OPEN ENROLLMENT REMINDER!
Open Enrollment is from November 20, 2024 through December 2, 2024. This is the time of year where you can elect new plans, add or remove dependents, and update beneficiary information with Federal. You may switch between plans and make changes without being required to have a qualifying life event. Please also keep in mind the following when making your elections for 2025:
- This is a PASSIVE Open Enrollment. This means that your current medical, dental, vision, and voluntary benefit elections will rollover into the new year, effective January 1, 2025, if you don't make any elections during this Open Enrollment period. Make changes by logging into your ADP Portal at www.workforcenow.adp.com
- You MUST make an election in ADP if you would like to contribute into a Health Care or Dependent Care Flexible Spending Accounts (FSA). These benefits will NOT roll over if you don't actively elect the benefit in ADP.
- An Open Enrollment meeting will be held on Monday, November 25th @ 1:00 PM EST. You have the option to join this meeting in-person in the Connor Conference Room or attend virtually via Zoom using the link below.
Medical/Rx Plans Overview
Below is a high-level overview of your plan options and in-network benefit information:
You can view more details of these plans by accessing the benefit summaries provided below.
Payroll Deductions
Health Savings Account (HSA)
The Health Savings Account (HSA) allows you to set aside pre-tax dollars to pay for eligible medical, dental, and vision expenses. The HDHP with HSA Plan is qualified for an HSA. By contributing to an HSA you reduce your taxable income, so you pay less in taxes — which saves you money.
Federal contributes to your HSA on your behalf! By signing up for the HDHP with HSA and opening up an HSA account with Payflex/Inspira Financial, Federal will contribute $1,500 for the employee only tier and $3,000 for all other tiers.
HSA IRS Maximums are as follows and are on a calendar year basis. The maximums indicated below are a combined maximum for participant and any employer provided funds to the HSA. If you elect the HSA plan mid-year, maximums are prorated based on your effective date in the HSA plan.
$4,300 for a the employee only tier | $8,550 for all other tiers
$1,000 "Catch Up" contribution for those age 55+
IRS Maximums come from all sources! The Federal contributions count towards the IRS maximums.
Flexible Spending Accounts (FSA)
Plan Details are as follows:
- You can contribute up to $3,300 annually.
- At the end of the 2025 plan year, if you have not used all of your FSA funds, you may continue to use your funds until March 15, 2026. Any unused funds left in your account after March 15th will be forfeited.
- You have until March 31, 2026 to submit for expenses that occurred on or before 03/15/2026.
- If you are enrolled in an HSA plan, you are NOT ELIGIBLE to enroll in the Healthcare FSA.
- You have access to your full annualized election amount on day one.
- Unused funds will be forfeited.
Visit the Payflex/Inspira Financial FSA page for more information by clicking HERE!
Dependent Care Reimbursement Account (DCRA)
Plan Details are as follows:
- You can contribute up to $5,000 annually or limited to $2,500 if you are married and file separate tax returns.
- You have 90 days after the end of the plan year to submit for expenses that occurred on or before 12/31/2024.
- You only have access to the funds of which you have paid into the account.
- Any unused funds are forfeited.
Visit the Payflex/Inspira Financial FSA page for more information by clicking HERE!