Open Enrollment 2014 is now closed.
This year's Open Enrollment brings modest premium increases and no increases in copayments—the amounts you pay when you or a family member receives care.
On October 31, the Internal Revenue Service (IRS) announced a change to the Healthcare Flexible Spending Account (FSA) carryover rules. This change relaxes the "use it or lose it" rule and allows participating employees to carry over up to $500 in unused funds from one year to the next. MIT will implement the new carryover provision beginning in 2014. This means you will be able to carry over up to $500 of unused funds as of December 31, 2014 into your 2015 FSA.
There will be no impact on Healthcare FSAs for 2013. If you have participated in a Healthcare FSA this year, you will not be able to carry over unused 2013 funds to 2014, but you will still have a "grace period" until March 15, 2014 to spend your 2013 FSA dollars, as long as you submit claims by April 30, 2014. This grace period will not be available under the new rules starting in 2014.
Please note the IRS limit on the amount you can set aside each year has not changed. The maximum for 2014 is $2,500.
If you don't want to make changes, you should still go onto Atlas and confirm that the benefits stated are correct, as is your address.
If you don't make changes to your medical, dental and vision plans, your choices from 2013 will be carried over to 2014. If you want a Health Care or Dependent Care Flexible Spending Account in 2014, you must re-enroll even if you were enrolled in an FSA in 2013.
You need to go onto Atlas to terminate your coverage.
If you have any questions, please contact the Benefits Office at email@example.com, or call 617-253-6151.