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HEALTH BENEFITS
2024 FEDERAL BENEFITS OPEN SEASON
The Office of Personnel Management (OPM) officially announced the dates for the 2024 Federal Benefits Open Season, which will run from Monday, November 13, 2023 through Monday, December 11, 2023. This open season is for the 2024 plan year of federal benefit programs.
A full list of resources for the 2024 Federal Benefits Open Season can be found on https://www.opm.gov/healthcare-insurance/open-season
Additionally, the following websites will help you in your search for the right health benefit plan.
A full list of resources for the 2024 Federal Benefits Open Season can be found on https://www.opm.gov/healthcare-insurance/open-season
Additionally, the following websites will help you in your search for the right health benefit plan.
- nalchbp.org - The dedicated website run by the NALC specifically for the Health Benefit Plan.
- opm.gov - On the Office of Personnel Management website, click on the Insurance tab at the top of the page.
- benefeds.com - This website offers a comprehensive comparison between the different FedVIP dental and vision plans, as well as long term care options.
- fsafeds.com - The provider of the Flex Spending Accounts at the Post Office, beginning the 2017 year. You cannot sign up through PostalEASE like you have done in the past; you must signup and manage your account directly with FSAFeds. Benefits from prior years do not carry over into the following year, so you must sign up again if you wish to continue your benefits.
- postalease.com - To make health benefits changes to your employee profile.
2024 HEALTH BENEFITS TOPICS
2024 FSA (FLEX SPENDING ACCOUNT) LIMITS
The Health Care FSA annual maximum plan contribution limit will remain at $3,050 for plan years beginning on January 1, 2024.
The Dependent Care FSA maximum for 2024 will remain at $2,500 for those married and filing separately and $5,000 for those single or married filing jointly.
How does an FSA Work?
Each year, you designate a yearly amount to set aside for Healthcare and Dependent Care by going to www.fsafeds.com, which is then taken directly out of your pay bi-weekly BEFORE tax, saving you money on covered services. Prior year designations do not roll over, so you must update your yearly amount each year. These contributions are then set aside into your respective FSA funds. Then, you can access fund balances and submit claims through the FSAFeds website or mobile app. All claims must be accompanied by a receipt. Please check out FSAFeds for more details.
Just one other item of note - the maximum Dependent Care reimbursement for each expense is limited to the amount taken out of your pay each week. So, for instance, if you claim the full $5,000 to help pay for childcare expenses, $192.30 is taken out of your pay each pay period and placed into your Dependent Care FSA account. However, you cannot claim more than the bi-weekly amount set aside each pay period. So, if you submit an expense of $500, only $192.30 is paid out each pay period until the $500 is paid in full. If you do not submit any receipts, the $192.30 will continue to come out of your pay regardless and it will be placed into your FSA account for future expenses.
The Healthcare FSA operates differently. You can claim any amount at any time during the course of the year up to the amount you set aside until the amount has been satisfied. After you have claimed the full amount, your bi-weekly contribution will continue to come out of my pay until the end of the year to "pay back" what you have already spent. For instance, if you set aside $2,600 for the year, $100 will be taken out of each check and placed into your Healthcare FSA account. If you submit a bill for $500 in January, it will be paid regardless of whether or not the money is available in the account yet. This is very helpful if you have a deductible to satisfy at the beginning of the year.
The Dependent Care FSA maximum for 2024 will remain at $2,500 for those married and filing separately and $5,000 for those single or married filing jointly.
How does an FSA Work?
Each year, you designate a yearly amount to set aside for Healthcare and Dependent Care by going to www.fsafeds.com, which is then taken directly out of your pay bi-weekly BEFORE tax, saving you money on covered services. Prior year designations do not roll over, so you must update your yearly amount each year. These contributions are then set aside into your respective FSA funds. Then, you can access fund balances and submit claims through the FSAFeds website or mobile app. All claims must be accompanied by a receipt. Please check out FSAFeds for more details.
Just one other item of note - the maximum Dependent Care reimbursement for each expense is limited to the amount taken out of your pay each week. So, for instance, if you claim the full $5,000 to help pay for childcare expenses, $192.30 is taken out of your pay each pay period and placed into your Dependent Care FSA account. However, you cannot claim more than the bi-weekly amount set aside each pay period. So, if you submit an expense of $500, only $192.30 is paid out each pay period until the $500 is paid in full. If you do not submit any receipts, the $192.30 will continue to come out of your pay regardless and it will be placed into your FSA account for future expenses.
The Healthcare FSA operates differently. You can claim any amount at any time during the course of the year up to the amount you set aside until the amount has been satisfied. After you have claimed the full amount, your bi-weekly contribution will continue to come out of my pay until the end of the year to "pay back" what you have already spent. For instance, if you set aside $2,600 for the year, $100 will be taken out of each check and placed into your Healthcare FSA account. If you submit a bill for $500 in January, it will be paid regardless of whether or not the money is available in the account yet. This is very helpful if you have a deductible to satisfy at the beginning of the year.