Other Financial Benefits
There are three Flexible Spending Account (FSA) options
There are three Flexible Spending Account (FSA) options
- Healthcare FSA (general purpose)
- Limited Purpose FSA (for dental, vision, and for post-deductible healthcare)
- Dependent Care FSA
Each has different eligibility requirements. If you choose to enroll in a UBS medical plan option (Core or Core Plus), you may participate in the Limited Purpose FSA in addition to a Health Savings Account (HSA) – or if applicable, a Health Reimbursement Account (HRA). If you choose to enroll in a medical plan option from a source other than UBS – and therefore do not have access to the HSA – you can choose to participate in a general purpose Healthcare FSA.
Regardless of your medical coverage election through UBS, you are eligible to participate in the Dependent Care FSA plan. Please consult the IRS website to see if you meet the IRS eligibility requirements www.irs.gov/pub/irs-pdf/p503.pdf
).
The FSAs are administered by Your Spending AccountTM (YSA).
For more information about the accounts
- Log into the Alight Worklife website and select Reimbursement Accounts.
- View the 2024 FSA summary of benefits
- Click here for a list of Health Care FSA eligible expenses.
- Click here for a list of Dependent Care FSA eligible expenses.
You must actively enroll
In order to participate in any of the available the Flexible Spending Accounts (FSA), you must make an active election each year, even if you participated in the prior year. If you do not elect to contribute during the Open Enrollment period, you will default to $0.00 for the 2024 plan year.
Important to understand
- You may only use your FSA funds to pay for:
– Eligible healthcare expenses incurred through December 31 of that year for the Healthcare FSA or Limited Purpose FSA.
– Eligible dependent care expenses incurred through December 31 of that year for the Dependent Care FSA.
Note: you must be employed with UBS or be a retiree with an HRA at the time the eligible expense was incurred. - $640 carryover option for the Healthcare FSA and Limited Purpose FSA only. This means that you can carry over up to $640 of the remaining unused amount in your Healthcare FSA or Limited Purpose FSA (as applicable) to the following plan year to be used for eligible healthcare expenses. Those funds can be rolled over into:
–The Healthcare FSA, if you participate in a medical plan from a source that is not UBS, or
–The Limited Purpose FSA, if you choose to enroll in either of the UBS CDHP medical plan options (Core or Core Plus).
Note: The $640 carryover does not apply to the Dependent Care FSA. Eligible dependent care expenses must be incurred by December 31 of the plan year. - The “use it or lose it” rule still applies. This means that any Healthcare FSA or Limited Purpose FSA balance above $640 will be forfeited after December 31 of each year. However, for eligible expenses incurred in the Healthcare FSA or Limited Purpose FSA (as applicable) in 2023 prior to December 31, 2023, you may submit a claim to get reimbursed for these expenses up to the following June 30.
Since there is no $640 carryover option for the Dependent Care FSA, any unused balance left in the Dependent Care FSA will be forfeited after December 31 of each year. However, for eligible expenses incurred in the Dependent Care FSA in 2024 prior to December 31, 2024, you may submit a claim to get reimbursed for these expenses up to the following June 30. - You may submit a claim up to June 30 of the following year to get reimbursed for any eligible expenses incurred prior to December 31 of the preceding year.
- UBS will contribute to your Dependent Care FSA. If you're eligible and participate in the Dependent Care FSA, UBS will match 100% of your contribution up to $1,000 per year to your FSA to offset dependent day care expenses. To be eligible for the matching contribution from UBS, your Benefits Base Salary (BBS) must be under $100,000 as of January 1, 2024.
Plan | Plan | Description | Description |
|---|---|---|---|
Plan | Life Insurance | Description |
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Plan | Short-Term Disability (STD) | Description | You will be required to apply sick days until your request for leave is approved. Once approved, your sick days will be restored and STD pay will be applied from Day 1 at 100% of your pay for all employees regardless of tenure. Your STD Base Compensation amount will be your Benefits Base Salary (BBS) divided by 26 weeks. |
Plan | Long-Term Disability (LTD) | Description | If you are ill or injured and are unable to work on a continuous basis for more than 26 weeks, you may be eligible for LTD benefits. Generally, the Long-Term Disability (LTD) Plan picks up when your Short-Term Disability Plan benefits end. The Hartford is the carrier for the UBS Long-Term Disability Plan. There are two types of LTD coverage: Basic LTD and Supplemental LTD. Basic LTD:
Supplemental LTD:
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Plan | Business Travel Accident | Description |
Business Travel Accident Insurance - automatic
Accidental Death & DismembermentInsurance - voluntary
|
Plan | Excess Liability Plan | Description |
|
Access your disability claims with The Hartford.
