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Transcript of [PPT]PowerPoint Presentation - The Principia · Web viewPowerPoint Presentation Last modified by...
Meeting Agenda:
Benefits overview: Voluntary Dental & Vision Health Insurance Life Insurance Income Security FLEX Spending
Next Steps:Enrolling can be completed quickly using the
Online Annual Enrollment process
Benefit CoveragePrincipia-sponsored employee benefits include:
• Voluntary Group Health Plan• Voluntary Group Dental & Vision • Mandatory Group Term Life Insurance • Voluntary Term Life Insurance• Mandatory Income Protection Plans • Retirement Plan• Vacation • Health Leave• Social Security• Worker’s Comp Insurance• Unemployment Insurance
Benefit contributions from The PrincipiaBenefits are a significant part of your total compensation!
Example: Employee earning $11.00 per hour x 2080 = $22,880 per year in 2018
Wages $22,880Health Insurance $ 7,071 (Base Plan for employee only)Retirement $ 1,716Life Insurance $ 124Short-term Disability $ 158Long-term Disability $ 50Social Security $ 1,750Vacation $ 1,760Health Leave $ 440 Total Compensation $35,949 or $17.28 per hour
For every $1.00 per hour in wages earned, Principia pays an additional $0.57 per hour in benefits
Benefit Information for 2018Basic Life Insurance and Income Security Plan-- CIGNA• Life Insurance – basic benefit is two times
annual salary • No rate change
– $2,000 coverage for non-employee spouse– $2,000 for each child from 15 days to age 26
• Group Short-term Disability Plan - after elimination period of 14 days plan pays 60% of gross salary up to $1,000 for up to 11 weeks. No rate change.
• Group Long-term Disability Plan - 60% of gross salary from 91 days to age 65 or Social Security normal retirement age (“SSNRA”). No rate change.
Income Security Plan 2018
Short-term Income Protection = CIGNA; after elimination period of 14 days plan pays 60% of gross salary up to $1,000 for up to 11 weeks
• Long-term Income Protection = CIGNA; provides 60% of salary from 91 days to social security normal retirement age (“SSNRA”)
Benefit HighlightsOptional Term Life Insurance – CIGNA – No Rate Change
Employees• Optional Life coverage limited to 5 times your annual
salary, up to $500,000 • Rates based on age• Policy can be converted to individual policy upon
termination of employment
Spouse• Optional Life coverage limited to $250,000 with employee
coverage
Children• Optional Life coverage $5,000 per child with employee
coverage
Benefit Highlights (continued)• Optional Life Insurance with CIGNA
– Employee – elect for the first time by completing the Evidence of Insurability (“EOI”) form.
– Employee – increase your amount of coverage by $10,000, not to exceed 5 x your earnings or $130,000 – without completing the EOI.
– Spouse – elect for the first time by completing the EOI.
– Spouse – increase this amount of coverage by $5,000, not to exceed 50% of your amount or $40,000 – without being required to complete the EOI.
FLEX Accounts
• Flex Spending: Renewal or participation is not automatic! If desired, this must be elected annually.
• For the 2018 plan year, the Dependent Care maximum contribution is $5,000 and the Health Care maximum contribution is $2,650.
