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OPM is happy to announce that the all-new FSAFEDS.com is open for business to serve our current FSAFEDS participants. We’re excited about the new tools and flexibilities that will help you to easily manage your Flexible Spending Accounts.
What You Need to Know
The FSAFEDS program had a blackout period for claims and reimbursements as we transitioned to WageWorks, our new contractor. The system was brought online on September 1. The address for the website, www.FSAFEDS.com and the toll-free telephone number 1-877-FSAFEDS (877-372-3337) remain the same.
So what is a Flexible Spending Account (FSA) and how does it save employees money? An FSA with FSAFEDS is a pre-tax benefit account that's used to pay for eligible medical, dental, vision care, or dependent care expenses - such as day care for young children and elder care expenses - that are not covered by insurance. With an FSA, you use pre-tax dollars to pay for qualified out-of-pocket health and dependent care expenses instead of post-tax dollars. This allows the average participant to save 30 percent on eligible expenses, typically including co-pays, some over-the-counter medicines and supplies, payments for caregivers, and more.
In other words, with an FSA, you can both reduce your taxes and get more for your money by saving about 30 percent off what you would normally pay for out-of-pocket health care and dependent care expenses if you used your “take home pay” dollars. Plus, there is no cost to employees to enroll and use this program.
For more information on Flexible Spending Accounts, you can visit the website. There’s even a calculator to help you figure out potential cost savings.
To sign up for an FSA, unless you experience a change in status, you need to enroll or re-enroll during the annual Federal Benefits Open Season from mid-November through mid-December (or during your first 60 days of employment for new employees) but here are links to information that will help you be prepared when the time comes:
How HealthCare (Medical, Dental, Vision) FSAs can help with costs: https://www.FSAFEDS.com/explore/hcfsa
How Dependent Care (Children and Adults) FSAs can help with costs: https://www.FSAFEDS.com/explore/dcfsa
If you choose (or are interested in choosing) a high deductible healthcare plan, the LEX HCFSA might be for you: https://www.FSAFEDS.com/explore/lex-hcfsa
If you have more questions, you can always reach out to the Customer Service center at FSAFEDS via phone, email, fax, or physical mail: https://www.FSAFEDS.com/contact
As a part of a system-wide upgrade to the Federal Flexible Spending Account Program (FSAFEDS) website, the site will be in transition from July 30 through September 1. During this period, there will be a blackout on participants being able to request reimbursements from their FSA.
The blackout is necessary to allow WageWorks, which was recently awarded a new contract, to set up an enhanced process to file claims and use the FSAFEDS website.
OPM regrets that the blackout may cause inconvenience for some FSAFEDS participants and we understand their concern. However, given the broad scope of the transition, the sensitive nature of the data involved, and the significant security requirements, a claims blackout period of four weeks is necessary. When the upgrades are complete, we are confident that FSAFEDS will be equipped to deliver enhanced service to participants.
In preparation for the transition period, OPM has given FSAFEDS participants several months’ notice through outreach including letters and emails. To minimize the inconvenience, we have scheduled the blackout in late summer, when claim volumes are typically lowest.
For specific information on the transition period, we recommend that participants visit www.fsafeds.com, which includes a FAQ. Participants may also contact the FSAFEDS Program Office at FSA@opm.gov.
In addition, there is still time for participants to file claims for reimbursement before the blackout period begins on July 30.
FSAFEDS allows participants to save money for health care expenses with a Health Care or Limited Expense Health Care FSA. Think of it as a pre-tax savings account that helps you pay for items that typically aren’t covered by a Federal Employees Health Benefits (FEHB) plan, the Federal Employees Dental and Vision Insurance Program, or other health insurance coverage. FSAFEDS also offers another account called Dependent Care FSA. This account allows employees to set aside money for day care expenses for young children and elder care expenses.
We thank everyone for their support of FSAFEDS and for your patience while we go through this transition.
With the December 14 deadline for Federal employees and retirees to make benefit changes quickly approaching, I want to make sure you have all of the answers you need to make the best possible decisions for you and your family.
Today at 1:30 p.m. ET, OPM will host a special #FedBenefits Twitter chat. OPM program experts will answer your questions on health care, vision, dental, and flexible spending account benefits.
