ST. OLAF COLLEGE 2015 Employee Benefit Meeting May 2015 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 • Change to Enrollment Process • Dental Plan • Life/AD&D and Voluntary Life • Long Term Disability • Medical Plans • Health Savings Account (HSA) • Flexible Spending Account (FSA) 2015-16 Open Enrollment is July 20 - August 7 2 MARSH & McLENNAN AGENCY LLC
Change to Enrollment Process •What’s not changing… – Online enrollment – You have access anywhere in the world that has internet access – If you will be travelling without internet access from July 20-Aug 7, please see St. Olaf HR ahead of time to complete a paper form •What IS changing… – The 2015 plan year will be a PASSIVE enrollment • This means: – If you do not have an FSA (medical reimbursement or day care reimbursement) AND you are not making any changes, you do not need to take any action. 3 MARSH & McLENNAN AGENCY LLC
Change to Enrollment Process • IMPORTANT – FSA ELECTIONS – If you have either the medical or dependent care FSA and wish to keep that for 2015, you MUST enroll as this is an IRS requirement. – Failure to make an FSA enrollment means you will NOT have an FSA for 2015. • ALSO IMPORTANT – RETIREMENT ELECTIONS • Passive Enrollment: If you do not complete an EOB… – Matched Pre-Tax will default at current election up to 3% – Unmatched will default to $0 4 MARSH & McLENNAN AGENCY LLC
Dental 5 MARSH & McLENNAN AGENCY LLC
Dental Insurance • Dental plan remains administered by Delta Dental • No plan or rate changes! – Last year was an increase of 4.94% • This is your open enrollment opportunity – employees can come on or go off the plan effective 9/1/15. • Participating provider search – www.deltadentalmn.org, 651-406-5916, or 1-800-553-9536 Monthly Contribution* Coverage Election Effective 9/1/15 Employee only $17.44 *Contributions shown above are for 0.75 and above FTE. Contributions for 0.5 – 0.749 FTE employees are prorated. Employee + 1 $36.50 Dental premiums are deducted from your Family $56.00 paycheck on a pre-tax basis. 6 MARSH & McLENNAN AGENCY LLC
LIFE, AD&D, VOLUNTARY LIFE & DISABILITY 7 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. 8 MARSH & McLENNAN AGENCY LLC
Voluntary Life, Voluntary AD&D Guarantee Issue – newly Voluntary Life 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) • No changes to the Voluntary AD&D plan 9 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. 10 MARSH & McLENNAN AGENCY LLC
MEDICAL 11 MARSH & McLENNAN AGENCY LLC
2015 Medical Renewal Overview • Medical trend in the marketplace – BCBS: 7.3% – HealthPartners: 6.98% – Medica: 6.5% – PreferredOne: 8.43% • Medical plan is renewing with BCBS – Initial renewal called for a double digit increase – Multiple plan changes were reviewed – Final overall increase is 7.49% - Reminder, 2013-2014 / 2014-2015 increases were 3.6% & 5.0% 12 MARSH & McLENNAN AGENCY LLC
Employee Medical Premiums Expiring Monthly 2015 Monthly Contribution* Contribution * Traditional or Traditional or HDHP Plan HDHP Plan Employee only $130.42 $144.00 Employee + 1 $342.28 $362.00 Family $543.04 $570.00 *Contributions shown above are for 0.75 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. 13 MARSH & McLENNAN AGENCY LLC
2015 Medical Renewal Plan Changes • On the HSA-compatible HDHP plan – We had about 10% of medical plan participants choose the HDHP last year! – Due to IRS regulations, the Tier 1 deductible and out of pocket will change as shown below. - NO OTHER PLAN CHANGES – St. Olaf employer contribution to your HSA will be the same. Expiring Eff 9/1/2015 HDHP plan T1 single deductible & OOP $2,500 $2,600 T1 family deductible & OOP $5,000 $5,200 14 MARSH & McLENNAN AGENCY LLC
2015 Medical Renewal Plan Changes • On the $600 deductible plan – The Benefits Committee looked at several options to mitigate the initial double-digit increase. – We landed on the change that brought us the greatest savings at lowest member impact – Beginning September 1, 2015, the formulary on the $600 ded plan will be the GenRx formulary. - NO OTHER PLAN CHANGES – A change in formulary means: - There are some medications that for the 2014-2015 plan year are at the $30 copay level. - Beginning in 9/1/2015, those same medications may be at the $80 level. - Refer to the handout to check if you or your family is impacted. 15 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. 16 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
Online Care Anywhere Availability 18 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) 20 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. 21 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. 22 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 $2600. • 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! 23 MARSH & McLENNAN AGENCY LLC
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