[PPT]PowerPoint Presentation - The Principia · Web viewPowerPoint Presentation Last modified by Debbie Thompson Company The Principia ...

THE PRINCIPIA OPEN ENROLLMENT2018

We’re here to turn this:

Into this!

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

Dental Options

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.

ADP Portal– OPENS: Friday, November 10 – CLOSES: Sunday, November 26 at 10:59 pm

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

QUESTIONS??

Remember: don’t panic! Debbie, June, and David are here to help!