It's crazy to think that we are already approaching the end of 2021! The start of a new year means Open Enrollment time for many companies. This is the time to not only enroll in health insurance benefits but also to make changes and set elections for FSAs and HSAs.
Make sure your employees are educated on their open enrollment options. 76% of consumers say they are focused on getting the best value for their healthcare dollars, but they need more support. Build a communication plan to make sure the information is clear and concise, use real-world examples to help them understand their benefit accounts, and use a variety of media to cater to all learning types.
Employers, it’s important to also keep these plan design ideas in mind as you are looking at open enrollment:
- FSA plan maximums have increased to $2,850 for 2022
- Employers who do not have a grace period or rollover can still add one for the 2021 plan year, as long as they do so before the plan year ends
- The Consolidated Appropriations Act (CAA) allowed for plan years ending in 2021 to roll over up to 100% of the remaining FSA and DCA balances, and employers can still take advantage of this optional provision
- The CAA also allowed for plan years ending in 2021 to extend their FSA and DCA grace period for up to 12 months
Just a reminder to our partners, if you have not already submitted your renewal confirmation, don't delay! This will allow us to ensure an accurate system setup prior to receiving enrollment data to avoid delays in processing.
If you are an employer or partner and have any questions regarding your specific plan, please don't hesitate to contact us. If you are a participant needing more information about your employer-sponsored benefits, reach out to your human resource department.