As I mentioned last month, beginning in 2016 all carriers will offer three enrollment types: Self Only, Self Plus One, and Self and Family. This Open Season is your first opportunity to enroll in Self Plus One, which allows you to cover yourself and one eligible family member, such as a spouse or child.
During the Twitter chat, our experts can clarify terms and help you compare plan features. It’s the perfect way to make sure you have the best information at your fingertips to make a decision by the December 14 deadline.
Just join us at 1:30 p.m. today on Twitter at www.twitter.com/USOPM and tweet your questions using hashtag #FedBenefits. We’ll get to as many questions as we can during the hour. Also, you can tweet your questions in advance of the event.
And of course, you don’t have to wait until the Twitter chat to get answers. Any time between now and the deadline, you can go to www.opm.gov/openseason or speak to your local HR office to get the latest information.
John O’Brien is the Director of Healthcare and Insurance for OPM.
Federal benefits open season is here. Each year we encourage all employees and retirees to review their benefits and make sure that they have plans that work best for them and their families. From today through December 14, employees and retirees can review and update their health, dental, and vision choices. Eligible employees who are not currently enrolled can also select plans for the first time. Retirees not currently enrolled in the Federal Employees Dental and Vision Program (FEDVIP) can also select dental and vision plans for the first time during open season.
The Federal Employees Health Benefits Program (FEHB) covers over 8.2 million employees, retirees, and their families all across this country. For 2016, there will be 252 health plan choices available, with 11 of them available nationwide.
Beginning in 2016, all carriers will offer three enrollment types: Self Only, Self Plus One, and Self and Family. This year is your first opportunity to enroll in Self Plus One, which allows you to cover yourself and one eligible family member, such as a spouse or child.
As always, we encourage you to look at all available health, dental, and vision plans and decide which ones best meet the needs of you and your family, as everyone’s needs are different. If you decide that your current coverage still works for you, you don’t have to do anything. Your benefits will remain in place for next year.
If you are eligible to sign up for the FEHB Program, you can also participate in FSAFEDS, the health and dependent care flexible spending account program. These accounts allow employees to set aside pre-tax money to pay for eligible health and dependent care expenses, such as co-pays, prescription costs and childcare.
Two changes were made to Health Care FSAs last year. Employees can enroll with just $100 contribution. Also, participants can re-enroll and carry over up to $500 of unused FSA money into the following year. This means that you won’t have to forfeit money you don’t use by the end of the calendar year.
If you want to participate in FSAFEDS, be sure to sign-up by December 14. When it comes to FSAFEDS, everyone must re-enroll on an annual basis.
Don’t forget, employees and retirees have until December 14 to make their choices. For more information about the Federal benefits open season and to find the right option for you, visit opm.gov/openseason.
John O’Brien is the Director of Healthcare and Insurance for OPM.
It is time again for Federal employees to review their health, dental, and vision plan choices to make sure they have the coverage that best meet their needs and the needs of their loved ones.
The Federal benefits open season begins on Monday, November 10. Employees have until December 8 to make their choices. And the choices are many. The Federal Employees Health Benefit Program covers 8.2 million employees, retirees, and their families all across this country. We want to make sure that Federal workers can get the coverage that meets their needs. So for 2015, there will be 257 health plans, with 11 of them available nationwide. Whether you are looking for a robust plan or one that covers your basic needs, there is a plan for you.
During open season, FEHB participants can decide whether to keep their current health plans or change them; they can change their FEDVIP, and FSAFEDS enrollments for the following year. Eligible employees who are not currently a part of FEHB can also enroll for the first time.
Employees also have the option of enrolling in Flexible Spending Plans. These plans allow employees to set aside pre-tax money to pay for eligible health and dependent care expenses. Employees who are eligible to participate in FEHB can participate in FSAFEDS. For the first time, employees can enroll in FSAFEDS with just a $100 deposit. And also for the first time, employees with flexible spending accounts will be able to roll over up to $500 of unused funds into the following year.
To help you understand the choices available to you, check out the Circle ‘Round Your Benefits, the Plan Comparison, and Plan Smart Choice. Whether you choose to stick with the plans you have or start anew, we hope you find that you receive the best service and options to meet your and your family’s health care needs.
I want to be sure that everyone in the Federal family has the peace of mind to know that their families are protected and covered. From the preventative care that keeps us healthy to the unexpected emergencies that give us pause, FEHB and our other benefit programs help give us that peace of mind.
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