My entire division is going to be laid off, but has no idea when.
So frustrating to be faced w/benefits election and having no idea what to choose bc you can't plan for the future.
No idea for FSAs amounts, etc. Planning for a week, a month, 4 months?
It's so surreal to be in limbo this long, and no one cares. WF talks about employee engagement, but doesn't give a dämñ.
Feeling hopeless.
Max out on FSA and then spend it all at the beginning of the year
Does everyone in your division know about this so called layoff? how many people? what org?
chose based on your situation now then when you get laid off that should be a qualified event which would allow you to make changes again.
Sorry you’re in this situation. WF su-ks.
Slightly different situation but same theme of WF not giving a cr-p about employees. Numerous managers over the past 9 months of which the current one who has had me for 1 month will be rating my performance and any potential bonus amount. What a joke!
Isn't HSA entirely self-funded? Nothing from WF.
Also, I saw in 2024 benefits package that you can do HSA and FSA (e.g., Rally $$$) at the same time..
Switch to an HSA and it will follow you to whatever job you take in the future if they offer an HSA. Plus, HSA funds never expire. You can roll everything every year and use it even into retirement. I once had an FSA but never again.
I just want to clarify the fsa rules. The total amount you sign up for is available to you for medical expenses incurred through your severance period-- unless there is some weird change which i think would be unlikely. Concretely i was severed in march 22 and with non working notice and severance was paid through may 23. I signed up for full fsa amount for 23 but only paid in through may I had enough medical expenses incurred through may to claim the full yearlu fsa amount even though i had not made a full year of payments. The bank funds the excess of my claims over my paid in amount -- offset by employess who dont use all of their fsa
Plan as you normally would. There is no downside since you keep the same benefits during the severance period. FSA contributions will be less than a full year but you can still us the money. Only thing to decide is 401k contributions. You may not see the match but your contributions will still go in. If you are contributing more than 6% consider cutting that back to 6% in case you do get the match.