2023 Benefits Open Enrollment
To: All Benefit-Eligible Faculty and Staff
It’s that time of year again—benefits Open Enrollment! Open Enrollment is the time each year that employees may amend their insurance plan selections based upon their personal needs and anticipated healthcare expenses for the coming year. Open Enrollment will be in effect from November 7 through November 22, 2022. All new elections will take effect on January 1, 2023. There are no modifications to our current medical, dental, and vision plan designs scheduled for the upcoming year.
All benefit changes for January 1, 2023 must be entered in Workday by the close of Open Enrollment on November 22nd. The Open Enrollment task will be in your Workday Inbox starting on November 7th. Employees who are not making changes or re-enrolling in the Flexible Spending Accounts during Open Enrollment, do not have to take any action. The Open Enrollment task will disappear from your Workday Inbox once Open Enrollment has ended.
Detailed benefits information and the 2023 employee cost-share pre-tax amounts can be found on the Human Resources section on My.Fairfield. If you have questions after reviewing these materials, please contact Blythe Josovitz, Director, Benefits & Compensation at extension 2995 or by email at BJosovitz@fairfield.edu.
Prescription Coverage Changes
Express Scripts will remain in place as our prescription coverage provider. However, there will be some upcoming changes in the first quarter of 2023. Below is a summary of the changes. More detailed information will be sent out to affected members soon.
- SaveonSP: This is a manufacturer copay assistance program that helps members afford the cost of high priced specialty drugs. Under this program, a member’s cost share for 150+ specialty drugs will be $0. Eligible members will be notified.
- Smart 90 Key Anchors: This is a maintenance medication program where members will be able to obtain a 90-day supply of maintenance medications by using two preferred pharmacy, CVS and Walgreens or directly through Express Scripts’ home delivery.
- National Preferred Formulary: This is updated formulary, or covered drug list, that introduces exclusions for certain drugs. Drugs that are excluded in the new formulary each have preferred alternatives that members can switch to. Affected members can work with their medical providers to determine their options.
Flexible Spending Accounts (FSA)
Please note that your contributions for the Medical Flexible Spending Account (FSA) and Dependent Care Account (DCA) will not continue in 2023 unless you re-enroll. The 2023 Medical FSA contribution limit is increasing to $3,050. The Dependent Care Account will remain at $5,000.
Effective 1/1/23, there will be a change to the structure of the medical Flexible Spending Accounts (FSA). For employees who have an FSA balance remaining from calendar year 2023 in the grace period from 1/1/24-3/15/24 and choose to switch to a High Deductible health insurance option effective 1/1/24, the medical FSA will transition to a limited purpose FSA. A limited purpose FSA will allow you to use the remaining FSA funds during the grace period of 1/1/24–3/15/24, only on dental and vision expenses (not medical and prescription expenses). The Dependent Care Account will continue to have a grace period and is not affected by this change.
Health Savings Account (HSA)
The 2023 HSA contribution limits are increasing to $3,850 for a single person and $7,750 for a family of two or more. There is an additional catch-up allowance of $1,000 for employees age 55 (or turning 55 during 2023) and older. HSA contributions will continue as-is unless changed in Workday.
Retirement Savings Contributions (TIAA)
The 2023 retirement savings plan annual contribution limits are increasing to $22,500 for employees under age 50 and $30,000 for employees age 50 (or turning 50 during 2023) and older. Your retirement savings contributions will remain as-is and won’t show up as part of Open Enrollment. If you’d like to make a change to your retirement savings contribution amount at any time during the year, you can do so in Workday under Benefits.
Pre-Tax Transit and Parking
The 2023 limits for the pre-tax transit and parking accounts will be increasing to $300 per month.
Related Web Site : https://wiki.fairfield.edu/display/HR/Benefits+Information
For more information, contact Blythe Josovitz, Director, Benefits & Compensation / 203-254-4000 x.2995 / firstname.lastname@example.org