Tips to make the most of benefits open enrollment

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Tips to make the most of benefits open enrollment

To: Benefits-eligible employees

From:

Division of Human Resources

Subject: Tips to make the most of benefits open enrollment

Date: October 31, 2022

Benefits open enrollment has officially begun! Here are tips to ensure that your benefits meet your needs in 2023.

Do These 5 Things

1. Compare the medical plans

Depending on your situation, either the Triple Choice Plan or High-Deductible Health Plan could be best for you. Follow this 3-step side-by-side comparison of these Arizona Department of Administration plans.

HR TIP: Watch the 4-minute video in the HDHP column to learn more about health savings accounts. HSAs have similar benefits to flexible spending accounts, and include contributions from the University each pay period.

2. Review insurance carriers

For medical plans, Blue Cross Blue Shield of Arizona and UnitedHealthcare both offer the Triple Choice Plan and the HDHP but have different provider networks. Compare the carriers side by side.

For dental plans, the carrier for the HMO option is changing in 2023; UnitedHealthcare will replace Cigna. Search UnitedHealthcare providers using plan code S800B. Compare with the Delta Dental PPO plan provider search.

3. Consider your other benefits options

Do you have a domestic partner? Consider the alternative plans, which allow you to enroll domestic partners and their children. Learn more about alternative plans.

And have you explored short-term disability, supplemental life insurance and supplemental retirement plans? Depending on your personal financial landscape and upcoming milestones, these options may be smart choices for you.

4. Confirm your beneficiaries and dependents

Verify the beneficiaries and dependents you previously designated for multiple benefits such as life insurance, short-term disability, medical/dental/vision coverage, and disability coverage. You can allocate specific amounts to go to each beneficiary.

And don’t forget to check the beneficiaries on your retirement accounts with Fidelity, TIAA or Nationwide as well.

5. Explore flexible spending accounts

University employees can use FSAs to lower their taxable income, therefore increasing their take home pay. The only times you can sign up are when you are first hired or during benefits open enrollment. Now is the time to learn more about FSAs.

NOTE: Benefits open enrollment ends Friday, Nov. 18. Visit the benefits open enrollment page for all information and instructions.

Ask Yourself These 3 Questions

  • Did you – or will you – get married, have a child or experience any other changes in your family? Consider adding short-term disability coverage or supplemental life insurance for added financial security. 
  • Are you expecting major medical procedures or purchases in 2023? The cost of surgery, braces for a teenager, dental work and more can be offset with an FSA or HSA.
  • What upcoming life milestones might help determine your optimal benefits? Age of dependents, upcoming retirements, changes to family income, school expenses and more might make a big difference in which benefits are right for you.

Don’t Forget to Double-Check!

While you are in UAccess to review your benefits, take a few moments to check other personal UAccess settings as well:

HR TIP: Instructions for adjusting payroll settings like the ones listed above can be found in the short, 15-minute Payroll and Compensation Tools Training in EDGE Learning.

Please note: No action is required* during this year’s benefits open enrollment unless you want to change your benefits or contribute to a flexible spending account in 2023. Select the University Benefits tile in UAccess to review your current elections.

*Some changes to the Alternative Health Plan’s dental coverage will require action from some participants. Instructions will be emailed to affected employees.

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