New rates will be transferred to isolved Benefit Services (iBS) when open enrollment is complete and benefit elections have been approved. Let your assigned benefits specialist know as soon as you’ve finished the approval process so they can initiate the rate synchronization. The following benefit information will be shared:
- COBRA rates are updated using the information on the Rates tab in isolved Benefit Plans for the new plan year
- Flexible benefit elections are shared, based on the approved employee benefits for the new plan year. This includes:
- Healthcare FSA accounts
- Limited Purpose Healthcare FSA accounts
- Dependent Care FSA accounts
- Health Savings Accounts (HSA)
- Health Reimbursement Arrangement (HRA)
- Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)
- Individual Coverage Health Reimbursement Arrangement (ICHRA)
- Qualified Parking & Transit Benefits
Updated rates and elections will be shared no later than your first payroll after benefits have been approved.