Are you taking advantage of all your employee benefits? Maybe things have changed this year and your coverage needs to be altered. Open enrollment for Lockheed Martin is coming up so now is the time to start considering your options. Even if you think your coverage will remain the same, it’s important to evaluate your health and wellness and review the benefits available to you and your family.
Open Enrollment for Lockheed Martin
Open enrollment is your chance to review your benefits, make changes, and update information. You will need to enroll and certify all eligible dependents for health benefits to ensure coverage for 2022. During this time, you should review your benefits and pricing, enroll any new dependents, consider enrolling in an FSA or HSA, and evaluate specialized benefits available to you.
Medical, Dental, & Vision Coverage
Open enrollment is a great time to review your medical, dental and vision coverage to ensure that your needs are still being met. Medical coverage is a way to ensure that you get the medical care you need while protecting against the high cost of health care. Your plan includes 100% coverage for preventative care plus an out-of-pocket maximum for added protection against the financial burden of a serious injury or illness. Plans also include prescription drug coverage.
Dental plans are important and cover preventative care and some minor and major dental procedures to keep your mouth healthy.
Vision coverage helps to offset the cost of eye exams, prescription lenses, frames and contact lenses for you and your covered dependents.
Spending Accounts
Open enrollment with Lockheed Martin is also an opportunity to enroll in a spending account. Flexible Spending Accounts allow you to contribute pre-tax dollars to an account, which are then used to pay for qualified medical expenses. This could be an opportunity to save federal, state, and FICA tax. There are two types of FSA’s available, the Health Care Spending Account and the Dependent Care Spending Account.
Other Employee Benefits
Other benefits include life and accident insurance, employee assistance program as well as wellness incentives. The Employee Assistance Program provides employees and dependents with resources for dealing with life events. Wellness incentives can earn you cash for working towards a healthier lifestyle.
Unique Plans for Highly Compensated Employees
Open enrollment is also a time to consider the unique plans available to highly compensated employees. A highly compensated employee is anyone who makes more than a certain amount ($130,000 for 2021) or owns more than 5% of the stock in the company. Some of these plans include:
- Deferred Management Incentive Compensation Plan
- Lockheed Non-Qualified Supplemental Savings Plan
- Long-Term Incentive Cash and Restricted Stock Bonuses
These plans require special consideration and planning. It is best to speak to a financial advisor about your options and which plans might be right for helping you reach your financial goals. Our advisors are well-versed with these unique plans.
Financial Planning for Open Enrollment
It’s important to thoroughly review your benefits and update your plans accordingly. Often, it can be very beneficial to speak to a financial planner during this time. This is particularly true for highly compensated employees. To learn more about your benefits and ensure that you are taking the best steps for your financial future, contact Argent Bridge Advisors today.