Designed to provide accident coverage for care and follow-up related to accidental injuries, plus certain health screenings.
- 100% employee paid
- Pays cash directly to help cover out‐of‐pocket costs
- Injuries that are sustained accidentally are covered, including fractures and dislocations, paralysis, brain injuries, burns, comas and wounds/lacerations.
- Covered services include initial and follow-up treatment, ambulance trips, medical imaging, surgeries, hospital stays, rehabilitation facility stays, appliances, chiropractic treatment, therapy services, pain management, prescriptions, prosthetics, service animals, injuries obtained during organized sports, and more.
- You can enroll yourself and your spouse/partner and/or dependent child(ren).
Read more about the Accident Plan.
Critical Illness insurance provides financial protection by providing a lump-sum benefit upon diagnosis of a covered critical illness. The benefit proceeds can be used to pay for any type of expense. This is a voluntary benefit and employees pay the full cost. To be eligible, you must be enrolled in medical coverage (whether through a UBS-sponsored medical plan or elsewhere). Your dependent children are also eligible for coverage, at no additional cost.
You must actively enroll (and add dependents to your coverage, if applicable) during the Open Enrollment period for you (and your dependents) to have coverage.
Please note: Critical Illness insurance does not replace your medical coverage.
UBS will contribute to your Dependent Care FSA. If you're eligible and participate in the Dependent Care FSA, UBS will match 100% of your contribution up to $1,000 per year to your FSA to offset dependent day care expenses. To be eligible for the matching contribution from UBS, your Benefits Base Salary (BBS) must be under $100,000 as of January 1, 2024.
How are you feeling about your finances? Your UBS Financial Wellness benefit offers help with your whole financial life—from building a budget to preparing for retirement—and everything in between. Whether you want to learn on your own, attend educational events or talk to a licensed professional we’ve got something for you.
You have complimentary access to:
- UBS Financial Coaches who can offer guidance and education as often as you need at every stage of your financial journey. Make an appointment today at ubs.com/finwellappointment
- Interactive webinars and events to dive deeper into financial topics.
- A digital experience with tools, calculators and content tailored to your personal financial journey. Check it out at financialwellness.ubs.com/fw/UBS. Have your GPN ready if you haven't already registered.
- Thematic engagement to keep in touch and help you stay on track.
UBS Financial Wellness also provides access to Candidly to help you pay off your student loan debt faster and smarter. Sign up and connect your loan accounts at ubs.getcandidly.com now using company code UBS.
The Group Legal Plan, administered by MetLife Legal Plans, provides quick, easy and affordable access to legal assistance. Eligible services received from in-network attorneys are covered at 100%.
Beginning January 1, 2024, you'll have access to expanded legal services for a lower monthly premium, including access to Parents Plus, which provides certain legal services for your parents or parents-in-law.
MetLife’s Plus Parents allows you to cover your parents, parents-in-law, and grandparents for many common legal issues. The convenient payroll deduction will cover attorney’s fees for covered matters.
The Reproductive Assistance Law coverage grants you 20 hours of legal services and court work related to reproductive assistance matters.
See the UBS Plan Overview for more information.
As a part of our partnership with The Hartford, our insurer for life and disability coverage, UBS employees have access to a range of other helpful services, including:
- Funeral Concierge Services: A suite of online tools and resources, along with family advocacy and professional negotiation of funeral prices with local providers.
- Beneficiary Assist Counseling Services: Help for your named beneficiaries to cope with emotional, financial and legal issues after a loss.
- Estate Guidance Will Services: Helps you protect your family’s future by creating a will online, backed by support from licensed attorneys.
- Travel Assistance with ID Theft Protection: Includes pre-trip information as well as help accessing professionals across the globe for medical assistance when traveling 100+ miles from home (for a trip that is 90 days or less). ID theft services are also available to you and your family at home or when traveling.
- Ability Assist Counseling Services with Health Champion Health Care Support: Support if you’ve become disabled or are diagnosed with a critical illness with guidance on care options, helpful resources and support for financial, legal and work-life concerns
For additional information, refer to The Hartford Life Essentials Overview.
