Preparing for 2008 Annual Enrollment

Accidents and illnesses do not take the time to assess who they might affect, but that does not mean you should do the same with your benefit enrollment decisions.  Who do your health care choices impact?  Are you spending enough time gathering information on your options?  Misfortune is never planned, but your response can be.

It’s never too early to start thinking about your benefit elections for 2008.

Overview of 2008 enrollment

While 2008 will not bring many changes to the benefit programs offered, there are still some important changes that may affect your decisions.  Please note that major details regarding plan changes and rates will not be available until Annual Enrollment officially begins, but a short preface is available below:

• Enrollment period
  Paper forms will be mailed to State Farm retirees the week of October 15; they should be postmarked and returned by November 12.  Retirees actually have until November 30 to submit their changes; however, we ask that forms be returned by November 12 in order to allow time for the changes to be updated in the system.
  
  
• Contribution Changes for Dependents
  Research shows that large employers more accurately recognize their claim costs of covering adult and child dependents by using a 4-level coverage structure in determining monthly contributions.  Therefore, effective January 1, 2008, State Farm will move from a 3-level to a 4-level coverage structure for the Group Medical PPO Plan. 
  
  
• Non-Required Enrollment
  2008 will be a non-required enrollment year.  2007 benefit elections, including medical, will be carried over into 2008 unless associates make changes. 

Putting it all together

More information will be available in the coming months, but now is a good time to start thinking about your benefits for this year and to consider any changes or events that might change your elections for 2008.

Hardship always seems to surface when it is least convenient.  Don’t let tough luck catch you off guard.  In the unfortunate event of an accident or illness, a little extra time dedicated to your benefits enrollment could lessen the impact of adversity for everyone.