Walmart Open Enrollment: 3 Key Takeaways

As we approach the end of the Walmart Open Enrollment period on November 8th, 2024, here are three key takeaways to consider when making your elections.

1. The Saver Health Plan

The Saver Plan is a low premium, high deductible health plan. A key feature of The Saver Plan is the ability to open and contribute up to $8,550 tax free dollars to a Health Savings Account (HSA), with Walmart matching up to $700 for family coverage ($4,300 and $350 for Associate Only Coverage).

Takeaway: If the Saver Plan fits your health coverage needs, the HSA is a smart way to reduce your tax bill and save for medical expenses. Remember, the funds in the HSA do not expire and can be invested in funds similar to a 401(k).

2. Life Insurance

Walmart provides eligible associates with up to $50,000 in life insurance coverage and Officers (VPs and above) receive additional coverage funded by Walmart. However, any extra coverage will require opting in and paying additional premiums.

Takeaway: If you are in good health, consider securing a policy outside of Walmart to possible obtain lower rates and protect against changes in health or job separation.

3. Long-Term Disability

Walmart offers and pays for Short-Term Disability benefits that replace 100% of your income for 6 weeks and 75% for an additional 19 weeks. To extend coverage beyond these 25 weeks, you can opt in and pay for a Long-Term Disability policy, which replaces 50% of your income (or 60% with the Enhanced option) for a longer duration.

Takeaway: Although rarely utilized, the premiums for long-term disability are generally low, and you'll be glad you have it if the need arises.

Wrap-Up

Similar to your equity compensation, DCMP, and 401(k), your employee insurance benefits are a crucial part of your total compensation and play an essential role in your overall financial plan. The Walmart Benefits team and the 2025 Associates Benefits Book are great resources!

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Thanks for reading,

Mark Chisenhall, CFA, MBA

Taurus Financial Planning

Taurus Financial Planning is a Fee-Only Wealth Management firm based in Bentonville, AR. The firm offers comprehensive financial planning, tax planning and investment management to corporate executives across the country.

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