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Oct. 31, 2013 Volume 35, No. 11

2014 benefit enrollment is open until Friday, Nov. 1

Time is running out  for MU employees to make changes to the University of Missouri System benefit plans. Employees can change plans or add to or remove dependents from their plans through Friday.

For those not wishing to make changes to their current enrollments, no action is needed. But for those enrolled in the Health Care Flexible Spending Account (FSA) and Dependent Care FSA, re-enrollment is required by end of Friday. 

myOptions changes

Staff at UM myTotal Rewards encourage employees to explore the myOptions Health Plan as a way to save money on their health care costs. With lower premiums but a higher deductible, myOptions allows employees who want to pay lower monthly premiums and use a tax-free Health Savings Account (HSA) to pay for out-of-pocket expenses. For an individual, myOptions offers approximately $642 a year in premiums savings when compared to the myChoice plan. For a family (employee, spouse and children), annual premium savings is approximately $1,860.

Below are some changes to the myOptions plan that might make it more appealing:

• The myOptions premium will not increase for 2014. By contrast, the myChoice plan is going up $4 per month for individual coverage and $11 for family coverage effective Jan. 1, 2014.

• The university makes an annual contribution to the HSA for myOptions participants. The HSA contribution is increasing in 2014 to $600 for an individual and $1,200 for a family. That means it will cover nearly half of the myOptions deductible.

• There is an increase in the HSA maximum annual contribution, enabling an individual to make pretax contributions up to $3,300 and for a family up to $6,550.

• The HSA carries over each year. Money not spent can be used in subsequent years.


Health Care FSA is an IRS-approved, tax-exempt account used to pay for out-of-pocket medical expenses not covered by your UM System health plan. The Dependent Care FSA allows you to use pre-tax funds to pay child/dependent care expenses. You pay no taxes on these expenses.

For 2014, the Health Care FSA maximum contribution is $2,500, as determined by the IRS. For Dependent Care FSA, the contribution ceiling is $5,000 and $2,500 if married and filing separate tax returns.

For more information, visit myTotal Rewards' Flexible Spending Accounts.