Open Enrollment
The 2008 open enrollment (OE) period for Maryland State insurance benefits is now underway and will last until Wednesday, May 14.
OE offers eligible faculty, staff and retirees (including eligible direct pay employees) the opportunity to evaluate and compare their current benefits coverage to the coverage and costs for the plan year beginning July 1, 2008. During OE, eligible employees also have the opportunity to make changes to their coverage, typically without any special enrollment restrictions. Here is what you need to know about this year?s OE:
? Benefits and rates for this OE will be effective July 1, 2008 ? June 30, 2009.
? This year?s OE is voluntary. You do not need to take action unless you would like to change your benefits, or you are a regular employee who wants to have a flexible spending account (FSA) for the new plan year.
? The major change for the new plan year is that dependent children may be eligible for insurance coverage through the end of the month that they turn 25, regardless of their student status.
? Details on the open enrollment period, including rates and the new benefits booklet, can be found at {http://www.dbm.maryland.gov/portal/server.pt?space=CommunityPage&cached=true&parentname=MyPage&parentid=2&in_hi_userid=1332&control=SetCommunity&CommunityID=281&PageID=0}.
Making Changes
If you would like to make changes to your coverage or enroll in a FSA for the new plan year, you must complete, sign and return an OE worksheet to OHR by 5 p.m. Wednesday, May 14. In order to be sure that your form is received by the deadline, employees should plan to bring them to an OE outreach sessions or directly to OHR.
If you are not making any changes to your current coverage and/or do not want to have an FSA for the new plan year, you do not need to return your OE worksheet.
Flexible Spending Accounts (FSA)
Regular faculty and staff who intend to have medical and/or daycare FSA?s in the new plan year need to remember that the amount chosen on the OE worksheet will be the amount taken from your paycheck and not the total for the entire plan year. Regular staff employees and faculty paid over 26 pays will have 24 FSA deductions over the new year. Faculty paid over ten months (21 pays) will have a total of 20 FSA deductions for the new plan year.
Be sure to check the Daily Digest for more information about open enrollment. Questions should be directed to Dave Curtis at x4-6018 and {dcurtis@towson.edu} or Gail Price at x4-6017 and {gprice@towson.edu}.
