2020-2021 Benefits Open Enrollment Staff, Fixed Term Faculty, - - PowerPoint PPT Presentation
2020-2021 Benefits Open Enrollment Staff, Fixed Term Faculty, Medical Faculty & Post-Doctoral Research Fellows Topics Overview Benefits Plan Changes Premium Cost-Sharing Tax Saving Plans: FSA & HSA Comparing Your Plan Options
Staff, Fixed Term Faculty, Medical Faculty & Post-Doctoral Research Fellows
Topics
Overview Benefits Plan Changes Premium Cost-Sharing Tax Saving Plans: FSA & HSA Comparing Your Plan Options Additional Information
CMU Total Rewards
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Benefits Open Enrollment is part of your Total Compensation package. Total Compensation is the integration of the following programs:
disability, tuition benefit, paid time off)
generous university contributions)
2020-21 Benefits Plan Changes
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– Increase to the annual medical out-of-pocket maximum – No change to the prescription out-of-pocket maximum ($2,000 single, $4,000 two-person/family)
– Due to IRS guidelines, the annual medical deductible will increase – No change to the prescription out-of-pocket maximum ($2,000 single, $4,000 two-person/family)
– Increase to IRS Health Care FSA contribution limit: $2,750 ($50 increase) – Dependent Care FSA contribution limit remains unchanged
CURRENT 2020-21 Plan Year In-Network Out-Network In-Network Out-Network
Single
$2,000 $4,000
Single
$3,000 $6,000
Family
$4,000 $8,000
Family
$6,000 $12,000 CURRENT 2020-21 Plan Year In-Network Out-Network In-Network Out-Network
Single
$1,350 $2,700
Single
$1,400 $2,800
Family
$2,700 $5,400
Family
$2,800 $5,600
Medical / Prescription Monthly & Annual Costs
This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.
Comparing Medical / Prescription Plan Options
Medical / Prescription Plan Options HSA-Advantage HDHP
PPO2 PPO1 Premium Cost Share 97.5% CMU 2.5% Employee 90.8% CMU 9.2% Employee 78.9% CMU 21.1% Employee Employee MONTHLY Cost Share Single 2-Person Family $13.96 $28.78 $35.20 $ 55.68 $115.26 $140.87 $145.87 $301.96 $369.06 University ANNUAL HSA Contribution Single 2-Person Family $17.04 $99.60 $112.08 Not Available Not Available Benefit Summary: In-network benefits Medical Network Prescription Network BCBS BCBS BCBS CVS Caremark BCBS CVS Caremark Preventive care $0 (plan pays 100%) $0 (plan pays 100%) $0 (plan pays 100%) Annual deductible (7/1-6/30) $1,400 member $2,800 family** $500 member $1,000 family $200 member $400 family Coinsurance None 20% after deductible None Office visit (primary, specialist, chiropractic) $0 after deductible $30 copay $20 copay Urgent care visit $0 after deductible $30 copay $20 copay Emergency room visit $0 after deductible $100 copay $100 copay Prescription 10%/20%/30% after deductible 10%/20%/30% 10%/20%/30% Annual out-of-pocket maximum (medical & prescription combined) $3,400 member $6,800 family $5,000 member $10,000 family $2,800 member $5,600 family
**The full family deductible must be met under a two-person or family contract before benefits are paid for any person on the contract.
This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.
Comparing Dental Plan Options
(Staff, Fixed Term Faculty, Medical Faculty, Post Docs)
Dental Plan Options
Core Plan Buy-up Plan
Premium Cost Share 82% CMU 18% Employee 47.5% CMU 52.5% Employee Employee Monthly Cost Share Single 2-Person Family $ 6.10 $12.57 $15.68 $30.43 $62.70 $79.97 Benefit Summary: In-network Benefits (No changes) Annual deductible (7/1-6/30) Single 2-Person Family $50 $100 $150 None Maximum annual benefit (7/1-6/30) $1,000 per person $1,500 per person Class 1: Preventive Services 100% (no deductible) 100% Class 2: Basic Services 50% after deductible 75% Class 3: Major Services 50% after deductible 50% Class 4: Orthodontic Service
(children 19 years or younger)
None 50% $2,000 lifetime maximum per person
Dental Monthly & Annual Costs
This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.
