Whether you are actively working or now retired, there are several things we want you to think about during the 2022 Open Enrollment period for the 2023 calendar year.
Active Works
- Life and Disability Coverage – Having the correct amount of coverage is essential. Please refer to your financial plan or contact our office if you are unsure what coverage you need through your employer.
- Retirement Contributions – This is an opportunity to increase your contribution to your 401k, 403b, and 457 plans (2023 - $22,500). It would be best to contribute at least enough to receive the employer match. If you are age 50, you have the option to add a catch-up amount of $7,500 (2023).
- Utilize your Health Savings Account (HSA) – If you have a high deductible plan, you could contribute $3,850 (single) or $7,750 (family). Your contribution is pre-tax, and any withdrawals are tax-free if used for qualified health care expenses. Unused amounts can accumulate each year and be used in retirement. Catch-up contribution for age 55+ is $1,000.
- Flexible Spending Account (FSA) – Pre-tax contributions and tax-free withdrawal if used for qualified health care expenses. What you don't use, you lose (no accumulation)—$3,050 per year and $5,000 for dependent care expenses.
- Update your beneficiaries on your life insurance and retirement if you had a life-changing event. Ex. Marriage, divorce, etc.
- Health Care Coverage – Review out-of-pocket maximums and co-pays. Married couples should review both employers' plans to see which program offers the best range of benefits to meet their family needs.
Open Enrollment Dates:
- STRS Ohio – Starts November 1st
- OPERS – Starts November 1st
- OP&F – Starts November 1st
- Medicare – October 15th - December 7th
Ohio Public Employees -
Pre- 65 – Review your pension health care guide for changes to your plan.
Age 65 and older – Medicare is primary, and your pension health care plan is your supplement.
- If you choose a Medicare supplement instead of the pension health care plan, you will not receive a Medicare Part B reimbursement.
- Attention OPERS and OP&F Members - Do not allow Via Benefits or Aon to convince you to go with a super low-cost plan. There may be disadvantages to picking the cheapest plan. Consult our Medicare specialist Suzanne McClain. 614-448-1834.
Retirees
- Medicare Easy Pay - If you are not receiving Social Security and want to have your Medicare premiums deducted from your checking, please sign up for Medicare EZ Pay.
- Log into (or create) your secure Medicare account — Select "My Premiums" and then "Sign Up" to complete a short, online form. Medicare Login
- Fill out, print, and mail a paper form. Medicare EZ Pay Form
- Income-related monthly adjustment amount (IRMAA) - IRMAA applies to Medicare beneficiaries with higher incomes. If IRMMA impacts you, your Medicare Part B premiums will increase. If you receive an IRMMA increase notice, please contact us so we can discuss your appeal options.
- I have seen IRMMA impact clients because of a one-time large sum of money being paid. Ex. Inheritance, Sick/Vacation payout, sale of a rental property, etc. These can all be appealed.
Remind your tax professional that if you are married and Medicare eligible, then filing a separate tax return may trigger a potential IRMMA increase.