Benefits Newsletter: November, 2022

The Benefits Open Season will begin on November 14 and run through December 12, 2022. Did you know that the Open Season happens only once a year?  Unless you experience a Qualifying Life Event during the year, the Open Season is your only opportunity to enroll, cancel your enrollment, or make a change to your enrollment for the participating programs.  This is the time to review and update your benefits, if needed.  Don’t miss out on this important opportunity.

Fall Open Enrollment for the NIH Leave Bank will run November 14 – December 12, 2022. The membership period will begin on January 1, 2023.  Enrollment in the Leave Bank is open to all NIH Federal employees.

The Leave Bank is a pooled bank of donated leave available to eligible members. It acts like insurance for your paycheck and amounts to paid leave for members who have exhausted all of their own sick and annual leave and are affected by a personal or family medical emergency.

Last year, NIH employees lost an estimated $9.7 million in annual leave. Don’t let your leave disappear!  Please donate your unused “Use-or-Donate” annual leave to the NIH Leave Bank by December 31, 2022!

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 make an FSA election for the 2023 plan year during the current Fed

Do you have questions about the terms on your Leave and Earnings Statement (LES)?  View the LES terms and definitions here.  Additionally, you can view the LES overview video here.  You can access your LES in myPay. 

When was the last time you checked the tax withholdings on your Leave and Earnings Statement (LES) for accuracy?  Confirming that state taxes are being withheld for the correct state is extremely important.  If you fail to make a state tax withholding election, the withholdings automatically default to the state of Maryland.  An address change from one state to another completed in myPay does not automatically change your state tax withholding.  If you move between states, you must complete a state tax form for your new state and

If you have retirement questions and want the convenience of viewing a retirement presentation at your leisure, check out a recorded retirement overview presentation, which was conducted by the Office of Personnel Management (OPM). 

If you are entitled to Medicare Part A (Hospital Insurance) at age 65, you should enroll, even if you are still working. This may help cover some of the costs that your Federal Employees Health Benefits (FEHB) plan may not cover, such as deductibles, coinsurance, and charges that exceed the plan's allowable charges.   There is no premium for Part A.  The Medicare taxes you pay while working entitles you to Part A.