Open Enrollment for 2023 Benefits

October 1 marks the beginning of Open Enrollment for your 2023 Henrico County Employee Benefits. Now is the time to assess your health and wellness needs to select which health, dental, and health savings plans will work for you and your goals.

As Henrico County Employees, we are fortunate that our employer can consistently provide remarkably high quality coverage with as minimal cost to us as possible. Over the last two years, the County did not raise its employee benefit premiums amid the pandemic and nationally rising health care costs. In fact, in an unprecedented move, Henrico absorbed the higher rates into its budget while also approving historic salary increases.

Unfortunately, with the continued increase in health care costs, employees will see a slight increase in their premiums this year. However, considering the $16 million rise in Healthcare claims in the last fiscal year alone, the successfully negotiated pharmacy contracts, and the continued excellent quality of the benefits, this additional cost is nominal. Therefore, at most, employees will only see a $10-$45 increase in the premiums, depending on the selected plans. It is also important to note that Henrico will assume 80 percent of the aggregate cost of employee healthcare premiums.

The County has again tried to mitigate the additional cost to employees as much as possible. A recent study showed “…that Henrico County’s healthcare cost coverage is considered an “outlier” as it is one of only 15 percent of organizations in the entire country that provide healthcare cost coverage at the level that Henrico does.“

While the annual increase is a natural part of business and economic growth, Henrico wants to underline the quality of these benefits and the importance of their employees. County Manager has shared, “The quality of this benefit and the support that is provided by the Board of Supervisors is a major part of what keeps Henrico an employer of choice in the region.” He has also expressed gratitude for employees and their hard work saying, “…understand that our employees are everything to the success of this County, both now and into the future. Thank you all for the extraordinary work you do.“

Please visit the 2023 Open Enrollment pages on the Employee website to learn more about the plans and benefits available. Please click on the ‘My Benefits’ icon in Oracle to participate in Open Enrollment.

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Factoring Healthcare Costs Into Your Retirement Budget

Creating a realistic budget for your post-work life is a critical part of a successful retirement strategy. According to one commonly used rule of thumb, we’ll need to replace roughly 70% of our working income in retirement to maintain a similar lifestyle. That means a person making the median annual 2020 income of $67,521 would need $47,265 of income each year of their retirement.1

Another factor to keep in mind as you plan your retirement budget is your future healthcare expenses. We all know healthcare needs tend to increase as we age. So, it’s important to understand and budget for how much you may need to cover healthcare costs in your retirement.

No one can predict how much care they’ll need in the future. Everyone’s healthcare needs are different — and healthcare costs are always changing. But to give you a rough idea, one analysis by the Employee Benefits Research Institute found that, in order to have a 50% chance of having enough to cover premiums and median prescription drug expenses in retirement, a 65-year-old man would need $73,000 in savings and a 65-year-old woman would need $95,000 in savings. 2 Another study found that a 65- year-old couple that retired in 2021 can expect to spend $300,000 on healthcare and medical expenses throughout retirement.3

 When you think about your retirement budget, you probably focus on the things you want to do with the time you’ll have after a career of hard work. And you should. But it’s also important to keep in mind the other expenses you’ll face. Knowledge is power. And knowing healthcare costs may significantly impact your financial well-being in retirement can empower you to make better-informed decisions about your future.

1 Census.gov, “Income and Poverty in the United States: 2020,” 2021, census.gov/library/publications/2021/demo/p60-273.html.

2 EBRI.org, “A Bit of Good News During the Pandemic: Savings Medicare Beneficiaries Need for Health Expenses Decrease in 2020,” 2020, ebri.org/content/a-bit-of-good-news-during-the-pandemic-savings-medicarebeneficiaries-need-for-health-expenses-decrease-in-2020.

3 Investopedia.com, “How to Plan for Medical Expenses in Retirement,” 2021, investopedia.com/retirement/how-plan-medical-expenses-retirement/.

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Claim Your Voluntary Benefit Wellness Incentive(s)

Getting an annual checkup pays off in more ways than one! If you enrolled in a voluntary benefit offered through Pierce Insurance, you can take advantage of the wellness incentives. All incentives are paid once per calendar year as a cash benefit directly to you. Contact Pierce Insurance to file your claim. Didn’t enroll in the spring? Meet with a benefit counselor or go online to pierceins.com/henrico during our fall open enrollment and choose the plan that’s right for you and your family.

Accident Insurance

  • Wellness Benefit pays $60
  • Refer to p. 14 of your benefit booklet for details

Critical Illness Insurance

  • Health screening benefit pays $150
  • Refer to p. 20 of your benefit booklet for details

Hospital Indemnity Insurance

  • Health screening benefit pays $50
  • Refer to p. 28 of your benefit booklet for details

Cancer Insurance

  • Annual Cancer Screening benefit paid based on the plan selected:
    • Plan 1- $50
    • Plan 2- $100
    • Plan 3- $150
  • Refer to p. 36 of your benefit booklet for details

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