There is still time to enroll in a 2016 Flexible Spending Account
If you are eligible, there is still time to enroll in a 2016 Flexible Spending Account (FSA). Health Care FSAs allow you to set aside money from your paycheck before taxes to pay for eligible health care expenses for both you and your dependents. This helps you save money by lowering the amount of your income tax and increasing your spendable income. Examples of eligible expenses include:
- Prescription drug and office visit co-pays
- Dental expenses
- Eyeglasses and contact lenses
The annual amount faculty and staff can contribute to a Health Care Flexible Spending Account (FSA) will increase from $2,500 to $2,550.
2016 FSA Enrollment Deadlines
Flexible Spending Accounts are an IRS regulated benefit, and unlike other benefits FSA enrollments cannot continue into the next calendar year. Even if you currently have an FSA you will need to enroll for 2016 if you want to participate. The IRS rules also allow a longer enrollment period.
To enroll, download, complete and submit the 2016 Flexible Spending Account Deduction Authorization Form. Submit your signed and completed form by:
- December 4, 2015 to have your FSA available for reimbursement beginning on January 1, 2016, or
- December 31, 2015 to have your FSA available for reimbursement beginning on February 1, 2016. You may incur eligible expenses in January, but you may not use your PayFlex/HealthHub card to pay for health care expenses and your account will not be set up and ready for you to submit claims until February 1, 2016.
Please note: The enrollment deadlines and reimbursement availability dates refer to Heath Care FSAs only. For reimbursement from a Dependent Care FSA, you must have the full amount of your claim deposited in your Dependent Care FSA in order to receive reimbursement for the claim.
Health Statements for Life Insurance
If you chose a level of Life Insurance coverage for yourself or your eligible spouse or OA during Open Enrollment that requires completion of a Statement of Health (SOHO) form, you will receive an email from MetLife by December 21, 2015. It is important to respond to this email because your chosen level of coverage is subject to approval by MetLife. Be sure to check email Spam folders for the message from MetLife. For assistance in completing the SOHO form, call MetLife at (877) 963-8932 for website navigation or technical assistance. Call MetLife at (800) 638-6420 (prompt 1) for questions about the SOHO process.
Example of the email that will be sent from MetLife when a Statement of Health is required:
Benefits Plans You Can Change or Elect at Any Time
The following benefits plans are not part of the annual Open Enrollment process and if you are eligible you may enroll or change your coverage in these plans at any time. The effective date of your enrollment or change and the paycheck in which the enrollment or change will take effect depends on the plan and when you complete enrollment.