ST. OLAF COLLEGE 2014 Employee Benefit Meeting May 2014 Sarah Dahl Client Advisor 7225 Northland Drive North, Minneapolis, MN 55428
Disclaimer The benefits outlined throughout this presentation reflect a summary of coverage only. For specific plan details including coverage levels and benefit exclusions, please refer to the certificate of coverage. 1 MARSH & McLENNAN AGENCY LLC
Agenda • Dental Plan • Life/AD&D and Voluntary Life • Long Term Disability • Medical Plans – New plan option for 2014 • Health Savings Account (HSA) • Flexible Spending Account (FSA) 2 MARSH & McLENNAN AGENCY LLC
Dental 3 MARSH & McLENNAN AGENCY LLC
Dental Insurance • Dental plan remains administered by Delta Dental – no plan changes! • Combined increase of 4.94% Employee only: +2.46% Employee + 1: +4.82% Family: +6.00% – The disparity across enrollment tiers is based on usage – 1% of this is leftover from the addition of implant coverage from last year • This is your open enrollment opportunity – employees can come on or go off the plan effective 9/1/14. • Participating provider search – www.deltadentalmn.org, 651-406-5916, or 1-800-553-9536 4 MARSH & McLENNAN AGENCY LLC
Dental Premiums Expiring Monthly Monthly Contribution* Coverage Election Contribution* Effective 9/1/14 Employee only $17.02 $17.44 Employee + 1 $34.82 $36.50 Family $52.82 $56.00 *Contributions shown above are for .75 and above FTE. Contributions for 0.5 – 0.749 FTE employees are prorated. Dental premiums are deducted from your paycheck on a pre-tax basis. 5 MARSH & McLENNAN AGENCY LLC
LIFE, AD&D, VOLUNTARY LIFE & DISABILITY 6 MARSH & McLENNAN AGENCY LLC
Employer Paid Life/AD&D • Benefits remain with CIGNA • No cost to employees • 2x annual earnings to $500,000 • Remember to update your beneficiary information – You may update your beneficiary at any time. 7 MARSH & McLENNAN AGENCY LLC
Voluntary Life and AD&D Guarantee Issue – newly Benefit Options eligible employees only Employee 1 to 2 times annual < of 2 times annual compensation to a max of compensation to max $500,000; increments of $10,000 of $500,000 Spouse Up to $100,000 not to exceed $50,000 50% of the employee amount; units of $10,000 Child(ren) Birth to 6 months: $2,500 All amounts 6 months to 19 years: $10,000 (25 if full time student) 8 MARSH & McLENNAN AGENCY LLC
Long Term Disability CIGNA Benefit Elimination Period 180 days Benefit Amount 60% of Covered Monthly Earnings up to $7,500 Maximum Benefit To Social Security Normal Retirement Age Period • St. Olaf College pays the premium for this coverage on your behalf. – If you pay the tax on the premiums, any benefit you receive will be tax- free. – If you do not pay the tax on the premiums, any benefit you receive would be taxable. – You may change your election only at annual enrollment. 9 MARSH & McLENNAN AGENCY LLC
MEDICAL 10 MARSH & McLENNAN AGENCY LLC
2014 Medical Renewal Overview • Medical trend in the marketplace – BCBS: 6.5% – HealthPartners: 6.8% – Medica: 9.02% – PreferredOne: 8.43% • Medical plan is renewing with BCBS – St. Olaf premium increase is 3.62% - Reminder, 2013 premium increase was approximately 5% – No plan changes to current plan – Adding Health Savings Account (HSA) compatible high deductible plan as an option - Refer to handout for plan comparison 11 MARSH & McLENNAN AGENCY LLC
Employee Medical Premiums Monthly Contribution Expiring Effective 9/1/14* Monthly Contribution* Traditional Plan HDHP Plan Employee only $125.86 $130.42 $130.42 Employee + 1 $330.32 $342.28 $342.28 Family $524.06 $543.04 $543.04 *Contributions shown above are for .075 and above FTE. Contributions for 0.5 – 0.749 FTE employees are prorated. Medical premiums are deducted from your paycheck on a pre-tax basis. 12 MARSH & McLENNAN AGENCY LLC
Fitness Discount Reminder – Fitness Discount Program • Go to participating fitness facility 8x per month and receive a $20 credit applied toward membership dues!!! • To participate, you must complete an enrollment form and turn it in to your workout facility • Go to members.bluecrossmn.com to find a participating facility. 13 MARSH & McLENNAN AGENCY LLC
Online Care Anywhere • “See” a physician online, 24/7 – including holidays • www.onlinecareanywheremn.com • Use it for: – Sinusitis / Laryngitis / Pharyngitis – Fever / Flu – Ear infections / Eye infections – Skin conditions – For more information: - http://www.onlinecareanywheremn.com/conditionswetreat.php MARSH & McLENNAN AGENCY LLC
