Page 8 - 2022 SoFi - August Open Enrollment

You many enroll a new eligible dependent mid-year through an IRS Qualifying Life Event or
through Open Enrollment. Below are a few examples.
• For your new spouse: The day you marry is your qualifying event date. Your spouse’s
4 effective date of coverage will be the first of the month following the submission of your
changes and valid documentation within Workday.

I have a new dependent. • For your newborn child: The birth date of your newborn child.
• For your adopted child: The date you or your spouse have the legal right to control the
When may I enroll my new child’s health care or when the adoption is final.
family member?
• Important: If you have a life event in September 2022 that will allow benefits to be
effective October 1, please reach out to us at benefits@sofi.org to let us know. Please do
not wait until October 1 to notify us of your event. We will need to have you process your
life event separately.

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What happens if I just Yes. You need to complete your enrollment TWICE. Once as a new hire for benefits
started employment with through September 30, 2022 and again for Open Enrollment for benefits effective
SoFi and I recently enrolled October 1, 2022.
for benefits, do I have to
participate in
Open Enrollment?

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For the Short Plan Year, • Health Care and Limited Health Care Flexible Spending Account maximum is limited to
$712.50 for the short plan year.
what is the maximum • Dependent Care Flexible Spending Account maximum is limited to $1,250.
election we are able to • Commuter Transit and Parking maximum is limited to $280 per month.
make to our Flexible
Spending Accounts?

• Your Deductible is the amount you need to pay each calendar year before your
health insurance will cover certain services.
• Your Out-of-Pocket Maximum is the amount you will pay during a calendar year.
This amount includes your deductible as well as coinsurance and copays for
covered expenses.
7 • After you reach your annual Out-of-Pocket Maximum your health insurance will pay
100% of your cost share for medical services that count towards the Out-of-Pocket
How will my Deductible and Maximum for the rest of the Calendar year.
Out-of-Pocket Maximum • When using both In and Out-of-Network providers, please note that your In-Network and
Accumulators work? Out-of-Network Deductibles and Out-of-Pocket Maximums do not cross-accumulate.
• Only the amount you pay for In-Network covered expenses counts towards your
In-Network Deductible and Out-of-Pocket Maximum.
• Only the amount you pay for Out-of-Network covered expenses counts towards your
Out-of-Network Deductible and Out-of-Pocket Maximum.

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