Annual Enrollment
Annual Enrollment is the annual period when Waters employees get to renew or update all their benefits for the coming year.
Annual Enrollment takes place in the fourth quarter of the year (usually specific dates in October and November). This year, Annual Enrollment lasts from October 22 – November 19, 2024. Then, any new selections or changes you make at that time will go into effect on January 1st, 2025, and remain in effect for the rest for the year.
If you miss the Annual Enrollment deadline…there are no automatic re-enrollments for Flexible Spending Accounts (FSAs) or for Health Savings Accounts (HSAs). If you are currently enrolled in an FSA or HSA, but miss the Annual Enrollment deadline, you will not be contributing to the account in the following year (although you can start or change your HSA contributions at any time after the first payroll).
FSAs include:
- General Purpose Health FSA
- Limited Purpose Health FSA
- Dependent Care FSA
Aside from what is mentioned above, if you miss Annual Enrollment, all of your plans will carry over into 2025. This isn’t always the case. Pay attention to the details communicated each Annual Enrollment, because some years, many plans won’t automatically carry into the next year when there are significant changes to those plans.
But even if you think you just want to leave your benefits as they are, it’s a good idea to actively step through Annual Enrollment. It’s a great time to review all of your benefit elections and make sure they’re still right for you. Once Annual Enrollment ends, there’s no going back on most of your elections-unless you qualify for a Special Enrollment/Life Event. (It’s also a good time to review your beneficiaries1 on NetBenefits.com, and make sure they’re still in line with your wishes.)
Jump to this related content
- Medical Plans: Check out the details on your medical plans.
- General Purpose Health FSA: Set money aside to help pay your out-of-pocket medical, dental, and vision costs.
- Limited Purpose Health FSA: A more limited version of the FSA, that let’s you set money aside to help pay your out-of-pocket dental and vision costs. (NOT medical costs, though.)
- Dependent Care FSA: A tax-free way to pay for daycare expenses.
- Health Savings Account: Learn more about setting aside money in an HSA to pay qualified medical expenses throughout the year.
- Whole Life Insurance with Long Term Care: Life insurance that you can take with you, even if you leave Waters, that will also pay out to cover costs of care, if you suffer from a long term illness or disability.
1 Beneficiary: This is a person or an organization (like, say, a charity) that you choose to receive money, or even property, after you die. Designate these on NetBenefits.com.