Comparing Vision Plan Options
(Staff, Fixed Term Faculty Lecture II/III, Non-Represented Fixed Term Faculty, Medical Faculty, Regular Faculty)
Vision Plan Options
Standard Plan Premium Plan
Premium Cost Share (No changes) 0% CMU 100% Employee 0% CMU 100% Employee Employee Monthly Cost Share Single 2-Person Family $ 6.40 $12.82 $20.62 $ 9.97 $19.96 $32.12 Benefit Summary: In-network Benefits (No changes) Well Vision Exam $20 copay $0 Copay Frame Allowance (Allowance
$120 or $170 for featured brands $175 or $225 for featured brands Lenses $20 copay for single vision, lined bifocal/trifocal, standard progressives $20 copay for single vision, lined bifocal/trifocal, standard progressives Contacts (Allowance on contacts OR frames) $120 $175
Vision Monthly & Annual Costs
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Knowing what you need from your benefits coverage will help you make the best choices for you and your family’s health and wellness, both now and in the future!
The following information is designed to provide details on the benefits options available to you along with additional resources to support your decision-making process.
Preventive Care
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Preventive Care services covered without cost-share
All members:
Appropriate age/gender screenings:
$668.16
Must Pay – May Pay Exhibit Total Out-of-Pocket Risk - Employee Only Coverage
$167.64
$5,000 $500 $3,400 $1,400 Total: $5,668.16 Employee Only Coverage Total: $3,567.64* Employee Only Coverage
Total out-of-pocket risk when maximum deductible, copays, coinsurance for covered medical and prescriptions is reached.
HSA–ADVANTAGE HDHP PPO 2
*Annual CMU HSA Contribution Amount: $17.09
$6,800 $2,800 $1,690.44
Must Pay – May Pay Exhibit Total Out-of-Pocket Risk – Family Coverage
$422.52
$10,000 $1,000 Total: $11,690.44 Family Coverage Total: $7,222.52* Family Coverage
Total out-of-pocket risk when maximum deductible, copays, coinsurance for covered medical and prescriptions is reached.
HSA–ADVANTAGE HDHP PPO 2
*Annual CMU HSA Contribution Amount: $112.13
HSA-Advantage HDHP vs. PPO2
Scenario 1: Single coverage with $2,000 in medical expenses
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Annual Costs HSA-Advantage HDHP PPO2
Your Annual Payroll Contribution
$ 167.64 $ 668.16 MUST PAY Your estimated out-of-pocket cost (deductible/co-insurance) $ 1,400.00 $ 800.00 MAY PAY Estimated annual out-of- pocket cost $ 1,567.64 $ 1,468.16 Total MUST PAY/MAY Pay CMU HSA Contributions $ 17.09 $ 0 Tax-saving Opportunity Employee HSA Contributions $ 3,532.91 $ 0 Tax-saving Opportunity Balance in HSA after paying
$ 2,150.00 $ 0 Investment Opportunity
HSA-Advantage HDHP vs. PPO2
Scenario 2: Family coverage with $4,000 in medical expenses
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Annual Costs HSA-Advantage HDHP PPO2
Your Annual Payroll Contribution
$ 422.52 $ 1,690.44 MUST PAY Your estimated out-of-pocket cost (deductible/co-insurance) $ 2,800.00 $ 1,600.00 MAY PAY Estimated annual out-of- pocket cost $ 3,222.52 $ 3,290.44 Total MUST PAY/MAY Pay CMU HSA Contributions $ 112.13 $ 0 Tax-saving Opportunity Employee HSA Contributions $ 6,987.87 $ 0 Tax-saving Opportunity Balance in HSA after paying
$ 4,300.00 $ 0 Investment Opportunity
Tax-Savings Options
Health Care FSA
Dependent Care FSA
Health Savings Account (HSA)
Must be elected every OPEN ENROLLMENT
Health Savings Accounts (HSA)
How YOU can WIN with an HSA - video
Key Features
IRS Eligibility Rules
the last 3 months
Spending Account (FSA) or Health Reimbursement Account (HRA)
HSA as a Retirement Savings Tool
Health Savings Account (HSA) Traditional Retirement Account
Investment of $1,000 over 30 Years
Earnings (7% a year) Taxes
$7,612 $1,674 $5,938
Medicare (if retiring before age 65)
Premiums & Qualified Long-term Care Premium & Expenses
age 65 (penalty-free)
2020 HSA Contribution Limits
You can have both HSA and Limited Purpose Health Care FSA accounts at the same time.
