Annual Enrollment 2018 November 3 November 17 CONFIDENTIAL - - PowerPoint PPT Presentation

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Annual Enrollment 2018 November 3 November 17 CONFIDENTIAL - - PowerPoint PPT Presentation

Jul 20, 2023 268 likes •502 views

Annual Enrollment 2018 November 3 November 17 CONFIDENTIAL INTERNAL USE ONLY What you need to know about Annual Enrollment for 2018 November 3-17 A number of plan changes for 2018 You MUST enroll to have benefits for 2018

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Annual Enrollment 2018

November 3 – November 17

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  • November 3-17
  • A number of plan changes for 2018
  • You MUST enroll to have benefits for 2018
  • Enrollment will all be done on-line

– MyVersoBenefits.com – Enroll button

What you need to know about Annual Enrollment for 2018

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Medical

– Telemedicine benefit allows patient to visit with a doctor remotely – A new HSA plan (HSA Core) with a lower premium and an higher deductible – The HRA plan will no longer be offered as a choice for Verso – Healthcare FSA will not be available – Company’s contribution to the Health Savings Account (HSA) will remain at $750/$1500 but a portion will require action to earn

Surcharges

– Tobacco user – Working spouse

Life and Disability

– All employees will move to a common STD plan – Rates for supplemental life insurance coverage will reflect a tobacco user status.

Voluntary Benefits

– All deductions for Aflac benefits will be taxable in 2018.

What’s New/Changing

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  • High Deductible Health Plan (HDHP)

– HDHPs cover preventive care before the deductible – the ACA requires this of all plans – but under an HDHP, no other benefits are provided until the insured has met the deductible. That means HDHPs cannot have copays for office visits or prescriptions prior to the deductible being met

  • Health Savings Account (HSA)

– A health savings account (HSA) is a tax-deductible savings account that’s used in conjunction with an HSA-qualified high-deductible health plan (HDHP).

  • Deductible

– The deductible is the amount an individual must pay for health care expenses before insurance covers the costs.

  • Co insurance

– Coinsurance refers to money that an individual is required to pay for services, after a deductible has been paid. In the Verso plan coinsurance is specified as a percentage.

  • OOP Maximum

– A predetermined amount of money that an individual must pay before their health care coverage will pay 100 percent for an individual’s eligible health care expenses.

Terms to know

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CONFIDENTIAL INTERNAL USE ONLY CONFIDENTIAL INTERNAL USE ONLY Parameter HSA Choice HSA Core Deductible $2,200/$4,400 $3,500/$7,000 Out of Pocket $4,400/$8,800 $6,650/$13,300 Co insurance 80% 80% Reward (HSA) $750/$1,500 at Target $750/$1,500 at Target Office visit 80% after deductible 80% after deductible Specialty 80% after deductible 80% after deductible Outpatient 80% after deductible 80% after deductible Diagnostic Testing 80% after deductible 80% after deductible Emergency Room 80% after deductible 80% after deductible Rx Generic 80% after deductible 80% after deductible Preferred Brand 80% after deductible 80% after deductible Non-Preferred Brand 80% after deductible 80% after deductible Specialty 80% after deductible 80% after deductible

2018 Plan Designs (In network)

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HSA Choice HSA Core 2017 2018 % change 2017 2018 % change EE $120.51 $130.99 8.6% N/A $82.26

  • 31.7%

EE + Spouse $247.05 $268.53 8.6% N/A $168.64

  • 31.7%

EE + Child $216.92 $235.78 8.6% N/A $148.07

  • 31.7%

Family $361.53 $392.97 8.6% N/A $246.78

  • 31.7%

2018 Employee Medical Premiums Monthly

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  • Spousal

– For employees who have a working spouse who has coverage available they will pay a surcharge if they cover their spouse on the Verso plan – $100/month

  • Tobacco

– For employees who use tobacco products* there will be an incremental charge to have Verso medical coverage – Can avoid the surcharge by completing a tobacco cessation program – $100/month

Surcharges

6 * Includes the use of e cigarettes

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A health savings account (HSA) is a tax-deductible savings account that’s used in conjunction with an HSA-qualified high-deductible health plan (HDHP).

  • HSA offers “triple tax savings”
  • Contributions to the account are tax deferred
  • Distributions are tax free when used for qualified medical expenses
  • Any earnings and/or interest are tax free
  • No “use it or lose it” rule
  • Once the money is in an HSA, it doe not expire
  • Portable
  • The HSA is yours and can go with you leave the company
  • Limits
  • IRS limits of $3450 (single) or $6900 (family)
  • An additional $1000 if age 55 on or before 12/31/18
  • Are there any restrictions?
  • Cannot have at the same time as an FSA
  • Cannot contribute if enrolled in Medicare

Health Savings Account (HSA)

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No HSA Contribution HSA Contribution Annual Pay $60,000 Annual Pay $60,000 HSA Contribution $0 HSA Contribution $6,650 Taxable Income $60,000 Taxable Income $53,350 Taxes (30% rate) $18,000 Taxes (30% rate) $16,005 Net Pay $42,000 Net Pay $37,345 Health Care Expenses $6,650 Final Take Home Pay $35,350 Final Take Home Pay $37,345

Tax Savings Example

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All figures shown are estimates for illustrative purposes. The example is based on a $60,000 annual salary and a maximum contribution to an HSA account. Your salary, tax rate, health care expenses and tax savings may be different.

