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Employee Benefits SAINT LOUIS UNIVERSITY PowerPoint Presentation
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Employee Benefits SAINT LOUIS UNIVERSITY

Employee Benefits SAINT LOUIS UNIVERSITY

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Employee Benefits SAINT LOUIS UNIVERSITY

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  1. Employee BenefitsSAINT LOUIS UNIVERSITY 2012 Annual Enrollment

  2. Benefits Overview—Coverages Offered • Medical/Pharmacy • Voluntary Dental • Flexible Spending Accounts • Employee Term Life and Accidental Death & Dismemberment (AD&D) • Voluntary Term Life • Voluntary AD&D • Long Term Disability • Business Travel Accident Please hold all questions until the conclusion of this presentation. We will take time to address questions at the end. S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  3. Medical/Pharmacy Benefits Annual Enrollment 2012

  4. Highlights Effective January 1, 2012 • The Vitality™ Wellness Program • Save $30 per month on premium and earn rewards! • Health screenings are needed to participate in the Vitality program • Medical changes • Primary Plan eliminated • New qualified High Deductible Health Plan (HDHP) • New optional Health Savings Account (HSA) for the HDHP • No dental plan design changes • Express Scripts • Walgreens update • New copays for Plus Plan • New 4th tier copay for Plus Plan for self injectables • “Preventive” medications under HDHP covered at 100% • John Hancock – Long Term Care • Exiting marketplace for new apps • Will service existing policyholders • Applications up until 12/31/11 S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  5. 2012 Medical Plan Options S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  6. 2012 Pharmacy Plan Options NEW! Under the proposed HSA plan, certain preventive, or “maintenance,” medications would be covered at 100%... NO copay or deductible would need to be satisfied by you or your family! For a list of these drugs go to www.slu.edu S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  7. What is an HSA? Health Savings Accounts (HSAs) are designed to help you save and pay for your health care S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  8. Putting Money INTO an HSA • #1 Important Lesson: • Rules when you can put money IN; no rules to pull money OUT • #2 Important Lesson: • Need $0.00 in your healthcare FSA before opening an HSA S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  9. HSA Eligibility You are eligible to open and contribute to an HSA if you: Are covered by an eligible high deductible health plan Are not covered by any other health plan that is not a high deductible plan Are not enrolled in Medicare, Medicaid, or TRICARE Have not received VA benefits within the past 3 months Are not claimed as a dependent on someone else’s tax return Are not covered by a healthcare FSA S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  10. Putting Money INTO an HSA • How Much, and When? • $3,100 for an individual; SLU will contribute $250 • $6,250 for a family; SLU will contribute $500 • You must aggregate the employer and employee contributions: SLU’s Seed Money ($250 or $500) + Your contribution = $3,100 or $6,250 • 55+ can fund an additional $1,000/year “catch-up” contribution • Employee and spouse get one bite at the maximum contribution apple each year…they may allocate the maximum between their HSAs S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  11. Putting Money INTO an HSA Must be considered an “Eligible Individual” • Employee has single coverage under HDHP, but is also covered under spouse’s non-HDHP plan • Employee has single coverage under HDHP, but spouse has a traditional FSA • Employee has family coverage under HDHP, spouse has employee-only non-HDHP coverage • Employee has single coverage under HDHP, spouse has employee + children coverage under non-HDHP   S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  12. Use HSA dollars to pay for medical expenses for your spouse or dependents Medical plan deductibles and coinsurance Medical, dental and vision care and services HSA Qualified Medical Expenses Any money you take out of your HSA for qualified medical expenses is income-tax free S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  13. Taking Money OUT of an HSA • Issues in Distributions • Reimbursement of expenses for employee, opposite-sex spouse and Tax Code “dependents” are tax free…if the expense was incurred on or after the date the HSA was established • “Medical expenses” include: SAVE YOUR RECEIPTS!!! • Section 213 expenses (OTC Rx with prescriptions) • COBRA premiums • Medicare premiums • Qualified long-term care premiums • Retiree health insurance after age 65, but not Medigap/Supplement plans • Other withdrawals are taxable • Income tax, plus… • Subject to 20% excise tax if withdrawn prior to age 65 • Withdrawal by HSA account holder, who is not yet 65, to pay Medicare premiums for spouse, who is at least age 65, are taxable and subject to excise tax S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  14. 1 Steve puts his money into his HSA pre-tax 2 Any money Steve withdraws from his HSA to pay for qualified medical expenses is withdrawn income tax-free. 3 Steve may earn interest on his account, and it is not taxable. 4 The amount not spent during this year carries over for use in future years. How an HSA Helps You Save Steve S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  15. How You Can Make the Most of Your Coverage Health Care Consumerism Make informed choices Look for ways to lower health care costs Own your health care decisions Understand your medical coverage Maintain a healthy lifestyle Use your preventive care coverage to catch health issues early S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  16. Paying for Non-Qualified Expenses The tax penalty does not apply to account holders age 65 and older, those who become disabled or enroll in Medicare. Any funds used for purposes other than to pay for qualified medical expenses are: Taxable as income 20% tax penalty S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  17. Making Deposits Arrange a regular automatic payroll deduction. Payroll Deduction Mail a Check • Mail a deposit at any time to deposit additional dollars into your account. Arrange a regular electronic transfer from an account at another financial institution. e-Contribute S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  18. Access Your HSA Funds Use your UnitedHealthcare Health Savings Account Debit MasterCard® Sign up for automatic bill pay and online banking Use HSA checks Pay with personal funds and reimburse yourself from your HSA S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  19. Managing Your HSA with myuhc.com • Treatment cost estimator • Check statements • Check interest rates • Pay bills to health care providers • Download forms • Update personal information • Arrange for deposits • Manage investment activities • Learn about HDHPs and HSAs • HSA calculators Investments are not FDIC insured, are not guaranteed by OptumHealth Bank and may lose value. S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  20. 2012 Cost Sharing – Monthly • If you enroll in the HSA Qualified Plan for 2012, SLU will contribute funds to help you build your balance: • $250 for Single Enrollees • $500 for Enrollees with Family Members • Wellness Incentive increased from $20 to $30 for 2012 S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  21. 2012 Cost Sharing – Biweekly Rates • Wellness Incentive increased from $9.23 to $13.85 per biweekly pay period for 2012 S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  22. 2012 Cost SharingAnnual Contribution Difference vs. 2011 Plus Plan • If you enroll in the HSA Qualified Plan for 2012, SLU will contribute funds to help you build your balance: • $250 for Single Enrollees • $500 for Enrollees with Family Members S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  23. Dependent Eligibility Audit • SLU has a responsibility to: • Administer the plan as stated in the plan document • Administer the plan consistently for all employees • Monitor the costs of the plan • SLU will complete a Dependent Eligibility Audit in early 2012 • Employees will be asked to provide verification for enrolled dependents • Ineligible dependent will be removed from the plan • Claims paid for ineligible dependents may be recovered and the expenses would become the responsibility of the employee S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  24. Eligible Dependents Definition of an Eligible Dependent: Legal spouse or dependent child under 26 years of age of the employee or the employee's spouse. The term child includes any of the following: • Natural child • Stepchild • Legally adopted child • Child placed for adoption • Child for whom legal guardianship has been awarded S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  25. Vitality Annual Enrollment 2012

