With the annual 2022 Federal Benefits Open Season running Nov. 14 through Dec. 12, the Office of Personnel Management last week reminded federal employees to not overlook savings in their health coverage.
“Tens of thousands of enrollees are potentially leaving valuable savings on the table by not taking advantage of Open Season to review their health care coverage and ensure they are receiving the most out of their benefits for themselves and their family,” said Kiran Ahuja, Director of the U.S. Office of Personnel Management (OPM). “Ask yourself – how have my or my family needs changed this past year, and then utilize the Open Season enrollment period to conduct a wellness or financial check-up to make an informed decision that gets you the best care.”
OPM encouraged federal employees to consider the tax savings available through the Federal Flexible Spending Account Program (FSAFEDS). “Setting aside an annual pre-tax amount they are projected to spend in out-of-pocket health, dental and vision expenses, and dependent care saves federal employees money,” OPM wrote.
According to OPM, in 2022, less than 20% of employees across agencies utilize the FSAFEDS program.
Federal employees may use the open season to elect to make pre-tax contributions to health care and/or dependent care flexible spending accounts under the FSAFEDS. OPM provided the following FAQs:
What are my FSAFEDS options during open season?
- Enroll/Reenroll in Health Care FSA (HCFSA), Limited Expense Health Care FSA (LEX HCFSA), and Dependent Care FSA (DCFSA)
What if I do nothing?
Your election will not automatically continue. You must reenroll to continue your account(s) for the next benefit year.
NOTE: A condition of being eligible to carry over unused funds from this plan year’s HCFSA or LEX HCFSA is re-enrolling in either of these two plans in the subsequent year. DCFSAs are ineligible for carryover.
What else should I know?
Currently the minimum annual election amount for all FSAFEDS accounts is $100. The contribution maximum for the Health Care or Limited Expense Health Care FSAs is $2,750 per participant. The maximum for the Dependent Care FSA is $5,000 per family.
More information on FSAFEDS can be found here.