The annual opportunity for eligible staff and faculty to make changes to their health plan, life insurance, and flexible spending accounts starts April 18 and runs through April 29.
Running from April 18-29, Penn’s Open Enrollment period is an opportunity for eligible faculty and staff to make changes to health care benefits for the 2022-23 plan year, which takes effect July 1, 2022.
“In addition to the benefits enrollment guides available to all eligible faculty and staff, we offer many online and in-person events where people can learn about their Penn health plans and life insurance options,” says Jack Heuer, senior vice president, Division of Human Resources (HR).
This year, HR will host an on-campus Open Enrollment Benefits Fair as well as virtual benefits presentations to help eligible staff and faculty make informed decisions. On Monday, April 11, from 10 a.m. to 2 p.m. at the Inn at Penn, representatives from Penn’s health care providers, Penn benefits staff, and wellness partners will be on hand to answer questions.
“We’re pleased to bring the Benefits Open Enrollment Fair back to campus this spring after a two-year hiatus,” Heuer says. “We will also continue to provide convenient access to live, virtual information sessions.”
Virtual Open Enrollment presentations will also be held on April 14 at noon, April 19 at 11:30 a.m., and April 26 at 11:30 a.m.
“These live, online presentations are led by Penn Human Resources staff,” says Sue Sproat, executive director, Human Resources-Benefits. “After each presentation, there’s a question-and-answer session where you can get specific details about Penn benefits for 2022-2023.”
While there will be an increase to the medical plan rates, most other plan rates will remain the same.
Flexible spending accounts (FSA)
“Participating faculty and staff canuse a Health Care Flexible Spending Account to help offset eligible out-of-pocket health care expenses for themselves, their spouses, and dependents,” Sprout says. “The money in these accounts is not taxed and you can spend it on things like copays, non-prescription medications, vision care, dental care, and even first-aid and personal care products.”
Eligible staff and faculty who have a Health Care Flexible Spending Account can set aside up to $2,850 during the next plan year and if they do not spend it all, they can roll over up to $570 of unused funds (subject to IRS guidelines announced in the fall of each year) to the next plan year. However, all unused funds over the IRS rollover limit will be forfeited. All expenses must be incurred between July 1 and June 30 each year, but participants will have 90 additional days to submit claims to Health Equity by the annual Sept. 30 deadline. Rollover funds will be available in November.
“Make sure you save receipts and carefully monitor your account balances to avoid any forfeitures,” Sproat says. “To take full advantage of the FSA, carefully consider your contribution for the new plan year. One way to figure how much to contribute is to add up a list of your annual known expenses such as contact lenses or copays for prescriptions you fill every month, then use the total as a guideline for your FSA contribution. Remember you cannot make changes to your FSA accounts once the plan year starts, unless you have a qualifying life event.”
Dependent care FSA
“If you have a child, parent, or spouse who needs daily care while you work, you may be able to use your Dependent Care Flexible Spending Account (FSA) to pay for that care,” says Sproat.
All available funds must be used by the end of the plan year deadline. Any remaining balance will be forfeited. Eligible staff and faculty have until Sept. 15 of the following plan year to incur expenses, and until Sept. 30 of the following plan year to submit eligible claims.
“For instance, if you enroll in a Dependent Care FSA during the 2022-2023 plan year, you’ll have until next Sept. 15, 2023, to incur expenses,” Sproat says. “Be sure to submit those expenses by Sept. 30, 2023, for reimbursement.”
“Whether you change your benefits elections during Open Enrollment or not, I encourage every faculty and staff member to log in to Workday and TIAA to review and update beneficiary information on all of their Penn benefits plans for their peace of mind,” says Heuer.
To update retirement plan beneficiaries, log in to the retirement planning account through Penn’s TIAA portal.
Workday@Penn
During Open Enrollment, changes can be made 24 hours a day, 7 days a week via Workday@Penn.
For additional assistance, faculty and staff can contact Human Resources at benefits@hr.upenn.edu or call the Benefits Solution Center at 1-866-799-2329, Monday-Friday, 8 a.m. to 10 p.m.
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