Open Enrollment for your 2022 benefits begins October 6 and ends October 27. This is your annual opportunity to review and select the benefits that provide the best coverage and value for you and your family.


Overview of Changes

At Capital One, we're committed to ensuring you and your family feel supported and cared for, and we know that your benefits play a large role in that support. Our goal is to provide a comprehensive and competitive set of benefits that offer the flexibility and choice to meet the diverse needs of all associates. We want each of you to Be Well physically, emotionally, and financially. That’s why we’re excited to announce enhancements to our benefit offerings for 2022, including:

New Medical Plan Option: Consumer-Driven Health Plan (CDHP)

This year, we’re introducing a new type of medical plan option called a Consumer-Driven Health Plan (sometimes referred to as a High Deductible Health Plan). The Consumer-Driven Health Plan, or CDHP, is a type of medical plan with low premiums, a higher deductible, and a tax-free Health Savings Account (HSA) that gives you the flexibility to spend or save your health care dollars.

  • If you choose the CDHP, you’ll automatically be enrolled in an HSA. You’ll be able to contribute money to your HSA, tax free, as well as pay for health care expenses, save for the future, and invest your funds once your balance reaches $1,000. Capital One also automatically contributes to your account – $500 for individual coverage or $1,000 if you cover dependents – regardless of what you contribute!
  • The CDHP has the same per paycheck cost as the Basic PPO. Check out Cost of Coverage for more details.
  • Learn more about the CDHP on the 2022 Medical Plan Options page and about the HSA on the Overview of the Health Savings & Flexible Spending Accounts page. Visit the How to Enroll page when you’re ready to enroll.
Helpful resources to choose the right plan

Preferred Provider Organization (PPO) Changes: From Three to Two Plans

For 2022, we’ve simplified our PPO options to take the best value from the 2021 Enhanced and Premium PPOs to bring you the new Enhanced PPO. This year, you have two PPO plans to choose from for reliable, easy-to-plan-for coverage that’ll help ensure you and your family are prepared for the year ahead.

  • The Basic PPO will remain the same for 2022 and continue to offer the same great coverage.
  • Compared to the current Enhanced PPO, the new Enhanced PPO will feature lower co-pays, a lower deductible, a lower out-of-pocket maximum, and the same coinsurance.
  • The Premium PPO will no longer be offered in 2022. Use the Medical Plan Selector Tool to decide which of our other offerings (CDHP or PPOs) is right for you.
  • Learn more about the PPOs on the 2022 Medical Plan Options page. Visit the How to Enroll page when you’re ready to enroll.
If you don’t choose a medical plan during Open Enrollment, you’ll be auto-enrolled in one.

If you’re currently enrolled in a Capital One medical plan and don’t take action for 2022, you’ll automatically be enrolled in one of our 2022 PPO medical plans:

  • If you were enrolled in the Premium or Enhanced PPO in 2021, you will automatically be enrolled in the updated Enhanced PPO for 2022.
  • If you were enrolled in the Basic PPO in 2021, you will automatically be enrolled in the Basic PPO again for 2022.

Keep in mind that you must take action during Open Enrollment if you want to enroll in a new medical plan for 2022, including the CDHP. See a side-by-side comparison of the medical plans and the savings and spending accounts to help you choose the right plan for you and your family.

Helpful resources to choose the right plan

Savings and Spending Accounts Changes: New HSA Option and Updates to FSAs

  • New tax-advantaged savings account, a Health Savings Account (HSA) that comes with the CDHP
  • New, lump-sum Capital One contributions to the Health Care FSA and Dependent Care FSA
  • Keep in mind, if you enroll in a CDHP, you are automatically enrolled in an HSA and are not eligible for a Health Care FSA. If you enroll in a PPO, you are not eligible to enroll in an HSA, but have the option to enroll in a Health Care FSA.
  • For more information, see Overview of the Health Savings & Flexible Spending Accounts.

Easier Access to Diabetic Supplies

  • In 2022, diabetic supplies coverage is also available under your pharmacy plan, giving you an additional option to access supplies, including glucose meters, test scripts, and lancets at a participating pharmacy.

Dental Plan Enhancements

  • The Basic Plan will now cover major services such as bridges, crowns, dentures, and dental implants, at 50%, with an increased annual maximum of $1,000.
  • The Enhanced Plan will no longer have a deductible so the plan will begin covering benefits right away.

Life Insurance Changes

  • Limits for Maximum Life and AD&PL are no longer based on the total associate coverage in place.
  • Basic Life and AD&PL for non-executives is limited to $500,000 and Supplemental coverage is limited to $2 million.
  • In addition to rules that apply during Open Enrollment for how much you can increase your Supplemental Life/AD&PL election without Evidence of Insurability (EOI), EOI will be required for Supplemental Life/AD&PL coverage over $1 million.

Disability Insurance Updates

  • New York Life has acquired Cigna, who administers our Long-Term Disability. Please note the name change. Plan provisions and contact information has not changed.
  • Starting in 2022, Evidence of Insurability (EOI) is not required to enroll in the Supplemental Long-Term Disability plan.

Simplified Vacation/PTO Buy Options

We will now offer three options for the Vacation/PTO Buy program, which allows you to purchase up to 40 hours of vacation/PTO time for the coming year, regardless of your standard hours:

  • You can waive your option to purchase additional Vacation/PTO,
  • Purchase 20 hours of additional Vacation/PTO, or
  • Purchase 40 hours of additional Vacation/PTO.

Elections for Vacation/PTO Buy can be made only during Open Enrollment. Only full-time associates and part-time associates working 20 or more hours per week are eligible to participate in the PTO Buy Up Program.

Note: You must actively enroll in Vacation/PTO Buy and these benefits do not automatically carry over from one year to the next.

Be Well Health Center Updates

In 2022, you will be charged a $35 co-pay at Be Well Health Centers for non-preventive care if:

  • You or your dependents are not enrolled in any Capital One medical plan, or
  • You and your dependents are enrolled in the CDHP.

Associates and dependents enrolled in the Basic PPO or Enhanced PPO can continue to access the Be Well Health Center free of charge for all visits.


Resources to Help You Select the Right Benefits