing a member of the benefits team. Lih Squires can be reached at lih.squires@einstein.yu.edu, Teresa Winoski can be reached at teresa.winoski@einstein.yu.edu and I can be reached at carla.pasquali@einstein.yu.edu. You also can call us at our general extension, 2547.

Posted on: Monday, November 12, 2018

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