Employee Benefits - NIH Benefits Information - Did You Know? October 2008
What’s New?
Topics Of Interest:
- What Is The Difference Between A Flexible Spending Account (FSA) And A Health Savings Account (HSA)?
- Can I Have Thrift Savings Plan (TSP) Contributions Withheld From My Lump Sum Annual Leave Payment When I Retire?
- What Is Premium Conversion Under the Federal Employees Health Benefits (FEHB) Program?
- Can I Continue My Federal Employees Dental And Vision Insurance Program (FEDVIP) Coverage into Retirement?
- Why Do I Need A myPay PIN?
Where Do I Go If I Have Questions About My Benefits?
1. BENEFITS CALENDAR OF EVENTS
2. THE FEDERAL BENEFITS OPEN SEASON IS COMING!
The following three programs will be participating in this year’s open season for the 2009 plan year: 1) Federal Employees Health Benefits (FEHB) Program; 2) Federal Employees Dental and Vision Insurance Program (FEDVIP); and 3) Flexible Spending Accounts (FSA) Program. The open season will run November 10, 2008 through December 8, 2008. You should read the open season announcement thoroughly for information pertaining to each program.
Please remember that there are no longer open seasons for the Thrift Savings Plan (TSP). You may start, stop, or change your TSP contributions at any time via myPay, provided you are eligible to participate in the TSP.
3. CAN I BE GRANTED EXCUSED ABSENCE (ADMINISTRATIVE LEAVE) TO VOTE?
NIH follows the Office of Personnel Management policies in allowing a limited amount of Excused Absence to vote. More information is provided in the NIH memo.
4. WHAT IS THE DIFFERENCE BETWEEN A FLEXIBLE SPENDING ACCOUNT (FSA) AND A HEALTH SAVINGS ACCOUNT (HSA)?
A Flexible Spending Account (FSA) is an employee benefit that allows you to set aside money, on a pre-tax basis, for certain health care and dependent care expenses. There are three types of FSA accounts: 1) Health Care FSA (HCFSA); 2) Limited Expense Health Care FSA (LEX HCFSA); and 3) Dependent Care FSA (DCFSA). If you wish to enroll in an FSA for the 2009 plan year, you must make your annual election during the open season on the FSAFEDS website. You may also enroll by calling 877-372-3337 (TTY: 1-800-952-0450). Your election amount is divided into allotments based on the number of pay dates in the plan year. Every pay date, an allotment is deposited directly into your FSA account. Expenses on your account for the 2009 plan year must be incurred by March 15, 2010; otherwise, your unused balance is forfeited.
A Health Savings Account (HSA) is an investment account available only to members who enroll in a High Deductible Health Plan (HDHP) under the Federal Employees Health Benefits Program (FEHB). Your HDHP credits a portion of your premium to the HSA. You also have the option to make pre-tax contributions to the account. The funds in your HSA can be used to pay for your plan deductible and/or qualified medical expenses that do not count towards your deductible. These accounts earn interest and roll over any remaining balance from year to year. The funds are yours to keep whether you change plans, leave Federal service or retire. Withdrawals can also be used for non-medical expenses. However you will be subject to a 10% penalty if you are under age 65.
Important Note: You cannot have both a HCFSA and an HSA.
5. CAN I HAVE THRIFT SAVINGS PLAN (TSP) CONTRIBUTIONS WITHHELD FROM MY LUMP SUM ANNUAL LEAVE PAYMENT WHEN I RETIRE?
No. TSP contributions may not be deducted from this payment because it does not meet the definition of basic pay as defined by law. Neither the Federal Retirement Thrift Investment Board nor your agency has the authority to waive this statutory restriction.
6. WHAT IS PREMIUM CONVERSION UNDER THE FEDERAL EMPLOYEES HEALTH BENEFITS (FEHB) PROGRAM?
Premium conversion uses Federal tax rules to allow employees to use pre-tax dollars to pay health insurance premiums, thereby reducing the amount of taxes you pay. Premium conversion is automatic and does not require an enrollment; however, there is an opt-out option for this program. You may change your participation status during the annual Federal Benefits open season or during the calendar year if you have a qualifying life event. New employees may waive premium conversion before coverage begins. If you would like to waive or opt-out of premium conversion, please notify your Benefits Contact. Other pre-tax benefits include the Federal Employees Dental and Vision Insurance Program (FEDVIP) and the Flexible Spending Accounts (FSA) for health or dependent care.
7. CAN I CONTINUE MY FEDERAL EMPLOYEES DENTAL AND VISION INSURANCE PROGRAM (FEDVIP) COVERAGE INTO RETIREMENT?
Yes. You can continue your coverage if you retire with an immediate annuity. The five year rule does not apply to FEDVIP as it does for the health benefits and life insurance programs. There is no length of time required to be enrolled in FEDVIP in order to continue the coverage into retirement. But your FEDVIP premiums will be on a post-tax basis after retirement. For additional information on the FEDVIP program, contact BENEFEDS at 1(877) 888-3337 or visit www.BENEFEDS.com.
8. WHY DO I NEED A myPAY PIN?
It is very important to have access to your myPay account so that you can view your Leave and Earnings Statement each pay day. You must also use myPay to make changes to your home address, TSP contributions, direct deposit of pay, allotments, and Federal and state tax withholdings. Additionally, all open season health insurance elections must be accomplished using myPay. If you have misplaced your myPay PIN, you may request a new one in one of two ways. One of which is by selecting “New Pin” on the myPay (DFAS) web site. Please make sure you use the “Go” button to finalize your request. Using this method your PIN will be mailed to your current address of record within 7 to 10 business days.
If you need it sooner, your second option is to send a fax to 216-367-3549. You will need to include in your request your name, a daytime phone number, and a copy of your NIH ID, and you must sign the fax. Upon receiving your fax, the Defense Finance & Accounting Service (DFAS) will reset your PIN using the last 5 numbers of your SSN as your temporary PIN. You will then be able to log in within 3 days using your temporary PIN. Upon logging in, you will be prompted to reset your PIN.
If you encounter problems with your PIN or technical issues using myPay (DFAS), contact the DFAS Centralized Customer Support Unit toll-free at 1-888-332-7411. This support line is available Monday through Friday, 7:00 A.M. to 7:30 P.M. Eastern Standard Time. The Centralized Customer Support Unit can provide assistance on how to use the options available to you in myPay. The Centralized Customer Support Unit will also provide support for establishing and changing your PIN.
9. HOW CAN I GET IN TOUCH WITH MY BENEFITS CONTACT?
Your contact in the Benefits and Payroll Liaison Branch will be able to help you with a variety of issues pertaining to the health and life insurance programs, designating beneficiaries, the Thrift Savings Plan (TSP), calculating your retirement annuity estimate, working with you to pay a redeposit for prior civilian service if you previously withdrew your retirement funds, paying a deposit for prior civilian or military service for which retirement deductions were not withheld, etc. To find your benefits contact, review our list of contacts. In addition, the Benefits and Payroll Liaison Branch (BPLB) web site has a wealth of information regarding your Federal benefits. Human resource topics not related to your benefits are normally handled by your Client Services Division HR Representative.
