Discover the Latest 2022 Benefit Information for Maryland Citizens Only
As we move into the new year, it’s important for Maryland citizens to stay informed about any changes to benefits that could impact their lives. From health insurance to retirement plans, here’s a breakdown of the latest 2022 benefit information for Maryland residents.
Health Insurance
For those who obtain health insurance through the Maryland Health Connection, the good news is that rates for 2022 have remained relatively stable. However, it’s important to note that consumers should compare plans to ensure they are getting the coverage they need at a price they can afford. Additionally, those who rely on prescription medication should review their plan’s formulary list to make sure their medications are covered, as drug coverage can vary from plan to plan.
Retirement Plans
Maryland residents who are employed by the state may be eligible to participate in the state’s retirement plan, which recently underwent some changes. Starting in 2022, participants will be required to contribute a higher percentage of their salary to their retirement plan. However, the state will also increase their annual contribution to your plan by $300, which may help offset the higher contribution rate.
Disability Insurance
For those who rely on disability insurance to protect their income in the event of an unexpected illness or injury, it’s important to know that Maryland has recently expanded its disability insurance program. The program now offers coverage for new conditions, including certain mental health disorders that were previously excluded from coverage. This provides an important safety net for those who may be unable to work due to a disability.
Conclusion
Staying up-to-date on benefit information is essential for Maryland residents who want to make informed decisions about their health, finances, and future. By reviewing the latest updates to health insurance, retirement plans, and disability insurance, you can have confidence in your coverage and plan for a secure future.
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