Make health insurance changes by Monday, May 16
May 11, 2016
By Erika Van FleinDirector of benefits, UA system
The open enrollment period for making changes to your health plan closes Monday, May 16. Please visit the open enrollment section of the benefits website. You can download the forms there; however, if you're not making any changes, you won't need the forms.
UAF HR consultants will be available at the UAF Staff Recognition and Development Day, Thursday, May 12, to answer any questions you may have about open enrollment from 11 a.m.–1:30 p.m. in the Wood Center multilevel lounge.
If you want to make any changes to your benefits, including changes to your Flexible Savings Account or Health Savings Account or contributions in FY17, you'll need to turn in a form by end of the day Monday, May 16.
There are a few key differences between a Health Savings Account and the Flexible Spending Account. Both can help you save money by setting aside pretax money in a dedicated account from which to pay your deductibles, coinsurance, copayments and amounts not covered by the health care plan.
Health Savings Account funds never forfeit or expire; it's your account to use and save for future health care expenses, even in retirement. The account earns interest and you can invest in mutual funds for additional growth.
Enrollment in a qualified Consumer Directed Health Plan is required to contribute to the the HSA. Our plan qualifies in that all expenses are subject to the deductible and coinsurance; there are no pharmacy copayments on the plan.
Flexible Spending Account funds not used by the end of the plan year forfeit back to the plan and are used by the university to offset costs of the plan. The FSA does not require enrollment in any health plan, but is used most by those in the 750 Plan or the High Deductible Health Plan.
Compare (pdf) the two options.
The Flexible Spending Account will be administered by a new company, ASI Flex. They will offer a debit card that you can apply for after open enrollment. More information is on their debit card page. The debit card will make it easier to use your FSA funds, but you will still need to substantiate most transactions. More information is on the website.
If you have any questions, please contact your local HR office.