Every year, employers provide an “Open Enrollment” period for employees to review their benefits and choose those that meet the needs of employees and their families. However, this year Open Enrollment may be more important than ever given the changes that the pandemic has brought on.
What is Open Enrollment?
Open enrollment is a set period where your employer allows you to change the benefits that you and your family receive. You can add, remove or update benefits. For example, you may change the type of health insurance that you receive or remove a benefit that you no longer anticipate needing for 2021. Other benefits that can usually be changed include retirement savings, Flexible Savings Accounts, Life Insurance, Health Savings Accounts, and other benefits that are deducted from your earnings.
When is Open Enrollment?
Typically, Open Enrollment occurs in late October through mid-November. Here at Harvard University, open enrollment for 2021 begins November 10 and ends November 19, 2020. However, check with your employer as the exact dates are based on your employer. The period happens at the end of the year to allow time for changes to be implemented starting with your first 2021 paycheck.
What if I miss Open Enrollment?
Missing your open enrollment period could mean that you won’t have coverage that you needed and won’t be able to enroll until a year from now at the lower rates offered by your employer.
However, if you experience a Qualifying Life Event, such as change in marital status, death in family, birth/adoption of a child, you will be given a window of time where you update your benefits since your needs most likely have changed due to the Qualifying Life Event.
Why could Open Enrollment be different this year?
The pandemic has affected some benefit offerings, employment statuses and needs. It may be that benefits you had prior to COVID-19, such as Dependent Care for FSA may now be substantially different. Additionally, if someone in your household is no longer eligible for benefits through their employer, they may qualify for eligibility under your benefit plans.
HUECU is a Benefit, Not a Bank
The HUECU benefit is available to the entire Harvard community, including all affiliated teaching hospitals and alumni. More than 50,000 members of the Harvard community trust HUECU for help through all stages of their financial lives.
Join today to earn $50* when you open and fund an HUECU checking account online using the promo code: BENEFIT. Join today at www.huecu.org/join.
Already a member? Refer family members, eligible friends or coworkers to us, and if they become a member, we’ll give both of you $20 in your HUECU Share Savings Account. Start referring new members here.
*New checking account must be opened online by December 31, 2020. The $50.00 will be deposited into the new checking account by March 15, 2021 if by February 28, 2021 there has been at least one debit transaction and the member has logged into online banking.