BLUE CROSS/BLUE SHIELD VALUE ADDS • Online health and wellness resouces on myBlueCross • Online health assessment • Online coaching • Stop-Smoking Support • Fitness Discounts (up to $40) • 24-Hour Nurse Advice line • Employee Assistance Program • Healthy Start Prenatal Support • Chronic Condition Management 15 MARSH & McLENNAN AGENCY LLC June 12, 2014
Online Care Anywhere Availability 16 MARSH & McLENNAN AGENCY LLC
Online Care Anywhere • Fee for online care is subject to the deductible and coinsurance – Fee is $45 per visit; any prescriptions are subject to prescription charges per your plan – You may reimburse yourself with either Flex or Health Savings Account money. • RECOMMEDED: Pre-register before you get sick! • http://vimeopro.com/bluecrossmn/onlinecareanywheremn- consumer-video MARSH & McLENNAN AGENCY LLC
HIGH DEDUCTIBLE PLANS (HDHP) & HEALTH SAVINGS ACCOUNTS (HSA) 18 MARSH & McLENNAN AGENCY LLC
What is a Health Savings Account (HSA)? • A health savings account (HSA) is an account that you can use to pay eligible expenses with pre-tax dollars. – Must be in conjunction with a qualified high-deductible health plan (HDHP) – You own the account – you control how you use the money in your HSA – it stays in the account until you spend it. – Tax-advantages – pay your qualified expenses with pre-tax money. • An HSA is not the same as your medical insurance. It is a separate account owned by the individual. • Our administrator for the Health Savings Account (HSA) will be SelectAccount. 19 MARSH & McLENNAN AGENCY LLC
Benefits of an HSA • Triple tax advantage means you save money on your health care expenses – You contribute pre-tax money, – Interest accrues tax-free – Funds are withdrawn tax-free if used for qualified expenses • Funds rollover each year, so you can use your HSA to save tax-free money for retirement – “Use it or lose it” does not apply to HSAs! • You may change your contribution amount throughout the year • You own the account (and keep the money), even if you leave St. Olaf, or are no longer covered by a qualified HDHP. 20 MARSH & McLENNAN AGENCY LLC
High-Deductible Health Plan • According to IRS regulations, HSAs can only be offered with a qualified high-deductible health plan (HDHP). • As determined by the IRS, the minimum deductible for an embedded plan is $2500. • On the qualified high-deductible plan, all medical and prescription charges are subject to the deductible. (Preventive visits are the one exception.) • You can find out more information on the true “cost” of your office visits, and prescriptions and more at mybluecrossmn.com – Don’t be afraid to “shop around,” especially for prescriptions! 21 MARSH & McLENNAN AGENCY LLC
How Does the HSA / HDHP Work? • You contribute money to the HSA (either a lump sum payment or via payroll deductions). • You can use HSA dollars to pay your health insurance deductible, along with other qualified expenses such as dental, orthodontia or vision services. – Just like with the Flex, dental and orthodontia expenses, and vision supplies like contacts or glasses do NOT count towards your medical plan deductible or out of pocket. • Once you meet your deductible, St. Olaf College pays additional eligible covered expenses in accordance with the plan. 22 MARSH & McLENNAN AGENCY LLC
Who is Eligible to contribute to an HSA? • Anyone who is: – Covered by a qualified HDHP – Not enrolled in Medicare – Not covered under other non-qualified health insurance* – Not covered by another “full” medical Flexible Spending Account (FSA) – Not another person’s dependent for tax purposes • An employer may also make a contribution on your behalf. * “Other health insurance” does not include: specific disease or illness insurance, accident, disability, dental care, vision care and long-term care insurance 23 MARSH & McLENNAN AGENCY LLC
HSA Contributions • For the 2014 plan year, St. Olaf’s annual employer HSA contribution will be: Employee only $500 Employee + 1 $1,000 Family $1,500 • 0.5 – 0.749 FTEs will receive a pro-rated amount. • If you are eligible, you will receive 50% of the employer contribution in September, and the remaining 50% distributed evenly with the first paycheck each month for the following 11 months. • REMEMBER: If you are ineligible to contribute to an HSA, it is your responsibility to notify St. Olaf that you are also not eligible to receive the employer contribution. 24 MARSH & McLENNAN AGENCY LLC
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