Autumn! Among other things, the fall leaves remind us of Thanksgiving and a time of reflection and gratitude. During Open Enrollment, we’re reminded of the generous benefits we receive from our employer. We also have the opportunity to review our current insurance coverage, learn about important changes and updates, and make decisions about our benefits for the coming year.

We encourage you to take advantage of this opportunity to learn how to maximize your benefits. This brochure will help you understand the Open Enrollment process and explain how to make changes that you feel will best meet your needs.

THINGS TO CONSIDER

• Your Personal Fact Sheet, in your Open Enrollment packet, includes such information as your current monthly premium and the premiums for the coming year. The fact sheet also includes your Deseret Mutual I.D. number and a two-digit control number that you’ll need to make changes or sign up for FSA using our Web site or automated phone system.

Checklist

Review the materials in your Open Enrollment packet

Attend an Open Enrollment meeting offered by your employer, if available

Estimate your out-of-pocket medical and dental expenses for the coming year

Estimate your day care expenses for the coming year, if applicable

Consider enrolling in the Flexible Spending Account (FSA) program

Use Deseret Mutual’s Web site or phone system to make changes and elections

Check your pay stub (in early January) to make sure the right amount is being withheld for insurance and other deductions (Thrift Plan, FSA, etc.) correct

• Remember, the premiums listed on your Personal Fact Sheet are not for medical insurance only, but are for the entire basic benefits package: medical, dental, group term life, disability, and occupational accident death and dismemberment insurances.

• If you or your dependent has not been insured in the past, you can sign up during Open Enrollment. You may be subject to a six-month waiting period for pre-existing conditions.

• Although the FSA and Premium Only Plan (POP) programs can have an adverse effect on your future Social Security benefit, most financial planners agree the immediate tax savings outweigh any possible benefit reductions. For more information, consult a tax advisor to determine how these programs might affect you. And remember, you can only waive out of the POP program during Open Enrollment.

• The BasicCare medical plan has a two-year enrollment commitment. That means, if you sign up for BasicCare for the coming year, you’ll need to remain enrolled in that health plan for all of the coming year and the year after. It’s a big decision―make sure that it’s right for you before you enroll.

• Different medical providers are available for each health plan. If you change plans, make sure you use providers that are contracted with the plan you’re switching to.

FREQUENTLY ASKED QUESTIONS

A. Changing health plans, signing up for FSA, waiving out of the POP program, and picking up the medical insurance if you, or a dependent, has not been enrolled.

Q. Then I can make changes in my savings and life insurance throughout the year?

A. Sure. You can add a new dependent, increase or decrease your life insurance coverage, and similar insurance and benefit changes during the year.

Q. Is there a pre-existing period when you switch from one medical plan to another?

A. The POP program allows you to pay your basic insurance premium with tax-free money. And because your taxable salary is reduced, you pay less in Social Security and Medicare tax, as well as state and federal income tax. As a result, you have a higher take-home pay by paying your insurance premium with tax-free money.

A. No, unless you want to participate in the FSA program for the coming year. If you want to participate in FSA every year, you’ll need to re-enroll each year during Open Enrollment.

Q. Does Deseret Mutual offer any tools to help me evaluate the benefits of the FSA program?

A. Yes. In the Flex Spending area of our Web site, you’ll find such tools as the FSA Worksheet and a limited history (up to 15 months) of out-of-pocket expenses through our Manage Your Enrollment feature. There’s also a Paycheck Calculator available in the Savings area of our site. This tool can show you what your estimated tax savings and take-home pay will be.

Q. Once I make an election, can I go back onto the Web site (or phone system) and still make changes?

A. Yes, as long as you do so before the Open Enrollment deadline. We’ll accept your last recorded change on our system.

This information is provided as a service to help you make informed decisions. Nothing in this information should be considered legal, financial, investment, or medical advise. For a complete description of the plans. please refer to your Benefits Handbook. As with any major life event, you should consult with qualified prefessionals of your choice who can provide you with appropriate counsel and advise.

OPEN ENROLLMENT

THINGS TO CONSIDER

Checklist

FREQUENTLY ASKED QUESTIONS