FLEX AccountsPay for medical expenses and dependent care expenses with pre-tax dollars Annual election maximum: $2,650 for Medical Expenses $5,000 for Dependent Care Expenses • Spend
2017 medical elections by March 15, 2018
• Submit2017 Dependent Care Claims by March 15, 20182017 Medical Expense Claims by May 15, 2018
FSAs can be used for expenses such as: Covered Prescription Co-pays Doctor and Emergency Room Co-pays Orthodontics Health plan Deductibles and Coinsurance Lasik Surgery Out-of-pocket Dentist or other provider fees Eyeglasses
■ Dependent Care ■ Latch Key ■ Adult Day Care
Benefit Highlights for 2018 (continued)Dental Insurance -- Mutual of Omaha• Dental Plan rates unchanged
– Low and High PPO options– Nationwide Dental Network– No need to pick a primary dentist
Vision Insurance -- EyeMed• Vision Plan rates unchanged
– Insight Network
Vision PlanEyeMed Insight Network
www.EyeMed.com In-Network Out-of-Network
VISION EXAM $10 Copay $40 Reimbursement after $10 Copay
Exam Frequency Once every 12 Months VISION MATERIALS $10 Copay
LENSES Once every 12 MonthsSingle Vision $0 Copay $30 reimbursement after $10 Copay
BiFocal $0 Copay $50 reimbursement after $10 CopayTriFocal $0 Copay $70 reimbursement after $10 Copay
Lenticular $0 Copay $70 reimbursement after $10 Copay FRAMES Once every 24 Months
$0 Copay; $150 Allowance; 20% discount off balance $105 Reimbursement
CONTACTS Once every 12 Months Evaluation and Fitting Discounted fee of $40 Not Covered Conventional Lenses $0 Copay; $150 Allowance;
15% discount off balance$150 reimbursement after $10 Copay
Disposable Lenses $0 Copay; $150 allowance $150 reimbursement after $10 Copay Medically Necessary Lenses $0 copay $210 reimbursement after $10 Copay Dependent Age Limit To age 26
Please see EyeMed’s Benefit Summary for all details of the plan. Rates eff. 1/1/17: 2018 Rates - Employee: $7.16 - Emp + Spouse: $13.60 - Emp + Child(ren): $14.30 - Family: $21.04
2 Service Health Plan Options Available 2018 Plans Lumenos HSA
Base PlanPPO with HRABuy-up Plan
Network Blue Access Choice Blue Access Choice
In-Network Deductible $2,000 Individual$4,000 Family
$4,000 Individual ($2,000 after HRA)$8,000 Family ($4,000 after HRA)
In-Network Out-of-Pocket (OOP)Includes Ded & Rx Copays
$3,500 Individual $6,850 Family
$5,500 Individual ($3,500 after HRA) $11,000 Family ($7,000 HRA)
Coinsurance Single Coverage
with Dependent Coverage
80% after $2,000 Deductible100% after $3,500 out of pocket
80% after $4,000 Deductible100% after $6,850 out of pocket
80% after Deductible 100% after out of pocket is met
Individual deductible and OOP only must be met with Dependent Coverage
Max Lifetime Benefit Unlimited Unlimited
Preventive Care Services 100% - No Deductible 100% - No Deductible
Office Visit Copay Deductible & Coinsurance $30 Primary / $60 Specialist
ER/Urgent Care Copay Deductible & Coinsurance Deductible & Coinsurance
Pharmacy $10 / $35 / $60 /25% Copays After Medical Deductible Met
$10 / $35 / $60 / 25% Copays Rx does not apply to Deductible
Out-of-Pocket includes Deductible and Rx Copays
Out-of-Pocket includes Deductible, OV & Rx Copays
Health Reimbursement Account (HRA) Not available 50% of the Individual & Family Deductible.
2018 Service Medical Payroll Deductions
Employee OnlyEmployee + 1Family
Annual Out of Pocket Individual Family
Annual EE Contribution Individual EE + 1 Family
Lumenos HSABase Plan
Monthly$ 50.38$598.22$950.86
$3,500$6,850
Includes Rx Copays
$ 604.51$ 7,178.58$11,410.28
PPO Buy-up PlanIncludes HRA
Monthly$ 168.92$ 837.22$1,246.56
(Includes HRA)$3,500$7,000
Includes Rx Copays
$ 2,027.06$10,046.63$14,958.72
Next Steps
Personalized Annual Enrollment Packet -- distributed at the Information Meetings
• Health Plan Information
You can update beneficiary information for Life, Voluntary Life at any time on a paper form
Principia Resources
Enroll at: https://workforcenow.adp.c
omThere are links to Benefits brochures
and additional information on each page.
Contact Debbie Thompson or June Brill with any questions.
Carrier Resources• Medical link – www.Anthem.com• Dental link –
www.MutualofOmaha.com• Vision link – www.EyeMed.com• www.myFlexonline.com
– Logon and Register to obtain:• Benefit Information• Claim Information and Status • ID card • Provider Location
Tax Forms to FileFor Your 2017 tax return:
• Form 1095– ACA reporting – maintain with your personal tax documents
When will it be received?• Sent to you by January 31, 2018