2022 Benefit Information Update for North Carolina Residents
As we approach the end of 2021, it’s important to start thinking about the coming year’s benefits. For North Carolina residents, there are some changes to keep in mind. In this article, we’ll be discussing the 2022 Benefit Information Update for North Carolina Residents.
Health Insurance
The open enrollment period for health insurance is November 1st to December 15th for coverage beginning on January 1st. You should review your current plan to see if it still meets your needs, as there may be changes to premiums, co-payments, and deductibles. It’s also worth considering whether you’ll need prescription drug coverage or dental and vision coverage.
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)
If you’re eligible, FSAs and HSAs are a great way to save on medical expenses. For 2022, the IRS has increased the contribution limit for HSAs to $3,650 for individuals and $7,300 for families. The contribution limit for FSAs is $2,750. However, keep in mind that these are use-it-or-lose-it accounts, meaning that any funds not used by the end of the year will be forfeited.
Retirement Plans
North Carolina residents who are state employees or teachers have access to one of the best retirement plans in the country – the Teachers’ and State Employees’ Retirement System (TSERS). For 2022, the contribution limit for 401(k) plans has increased to $20,500, with an additional catch-up contribution of $6,500 for those over 50 years old.
Vacation and Sick Leave
In North Carolina, there are no laws requiring employers to offer paid vacation or sick leave. However, if your employer offers these benefits, make sure to review the policy to understand how much leave you’re entitled to and how you can use it. It’s also worth noting that some cities and counties in North Carolina have passed laws mandating paid leave for employees.
Conclusion
In conclusion, as we prepare for the new year, it’s important to review your current benefits plan to ensure that it still meets your needs. Keep in mind changes in health insurance premiums, contributions to FSAs and HSAs, retirement plan contribution limits, and paid vacation and sick leave policies. By taking the time to review and understand your benefits package, you can ensure that you’re making informed decisions to protect your health and financial well-being.
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