1 / 22

Benefit Open Enrollment 2013 May 1, 2013 – April 30, 2014

Benefit Open Enrollment 2013 May 1, 2013 – April 30, 2014. 401K News & Updates Principal Financial. One-on-one meetings being scheduled for the week of April 22th – sign up before you leave today! These meetings are free to all employees Percentages vs. dollar amounts

flower
Télécharger la présentation

Benefit Open Enrollment 2013 May 1, 2013 – April 30, 2014

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Benefit Open Enrollment 2013 May 1, 2013 – April 30, 2014

  2. 401K News & UpdatesPrincipal Financial • One-on-one meetings being scheduled for the week of April 22th – sign up before you leave today! • These meetings are free to all employees • Percentages vs. dollar amounts • Online Salary Deferral option

  3. 401K News & UpdatesPrincipal Financial Manage your 401K account online Log on to www.principal.com Southwestern contract # 5-21143 You have access online to: • View your current statements online • Make contribution changes • Change your investment options • Rollover funds from other investment accounts • Change your address, contact information & beneficiary

  4. Health InsuranceWhat Changes Effect Me? One network – Encore/Encircle Explanation of Benefits (EOBs) will be electronic effective 5/1/2013 Plan Design Changes to the PPO Plan Plan choice options (2 options) • PPO plan • High Deductible Health Plan

  5. Covered Preventative Care

  6. Health InsurancePPO Plan • Current plan with plan design changes • Addition of co-pays for primary care physicians, specialists, urgent care and emergency room • Plan pays 80% of covered and eligible services. After OOP is met, plan pays covered and eligible services at 100%

  7. Health InsurancePPO Plan Summary

  8. Health InsuranceHigh Deductible Health Plan • Higher deductible, lower premiums • Single deductible is applied to each member on the plan with total not to exceed family limit • Employee is responsible for 100% of medical and prescription costs until deductible is met • After deductible is met, plan pays covered services and prescription costs at 100% • You can use FSA dollars to pay for costs incurred with your HDHP

  9. Health InsuranceHigh Deductible Health Plan Summary

  10. Health InsurancePer Pay Rates

  11. Selecting Your Health Plan • Pick a plan design (PPO or HDHP) • Which plan design provides the coverage you and your family need? • What is the total plan cost? What is the member contribution? • Premiums + Deductible & Coinsurance = ? • Both plans include preventative care • Claims paid based on the network status (i.e. in or out of network)

  12. Dental Insurance • Provider Change – Delta Dental • LOWER PREMIUMS!!! • Choice between two plans • Low Option – cheaper basic plan • High Option – more expensive premium plan • Includes orthodontic coverage up to $1000 per person total per lifetime – no age limit • Both plans pay in full for 2 exams & cleanings

  13. Dental InsurancePer Pay Rates

  14. Vision InsuranceRenewal Information • Same provider • LOWER PREMIUMS!!!!

  15. Vision InsurancePer Pay Rates

  16. Identification Cards • Unified Group Services are issuing new ID cards for everyone who enrolls • Delta Dental is issuing new ID cards for everyone who enrolls • VSP does not issue ID cards

  17. Voluntary Life Insurance • NO INCREASE IN PREMIUMS!!! • Remember – You may experience a premium increase if you are now in a new age bracket. • Accidental Death & Dismemberment Insurance (AD&D), if elected, equals the employee Life amount, to a maximum of $500,000. AD&D provides 24-hour coverage and a benefit in the event of your loss of life, limb or eyesight as a direct result of an accident provided the loss occurs within 365 days of the accident.

  18. Employee Assistance Program New Provider Aha! Counseling 4847 E Virginia St Evansville, IN 47715 (812) 479-1242 • All Southwestern employees and their immediate family members are eligible to receive 4 free counseling sessions in addition to the initial assessment. • Completely confidential • To schedule an appointment, please contact the number above and be sure to let them know you are a Southwestern employee.

  19. Things to Remember… • You are required by law to report any additional insurance coverage including additional prescription coverage • Remember – maximum age for dependents varies based on the type of coverage: • Health insurance is age 26 • Dental insurance is age 24 • Vision insurance is age 23 if full-time student. If no longer a full-time student, the maximum age is 19. • Voluntary Life Insurance is age 25 if full-time student. If no longer a full-time student, the maximum age is 19. • If you are turning 65 between May 1, 2013 and April 30, 2014 or over the age of 65, please contact HR before completion of your benefit enrollment form

  20. Decisions You Need to Make • Enroll, change or terminate health, dental, vision, and voluntary life insurance coverage • Add or drop dependents • REMINDER: You may not make additional changes to these benefit plans until the next open enrollment date unless there is a qualifying event such as marriage/divorce, loss of employment, loss of other coverage, birth/adoption of a child.

  21. What does HR need from me? **Enrollment forms must be received by HR no later than Friday, April 19th. **Everyone MUST submit new forms this year, even if you are declining benefits

  22. QUESTIONS?

More Related