Managing Open Enrollment

Transcription

1 Managing Open Enrollment FSA Plans Presented by: Sam Mitchell, EVP Scott Riordan, Director, Health & Welfare Services

2 Save the Date UPCOMING CLINICS October 8, 2015 Don t Let Your Annual Notices Slow You Down (Retirement Plan Focused) November 19, 2015 Private Exchanges The Future of Health Insurance? December 17, 2015 Annual Package Refresher Course (Retirement Plan Focused) All webinars are held 2:00-3:00 EST. Register in Webinars & Events under For Companies at

3 Asking Questions Expand the Questions menu Type your question Click Send

4 Today s Agenda FSA Open Enrollment Basics Plan Design Options Options for enrolling participants Timeline What we are working on for 2016 Next Steps

5 FSA Open Enrollment Basics FSA is required to be an active annual enrollment. Debit Card cards must be ordered or reloaded each year. Open enrollment is the best time to keep your employees informed.

6 What to look for

7 Why we need this info Open enrollment dates/methodology: This will allow us to appropriately set up our systems and open up the website, if necessary. Insurance co-pay information: This data is programmed into the debit card system to help with debit card claims processing. Pay schedule information: This allows the system to properly track contributions throughout the plan year.

8 Plan Design Decisions 1. Do I add a Limited Purpose FSA benefit? Only applicable to groups with an HSA option Allows participants to put away pre-tax money for dental and vision expenses Beneficial to those with significant dental/vision expenses (i.e. paying for braces or LASIK) while allowing for HSA funds to remain untouched 2. Do I adopt the $500 carryover provision or the Grace Period? A plan may not offer both the $500 carryover and the Grace Period. The $500 carryover allows for Health FSA funds to be rolled into the next plan year if unused, with no impact to the annual contribution limits. The Grace Period allows for an extra 2 ½ months of spending after the plan year against the prior year s balance. 3. Do I sync my FSA plan year with my health insurance plan year? This change would require a short plan year to the FSA.

9 Enrollment Management Sentinel s FSA clients manage their enrollment through 1 of 3 options: Traditional Management (paper forms, compiled in Excel) Sentinel s Online Enrollment Manager Company Enrollment System (in-house or payroll) feed sent to Sentinel

10 Which Option Works Best for You? Traditional Sentinel Online Company System 55% 37% 8%

11 Sentinel s Timeline Open Enrollment Kickoff You will receive an on or before 10/7/2015. This will come from clientcare@sentinelgroup.com If you have questions on the information that we re requesting, you may contact Rose Carrick or Diana Fisher. Information Returned Your completed 2016 open enrollment plan information be returned on or before your open enrollment window begins. For employers not using Sentinel s online enrollment system, we ask that your participant enrollments be returned to us by 11/20/2015. System Setup and activation Sentinel will update our systems with the information provided. The debit card system will be updated with election information. The new plan year will be active on 1/1/2016.

12 What We Accomplished in 2015 Improved contribution processing through Sentinel s website. Enhanced $500 carryover processing. Debit card management through the participant portal. Participant notifications for tracking claims and payments.

13 What We are Working on for 2016 More than a participant portal. A place to manage. Medical Claims and Premiums Debit Card Transactions Receipts and Expenses CDH Payments Reimbursements Pay the Provider

14 What We are Working on for 2016 Sentinel On the Go View Account Balances Manage payments Submit claim requests Receive account notifications

15 Next Steps Watch out for Sentinel s Open Enrollment Kickoff ( ) If you have not received s from Sentinel s system previously, it may be a good idea to unspam clientcare@sentinelgroup.com within your system. Consider any plan design changes you may want to make for the next Plan Year Notify Sentinel of any plan design changes as well as the information requested on our survey. Educate participants via collateral, webinar and Benefit Fairs and let Sentinel know if you would like assistance. Send enrollment data to Sentinel by 11/20/2015.

16 Questions? Next Client Clinic October 8, 2015 Don t Let Your Annual Notices Slow You Down