FSA Coverage Not Automatic

Although the two programs are similar in some ways, they have important differences. While premium conversion is automatic unless waived, employees will not get an FSA account unless they open one during the open season-simply participating in premium conversion does not create an FSA. In addition, while premium conversion continues automatically from one year to the next, employees must make a new election for FSA accounts during each open season. Starting this autumn, FSA open seasons will run concurrently with the annual FEHB open seasons for the succeeding calendar year. Interested persons can express their interest in enrolling online at www.fsafeds.com or by calling (877) 372-3337. (Note: Actual enrollments will be processed later, once the government decides whether fees will be charged. Also, some agencies won’t be ready to start the program by the July 1 general effective date–see last week’s issue for the status of various agencies).