With annual enrollment for employee benefits right around the corner, it is a great time to evaluate some of the university’s benefits that especially support financial wellness. These include:
- Health Savings Account (HSA) – Allows for saving for eligible medical expenses on a tax-free basis. Any money that is contributed to an employee’s HSA rolls over from year to year and even stays with them if they switch employers. To be eligible for an HSA, an employee must be enrolled in the high-deductible health plan (HDHP). When paired with the HDHP, it can help shield one from the weight of a higher deductible. Furthermore, funds in an HSA can be invested, providing the possibility of increased funds.
- Health Care Flexible Spending Account (FSA) – Like the HSA, an FSA allows for setting money aside for eligible medical expenses on a tax-free basis. While FSA funds do not roll over from one year to the next, they are frontloaded (available at the beginning of the plan year) based on the amount elected, so can be a great asset to individuals or families who are planning for a medical procedure or expenses for the next plan year. Enrollment in a Marquette medical insurance plan is not required for an FSA.
- Limited Purpose FSA – Provides an opportunity to set aside money on a tax-free basis specifically for eligible dental and vision expenses. Enrollment in the high-deductible health plan is required and can be paired with an HSA to help maximize savings in the HSA. Funds do not roll over from one year to the next.
- Dependent Care FSA – Allows for tax-free savings specifically for eligible childcare expenses. Like the Health Care FSA, these funds do not roll over, but also provide a way to save for predictable childcare expenses while also lowering one’s tax responsibility.
- Medicare Advocacy Services – Free and voluntary education and consultation services for questions related to Medicare. This free and voluntary benefit is available for those on a Marquette medical insurance plan and their family members, and can be particularly helpful to those who are already eligible for Medicare or are nearing eligibility.
- MetLaw Legal Services – A voluntary benefit that is available for a flat monthly fee that provides employees with professional legal counsel for a variety of matters, including setting up a will, estate planning, supporting aging parents with things like Medicaid/Medicare questions and reviewing nursing home agreements, and buying or selling a home. The low monthly fee can provide tremendous cost savings compared to paying out of pocket to meet with an attorney.
- Identity & Fraud Protection – Provides ongoing identity and fraud protection services, including credit monitoring and alerts, password management, and Social Security number and identity authentication alerts
- Other Voluntary Benefits – Various benefits including accident, critical illness, hospital indemnity and optional life insurance that can supplement medical or other benefits to provide financial support for specific events.
In addition to these benefits available for election at the time of annual enrollment, any employee who participates in the Marquette retirement plan has access to free financial planning services throughout the year via the financial planning and wellness benefit. Employees can meet in-person or virtually with a free financial planner about a variety of financial matters, including planning for retirement, managing debt, creating a budget and developing a savings plan. Spouses and partners are welcome to join as well.
These benefits can also be found on the Benefits and Wellness page.
