Time Sensitive: Open enrollment for health benefits and flexible spending
To VCU Faculty and Staff:
Open enrollment for health coverage and flexible spending programs takes place May 1 through May 15, 2018 for the upcoming plan year (July 1, 2018 to June 30, 2019). All open enrollment elections must be received by VCU Human Resources by the close of business (5:00 p.m. EST) on Tuesday, May 15, 2018. Please note that this year’s open enrollment period is shorter than usual, so mark your calendar if you wish to enroll in or waive health coverage, make changes to your health plan, add or remove family members, or enroll in flexible spending. Visit hr.vcu.edu/open-enrollment for:
· The open enrollment election form (elections during this year’s open enrollment can only be made using the paper election form. Online elections are not available this year),
· An open enrollment checklist,
· Additional resources to help you choose the best plan for you,
· Information about how to receive or keep premium rewards that reduce your monthly premium,
· Information about annual contribution limits for health flexible spending accounts,
· And a link to the health benefits program’s Spotlight newsletter, which offers an overview of programs and options for the upcoming plan year.
Deductibles, co-pays and premiums
I’m pleased to share that there are no increases to any deductibles or co-payments for any COVA plan. In fact, new benefits are being added to the plans. Basic single coverage remains available at no cost to employees enrolled in COVA HealthAware with Premium Rewards and in COVA HDHP. Premiums for other plan options are increasing, however the COVA Care employee premium increase is a smaller percentage than last year’s.
Flexible spending accounts
As a reminder, flexible spending participation requires enrollment every year. Any current participation in flexible spending terminates in the current plan year (by June 30) and flexible spending contributions will reset to zero effective July 2018 unless you elect flexible spending during open enrollment. If you wish to participate in flexible spending for the 2018-2019 plan year, active enrollment is required.
If you make elections during open enrollment, they become effective July 1, 2018 and payroll deduction changes (if any) are effective beginning on the July 16, 2018 paycheck. If you take no action during open enrollment, your current health coverage elections continue automatically with any applicable premium adjustment, however any current flexible spending participation terminates and any current premium rewards may expire.
I encourage you to take the time during open enrollment to review the available programs and options. We have prepared a variety of resources to help you make choices for the upcoming plan year. If you have any questions or need more information, visit hr.vcu.edu/open-enrollment or contact VCU Human Resources at (804) 828-0177 or askhr@vcu.edu.
All my best,
Cathleen C. Burke
Assistant Vice President for Human Resources
Virginia Commonwealth University