It's that time of year again – annual enrollment for employee benefits. For those within the Montana University System, this means a chance to review and select the coverage that best suits your needs for the upcoming fiscal year, running from July 1, 2020, to June 30, 2021. Think of this as a yearly check-in, a moment to ensure your health, financial, and well-being plans are aligned with your life.
I know that sometimes the details can feel a bit overwhelming, but that's precisely why we're here. Mary Lachenbruch, the Director of Benefits for the Montana University System, shared a warm welcome, emphasizing the importance of this annual process. She also offered a sincere apology for a slight delay in getting the enrollment workbooks online. Initially slated for the week of April 13th, they're now expected on Monday, April 20th. This little hiccup? It's all about ensuring the materials are ADA-compliant, making them accessible to everyone. So, if you're eager to dive in before then, or if questions pop up, don't hesitate to reach out via email or phone – they're ready to help.
It's also reassuring to know that the benefits team is diligently keeping an eye on federal legislation that might impact your plans. Two key acts have already made waves: the Families First Coronavirus Response Act and the CARES Act. From a health perspective, the Families First Act means 100% reimbursement for COVID-19 testing, a change that was implemented right away. The CARES Act, while broader, touches on retirement aspects, and while we won't delve deep here, know that support is available if you have questions about your retirement plan.
On the health plan front, there's a notable update regarding Flexible Spending Accounts (FSAs). You can now get reimbursed for over-the-counter medications and menstrual aid products through your medical FSA without needing a doctor's prescription. This change was also put into effect immediately. The team is even exploring potential short-term changes, like allowing rollovers for FSAs, but these are subject to IRS regulations and federal guidance. Rest assured, they're prepared to act swiftly once any new directives are issued.
So, what can you expect in this year's review? The agenda is packed with important information covering:
- Medical Benefits: The core of your health coverage.
- Pharmacy Benefits: How your prescription needs are met.
- Dental Benefits: Keeping your smile healthy.
- Vision Hardware Benefits: For your eye care needs.
- 2020 Wellness Programs: Remember, these run on a calendar year, so keep an eye on those incentives!
- Employee Assistance Program (EAP): A valuable resource for support.
- Flexible Spending Accounts (FSAs): Managing healthcare and dependent care expenses.
- Life/AD&D Insurance Benefits: Providing financial security.
We'll also be looking at the specific Plan Rates for FY2021 for medical, dental, and vision hardware, and wrapping up with crucial Enrollment Reminders to ensure you don't miss any deadlines.
One key thing to understand about the Montana University System's benefits is that they are self-funded. This means the premium contributions you and the system make go directly into a fund used to cover the costs of benefits for participants. It's a model designed to keep the plan financially sound, ensuring it can continue to provide the coverage you rely on. It’s a collaborative approach, where everyone contributes to the collective well-being of the plan.
