To: All Benefit-Eligible Faculty and Staff
Open Enrollment time is upon us. This 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 6 through November 22, 2023. All new elections will take effect on January 1, 2024.
All benefit changes for January 1, 2024 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 6h. Employees who are not making changes or enrolling in either of 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 can be found on the Human Resources section of My.Fairfield. If you have questions after reviewing these materials, please contact Blythe Josovitz, Director, Benefits & Compensation by email at BJosovitz@fairfield.edu or at extension 2995.
Updates for 2024
Starting January 1st, Fairfield will be partnering with Husk Nutrition which will provide access to tele-nutrition services delivered by Registered Dietitians for members covered by Aetna insurance. The Husk Nutrition program app features direct messaging, food and activity tracking, goal creation, and rewards for achievement. Our Aetna health insurance allows members to be eligible for a minimum of 10 free, tele-nutrition services per calendar year. To sign up starting 1/1/24 or later, follow this link: https://register.nutrition.huskwellness.com/register using the registration code, FAIRFIELD.
We are pleased to announce the addition of a third Anthem dental plan which includes enhanced benefits and an improved network of providers. The new Enhanced Flex plan includes similar dental benefits as the current Flex dental plan with the addition of coverage for implants, TMJ, and sealants. The new plan also has a higher annual dental maximum of $2,000 and a higher Orthodontia lifetime limit of $2,000. A comparison of all 3 dental plans is located on the Human Resources section of My.Fairfield.
Flexible Spending Accounts (FSA)
Please note that your contributions for the Medical Flexible Spending Account (FSA) and Dependent Care Account (DCA) will not continue into 2024 unless you re-enroll. At this time, the 2024 FSA contribution limits remain at $3,050 for medical and $5,000 for dependent care, as no change has yet to be announced.
New for 2024, Medical Flexible Spending Accounts will no longer have a 2 ½ month grace period, so funds must be used by the end of the calendar year (12/31/24). Dependent Care Accounts will continue to have a grace period through 3/15/25.
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).
Pre-Tax Transit & Parking Accounts
Pre-tax transit and parking accounts will now be administered by Advanced Benefit Strategies (ABS). Debit cards will be issued for any amount elected. As a reminder, up to $300/month can be set aside pre-tax for both commuter transit and parking expenses. The monthly contribution amounts for both of the plans can be changed at any time throughout the year in Workday.
Health Savings Account (HSA)
The 2024 HSA contribution limits are increasing to $4,150 for a single person and $8,300 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 2024) and older. HSA contributions will continue as-is unless changed in Workday.
Retirement Savings Contributions (TIAA)
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.
COVID Test Coverage
Effective January 1st, lab COVID tests will no longer be free of charge and will revert to the regular cost share for lab tests. At-home tests from in-network pharmacies will be 100% covered under Express Scripts for a maximum of 1 test kit per member, per month.