Open Enrollment will start on November 1 and run through November 14. As you assess your benefit options for the upcoming year, it’s also a good time to consider all of the ways you can help manage your health care costs.
Health Care Flexible Spending Account (FSA)
A Health Care Flexible Spending Account (FSA) allows you to set aside pre-tax money to pay for eligible health care expenses. If you want to participate in a Health Care FSA in 2019, you must enroll during Open Enrollment. Your contributions can range from $100 to $2,650 for the year, and reimbursements from your account are tax-free.
Premium Credit
A premium credit to reduce the cost of employee medical plan contributions is available with the completion of the Personal Health and Well-being Assessment (PHA) and a verified Biometric Screening. Complete both steps in 2018 to ensure you receive the full amount of the premium credit for 2019. Enrolled faculty and staff can receive $20/month by completing both requirements and $30/month if your enrolled spouse completes them as well.
Health Reimbursement Account (HRA) Credits
Like an FSA, an HRA can be used to provide tax-free reimbursement for eligible heath care expenses. However, the HRA is an account that is funded by the university, while you fund an FSA. You earn HRA credits when you and your spouse are enrolled in Ohio State’s medical plan and accumulate points through the Your Plan for Health (YP4H) Incentive Program. In 2019, the YP4H Incentive Program has been restructured to provide quarterly incentives, so you will have an opportunity to earn rewards even more frequently, up to $300 for each enrolled participant.
Additional Benefits Available
As an Ohio State Faculty & Staff Health Plan member, you have other valuable benefits available to help you save money, such as:
- University Health Connection (UHC), our onsite convenient care clinic that provides walk-in or call-ahead convenient care services, as well as routine medical exams, preventive care and health care education. UHC visits are covered at 100%, which means no out-of-pocket cost for you.
- The Ohio State Employee Assistance Program (EAP), which provides you and your immediate family and household members with various services, including five complimentary, confidential counseling sessions. For more information on the EAP program and services, email eap@osumc.edu, call 1-800-678-6265 or visit the IMPACT Solutions Employee Assistance & Work/Life Program (username “buckeyes”) to view expanded services.
Health benefits are one component of the valuable suite of total rewards offered to faculty and staff. Visit hr.osu.edu/oe/forums to register for an Open Enrollment forum or webinar and learn more about your benefit options.