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How does the HSA work with my medical plan?

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  • You incur a claim at the doctor
  • Doctor submits the claim to insurance (BCBST)
  • Insurance issues an Explanation of Benefits (EOB) which shows amounts that are covered,

discounts, amounts applied to the deductible and the member responsibility.

  • You choose how to pay the doctor

– Out of pocket – From you HSA

  • Debit card
  • Check
  • Direct debit
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  • See IRS Publication 502 for a complete list of eligible expenses. Here are some examples:

– Deductibles – Co-insurance – Eyeglasses – Dental expenses – Hearing Aids – Chiropractic care – Durable medical equipment

What expenses can my HSA cover?

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Common conditions treated by Telemedicine doctors:

  • Allergies
  • Cold and flu
  • Fever
  • Sinus infections
  • Respiratory issues
  • Skin conditions (rashes or insect bites)
  • Sore throat
  • Urinary tract infections

Common Pediatric Conditions Include:***

  • Cold and flu
  • Constipation
  • Ear aches
  • Diarrhea
  • Nausea and vomiting
  • Pinkeye

***Children under the age of 36 months with a fever will be referred to their primary care pediatrician.

What is it? You can consult with a physician via video consultation, secure messaging or telephone. You pay the actual cost of the visit – currently $38 Applies to your deductible Can use your HSA to cover the cost

Telemedicine

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  • For 2018 there will be 2 ways to earn HSA contributions from Verso
  • Match

– $1/$1 up to $375 (single) or $750 (family)

  • Action for reward
  • $375 (single) or $750 (family)
  • You can earn rewards for each of the following:

– Completing a Health Risk Assessment – Staying active with Virgin Pulse – Getting your Annual Physical

Verso’s Contribution to your HSA

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Base Plan Buy up Plan Diagnostic 100% 100% Basic 80% 80% Major 50% 50% Orthodontia Not Covered 50% Plan Deductibles $50/$100 $50/$100 Calendar Year Max $1500 $1500 Orthodontia Lifetime n/a $1500

Dental

13 No plan or rate changes for 2018

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Base Buy Up 2017 2018 2017 2018 EE $12.54 $12.54 $13.14 $13.14 EE + Spouse $25.09 $25.09 $26.27 $26.27 EE + Child $30.11 $30.11 $37.92 $37.92 Family $46.42 $46.42 $58.18 $58.18

2018 Employee Premiums - Dental

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Participating Provider Non participating provider Exam $15 copay $50 allowance Lenses Single Bifocal Trifocal $15 copay $50 allowance $75 allowance $100 allowance Frames $50 wholesale allowance $70 retail allowance Contacts $130 allowance $105 allowance Frequency Exam Lenses/contacts Frame 1 every 12 months 1 every 12 months 1 every 12 months 1 every 12 months 1 every 12 months 1 every 12 months

Vision

15 No plan or rate changes for 2018

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2017 2018 EE $9.66 $9.66 EE + Spouse $15.19 $15.19 EE + Child $15.51 $15.51 Family $25.00 $25.00

2018 Employee Premiums - Vision

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  • Basic

– Coverage for you (1X base salary)

  • Supplemental

– Coverage for you (1 – 7X base salary) – Coverage for your spouse – Coverage for your child(ren) to age 26

  • Special Rules

– Reductions

  • Amount of coverage decreases by 11%/year after you reach age 65
  • Spouse coverage is not available after age 70

Life and AD&D Insurance

17 Tobacco User Rates added for 2018

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Age Non Tobacco User Tobacco User

20-24 $0.041 $0.055 25–29 $0.061 $0.088 30-34 $0.079 $0.131 35-39 $0.086 $0.163 40-44 $0.094 $0.186 45-49 $0.143 $0.277 50-54 $0.222 $0.403 55-59 $0.424 $0.699 60-64 $0.673 $0.974 65-69 $1.274 $1.816 70-74 $2.048 $2.898 75-79 $3.84 $5.44 80-84 $7.63 $10.80 85-89 $14.08 $19.93 90-94 $22.96 $32.49 95 and over $34.86 $49.32

Supplemental Life Insurance rates Monthly/$1000 of coverage

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  • Everyone is moving to a common disability design:

– 100% of pay for up to 8 weeks – 67% plan for remainder of disability (up to 18 additional weeks)

Disability

19 New plan design in 2018

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  • Website – MyVersoBenefits.com
  • Verso One Number – (800) 422-6103

– Option 5, Sub-option 3

  • Vendors
  • AE Guide
  • Frequently Asked Questions (FAQs)
  • Summary of Benefits and Coverage (SBCs)

Resources

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Program Vendor Website Phone General Benefits and Enrollment BenefitHelp MyVersoBenefits 800-422-6103 – Option 5, Sub-option 3 Medical BCBS Tennessee Bcbstn.com 800-565-9150 Telemedicine MDLive HSA Benefit Wallet Mybenefitwallet.com 877-472-4200 Dental Cigna Cigna.com 800-244-6224 Vision Humana HumanaVisionCare.com 866-537-0229 Life Insurance Cigna Cigna.com 800-362-4462 Disability Cigna Cigna.com 800-362-4462 DCFSA Health Equity HealthEquity.com 866-375-7323 EAP Freckman FreckmanandAssociates.com 800-331-3226

Who to contact

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