Managing Open Enrollment - Sentinel Benefits...• Your completed 2016 open enrollment plan...
Transcript of Managing Open Enrollment - Sentinel Benefits...• Your completed 2016 open enrollment plan...
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Managing Open Enrol lment FSA Plans
Presented by: Sam Mitchell, EVP Scott Riordan, Director, Health & Welfare Services
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Save the Date UPCOMING CLINICS October 8, 2015 Don’t Let Your Annual Notices Slow You Down (Retirement Plan Focused) November 19, 2015 Private Exchanges – The Future of Health Insurance? December 17, 2015 Annual Package Refresher Course (Retirement Plan Focused) All webinars are held 2:00-3:00 EST. Register in “Webinars & Events” under “For Companies” at www.sentinelgroup.com
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Asking Questions
• Expand the “Questions” menu
• Type your question
• Click “Send”
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Today’s Agenda
• FSA Open Enrollment Basics • Plan Design Options • Options for enrolling participants • Timeline • What we are working on for 2016 • Next Steps
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FSA Open Enrollment Basics • FSA is required to be an active annual
enrollment. • Debit Card cards must be ordered or reloaded
each year.
• Open enrollment is the best time to keep your employees informed.
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Why we need this info • Open enrollment dates/methodology: This
will allow us to appropriately set up our systems and open up the website, if necessary.
• Insurance co-pay information: This data is
programmed into the debit card system to help with debit card claims processing.
• Pay schedule information: This allows the system
to properly track contributions throughout the plan year.
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1. Do I add a Limited Purpose FSA benefit? – Only applicable to groups with an HSA option – Allows participants to put away pre-tax money for dental and vision expenses – Beneficial to those with significant dental/vision expenses (i.e. paying for
braces or LASIK) while allowing for HSA funds to remain untouched
2. Do I adopt the $500 carryover provision or the Grace Period? – A plan may not offer both the $500 carryover and the Grace Period. – The $500 carryover allows for Health FSA funds to be rolled into the next plan
year if unused, with no impact to the annual contribution limits. – The Grace Period allows for an extra 2 ½ months of spending after the plan
year against the prior year’s balance.
3. Do I sync my FSA plan year with my health insurance plan year?
– This change would require a short plan year to the FSA.
Plan Design Decisions
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Enrollment Management Sentinel’s FSA clients manage their enrollment through 1 of 3 options: • Traditional Management (paper forms, compiled in
Excel)
• Sentinel’s Online Enrollment Manager
• Company Enrollment System (in-house or payroll) – feed sent to Sentinel
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Which Option Works Best for You?
55% 37% 8%
Traditional Sentinel Online
Company System
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Open Enrollment Kickoff • You will receive an email on or before 10/7/2015. • This email will come from [email protected] • If you have questions on the information that we’re requesting, you may
contact Rose Carrick or Diana Fisher. Information Returned • Your completed 2016 open enrollment plan information be returned on
or before your open enrollment window begins. • For employers not using Sentinel’s online enrollment system, we ask that
your participant enrollments be returned to us by 11/20/2015. System Setup and activation • Sentinel will update our systems with the information provided. • The debit card system will be updated with election information. • The new plan year will be active on 1/1/2016.
Sentinel’s Timeline
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What We Accomplished in 2015
• Enhanced $500 carryover processing.
• Improved contribution processing through Sentinel’s website.
• Debit card management through the participant portal.
• Participant notifications for tracking claims and payments.
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More than a participant portal. A place to manage.
CDH Payments Reimbursements Pay the Provider
Debit Card Transactions
Receipts and Expenses
Medical Claims and Premiums
What We are Working on for 2016
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Sentinel “On the Go”
• View Account Balances
• Manage payments
• Submit claim requests
• Receive account notifications
What We are Working on for 2016
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Next Steps… • Watch out for Sentinel’s Open Enrollment Kickoff (email)
– If you have not received emails from Sentinel’s system previously, it may be a good idea to “unSpam” [email protected] within your email system.
• Consider any plan design changes you may want to make for
the next Plan Year • Notify Sentinel of any plan design changes as well as the
information requested on our survey. • Educate participants via collateral, webinar and Benefit Fairs
and let Sentinel know if you would like assistance.
• Send enrollment data to Sentinel by 11/20/2015.
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Questions? Next Client Clinic October 8, 2015 Don’t Let Your Annual Notices Slow You Down