  26. Vitality Check • Where do I go? • SLU provides the opportunity on campus by calling 977-3500 or you can visit your physician in November • What’s in it for me? • To get the $30 monthly reduction in your medical premiums, you must get a Vitality Check and complete the health risk assessment (HRA) in November S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  27. Other Activities • Review and activate your personal health goals • Update or confirm your email contact information • Complete an online Course to learn about a health topic • Complete a Vitality Check™ biometric screening with a Vitality partner • Schedule a preventive screening • Schedule a Healthy Habit • Donate blood • Complete a Fitness Assessment with a Vitality partner • Track your workouts using a Vitality-approved fitness device • Sign up at a Partner Health Club • Sign up for an Athletic Event • Complete online health tool calculators • Get CPR or first aid certified Please note: This list does not cover the program in its entirety. Please refer to the web site for complete program activities, rules and details. S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  28. Voluntary Dental Benefits Annual Enrollment 2012

  29. Voluntary Dental Benefits • Coverage will continue through Delta Dental • Choose among three dental plan options • Benefits will remain the same for 2012 • Contributions increasing 3.2% S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  30. Voluntary Dental Plan—Delta Dental S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  31. Dental Payroll Deductions S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  32. Flexible Spending Accounts Annual Enrollment 2012

  33. Flexible Spending and Dependent Care Accounts • Administration will remain with ConnectYourCare • You must make a new election for the 2012 Plan Year; current elections cannot be carried forward • Can be used at authorized vendors (medical facilities, hospitals, pharmacies, etc.) • Debit card allows direct payment at time of service • Cards are good for three years – don’t throw yours away! • Remember if you are electing the HSA plan option, the IRS requires your current healthcare balance to be $0.00 before opening the HSA S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  34. Flexible Spending and Dependent Care Accounts • Annual maximum for the health care FSA will remain at $5,000 • Annual maximum for the Dependent Care Account Contribution will remain at $5,000 ($2,500 if married and filing separate returns) • For the health care FSA, your total election amount less previous reimbursements is available at the time of transaction • For the Dependent Care FSA, only the cash balance in your account is available at the time of transaction • You cannot roll over unused balances from one year to the next; carefully estimate your expenses for the next plan year S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  35. Eligible Traditional Medical FSA Expenses • Copays, co-insurance and deductibles for medical, prescription and dental plans • Eye exams, contacts and eyeglasses • Laser eye surgeries • Hearing aids • Over-the-counter medical supplies (but not medications) • Bandages, splints, contact lens solution, etc. • Insulin • Some expenses not covered by your health care plan S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  36. Advantages of FSAs—Tax Savings Example Assumes individual filer w/federal income tax rate of 15%; example does not include state, city, or other taxes S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  37. Annual Enrollment 2012 S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  38. Elections Are Binding For The Plan Year Unless There Is A Life Status Change • Marriage • Birth/adoption • Divorce • Death • Change in employment status • Change in dependent status Life status change allows you to make benefit election changes and adjust your FSA elections Benefits department must be notified within 31 days of life change S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  39. Final Words • Enrollment season is November 1st through 30th • All employees must enroll or make changes through Banner Self-Service • Update beneficiary information if necessary • All materials to benefits office no later than Wednesday, November 30, 2011 S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx

  40. Contact Information • Please email questions or comments to:benefits@slu.eduorwellness@slu.edu • Your feedback is important!!! S:\EB\Clients\STLUN08\EE Comm\2012\2012 Enrollment Presentation.pptx