Health Care FSA can
expenses related to dental and vision.
Health Care FSA apply including availability and rollover.
CMU Choices Flexible Spending Account Election Window
General Purpose or Limited Purpose Health Care FSA
entire plan year, unless benefits status change event.
FSA election type and contribution amount after 5 p.m. ET on May 1, 2020.
Health plan election and FSA election are compatible.
– If your spouse / OEI is eligible for, but does not to enroll in, their own employer’s group medical and dental plans, they WILL NOT be eligible for CMU medical and dental coverage – If your spouse / OEI is enrolled in their employer’s plan, you may add them as a dependent to CMU medical and dental plan, but the CMU plan will pay secondary coverage ONLY – If you enroll in both plans, benefits under each plan are coordinated. The total reimbursement from both plans cannot be more than the allowable benefit under the CMU plan
Working spouse / OEI is required to enroll in the medical coverage
Reminder: Working Spouse / OEI Rule*
*Applies to staff, fixed term faculty, medical faculty and post-doctoral research fellows.
Decision Support Tool
Best Choice for You and Your Family Income Prescriptions Utilization Risk Tolerance Capacity to Pay
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determine the best fit for your health plan options
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summaries
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IMPORTANT DATES TO REMEMBER!
Open Enrollment BEGINS: Monday, April 20, 2020 Open Enrollment ENDS: Friday, May 1, 2020 at 5:00 p.m. ET Benefit Elections Effective: July 1, 2020 – June 30, 2021
WHO NEEDS TO ENROLL? Elections are required in order to be enrolled in the following benefits for 2020-21:
All other benefits PASSIVE ENROLLMENT
Questions?
–Call 989-774-3661 –Email benefits@cmich.edu –Website: www.cmich.edu/openenrollment ENROLL BY FRIDAY, MAY 1, 5 P.M. (ET) No changes can be made after 5 p.m. on May 1st
REMEMBER You MUST enroll between April 20 and May 1, 2020
Consider a Flexible Spending Account (FSA)
Use tax-free dollars to pay eligible health care and dependent care expenses
General Purpose Health FSA Limited Purpose Health FSA Dependent Care FSA
Medical, Rx, Dental & Vision Expenses Dental & Vision Expenses ONLY Child & Elder Care Expenses Maximum annual contribution: $2,750 Use to pay: Out-of-pocket medical, Rx, dental and vision expenses (deductibles, copays, eyeglasses, dental work, etc.) Up to $500 annual rollover Not available if you enroll in the BCBS Advantage HDHP or MESSA ABC HSA- Saver plan and elect to receive or make contributions to an Health Savings Account (HSA) Available only if you enroll in the BCBS PPO1 or PPO2 and MESSA Choices 10- 20 or Choices Saver or do not elect to receive or make contributions to an HSA Maximum annual contribution: $2,750 Use to pay: Out-of-pocket dental and vision expenses only Up to $500 annual rollover Not available if you enroll in the BCBS PPO1 or PPO2 and MESSA Choices 10-20 or Choices Saver or do not elect to receive or make contributions to an HSA Available only if you enroll in the BCBS HSA-Advantage HDHP or MESSA ABC HSA-Saver plan and elect to receive or make contributions to an Health Savings Account (HSA) Maximum annual contribution: $5,000 (or $2,500 if married filing separately) Eligible Dependents: Children under age 13 or another dependent who relies on you for more than half of his or her support, such as a disabled elderly
same principle residence as you at least half the year. Eligible Expenses: Qualified day care expenses such as a day care or eldercare center, babysitters, after school programs and day camps. Not available for health care expenses
Estimate Carefully: Use or Lose it