Open enrollment for 2022 benefits includes life insurance

August 9, 2021  //  FOUND IN: Updates & Resources

Faculty, staff, retirees and benefits-eligible graduate students may change their benefits during once-a-year open enrollment from Oct. 18 through 5 p.m. Oct. 29.

Changes can be made to health, dental, vision and legal plan enrollments. Faculty and staff may also add eligible dependents and enroll in a flexible spending account.

Benefits changes and new rates will take effect Jan. 1, 2022.

Faculty and staff will have a one-time opportunity to enroll in the university’s Optional Life Insurance plan or increase their coverage level during this year’s open enrollment without having to provide a health statement of insurability for limited coverage increases.

Life insurance is usually not included in the annual open enrollment. Eligible faculty and staff can enroll at any time after completion of a health statement and subject to approval by MetLife, the plan administrator.

Under the Optional Life plan, an employee can choose coverage in flat amounts of $5,000 or $50,000, or choose salary-based coverage by selecting a multiple of one to eight times the employee’s annual salary for coverage up to the plan maximum of $1.5 million.

Special allowances for Optional Life Insurance elections during open enrollment

During open enrollment, eligible employees will not need to provide a health statement to:

  • Newly enroll in the plan and elect $5,000 or $50,000 flat coverage or the 1x salary plan.
  • Increase their existing salary-based coverage by one level. For example, if an employee’s current enrollment is 2x salary, the employee may enroll in 3x salary coverage during open enrollment without submitting a health statement.

The employee pays the cost for Optional Life coverage. The rate depends on the coverage selected and the employee’s age, smoking status and salary. Plan details and access to a rate calculator are available at hr.umich.edu/optional-life-insurance. New enrollment in the plan or coverage increases will take effect Jan. 1, 2022.

No action is required, except for Flexible Spending Accounts

No action is required during open enrollment for faculty, staff and retirees to keep their current benefits, except for flexible spending accounts (FSAs). There are two types of FSAs, pre-tax accounts used to pay for qualified health care expenses or child daycare expenses. The Internal Revenue Service regulates FSAs. Unlike other benefits, the IRS rules do not allow FSA enrollments to continue from one year to the next. Employees who wish to participate in an FSA for 2022 will need to enroll.

Review benefits plans, options and rates

Rates for 2022 benefits will be available through Wolverine Access by Aug. 16. Benefits plan information is available at hr.umich.edu/benefits-wellness.

Enroll or make changes online

Faculty, staff, and benefits-eligible graduate students can make benefits changes online from Monday, Oct. 18 until 5 p.m. Friday, Oct. 29. Visit hr.umich.edu/open-enrollment for more information.

Website: https://hr.umich.edu/benefits-wellness

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