How Do I Make Flex Mid-Year Changes?
There are two approaches to making flex mid-year changes. You can stop and re-add all benefits, or stop and re-add only the affected benefits.
The decision to stop and re-add all benefits tied to the same Flex plan or stop and re-add only those affected benefits depend on the following:
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The number of changes per employee during the plan year
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The number of benefits tied to each employee
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The automation programs used during the plan year
Advantages and Disadvantages for stopping and adding all benefits
The following are the advantages:
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Flex periods remain in sync
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No Flex period edit
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Re-spend flex credits if stopping benefits frees flex credits
The following are the disadvantages:
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Possible numerous stops and re-adds for one employee
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Insurance carrier report possibly affected by unnecessary stops and adds
Advantages and Disadvantages for stopping and adding only affected benefits
The following are the advantages:
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Less manual maintenance
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Fewer unnecessary stops and adds in reports
The following are the disadvantages:
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A Flex period edit will occur when other changes are made to flex benefits tied to an employee