2013 Employee Benefits Presentation Annual Enrollment Plan Year: January 1, 2013 – December 31, 2013
Our insurance plans are designed to help you attain the health and dental services you need on a regular basis as well as to protect you against a catastrophic financial loss in the event of a serious health condition, disability or death. They represent a significant part of the total compensation package you have with Hoffman & Hoffman, Inc. Please review the employee benefits package carefully, and don’t hesitate to ask questions.
Overview • Introduction • Medical Plan • Payroll Deductions • Medical Benefits/Features • Claims Examples • HSA’s • Other Benefits • Consult-A-Doctor • Health Advocate • Dental • Life • Disability • Flexible Spending • Things to Remember • What’s Next
Introductions – H&H & Senn Dunn Three ways to get help when you need it: Human Resources Senn Dunn Insurance HealthAdvocate (24/7 - starting 1/1/2013) Teresa Long Account Manager Direct: 336-544-6829 email@example.com
Annual Open Enrollment • Benefits start over January 1, 2013 • This is the time of year to make changes • Everyone enrolled in either Medical plan and/or either Dental plan, will get new ID Cards • If your change requires any additional information, HR will let you know.
Medical Plan Benefits *On HSA Plan, Family Deductible is Non-Embedded.
Health Savings Account • Who can have an HSA? • Who contributes to my HSA? • How much can I contribute? • How is an HSA like an FSA? How is it different? • Are their fees associated with an HSA? Hoffman & Hoffman, Inc. will contribute $600/yr
Employee Only Coverage Fairly healthy individual whose only medical care for the year was a preventive exam with a primary care physician $750 annual exam TOTAL Cost = $750 Claims Example: Preventive Exam Could have saved $375.60 and still have $600 in HSA Account
Employee Only Coverage Overall healthy individual with a couple sick care office visits and prescriptions throughout the year (e.g., sinus infection, strep throat) $160 annually in office visits Estimated 2 office visits (not preventive) at contracted rate of $80 each $45 annually in Rx Estimated 3 generic medications at $15 each TOTAL Cost= $205 Claims Example: Common Illness Could have saved $437.60 and still have $395 in HSA Account
Family Coverage Overall healthy family with a few sick care office visits and prescriptions throughout the year (e.g., sinus infection, strep throat) $480 annually in office visits Estimated 6 office visits (not preventive) at contracted rate of $80 each $270 annually for Rx Estimated 6 generic medications at $15 each Estimated 3 preferred brand name medications at $60 each TOTAL Cost = $750 Claims Example: Common Illness Could have saved $3,767.64
Claims Example: Chronic Condition Employee Only Coverage • Chronic condition such as high blood pressure or diabetes that requires several office visits and medications throughout the year • $1360 annually for office visits • Estimated 8 office visits (2 PCP average $80 each & 6 specialist average $200 each • $4080 annually for Rx • Estimated 4 monthly preferred brand average $60 each & 1 monthly non-preferred brand average $100 each TOTAL Cost = $5,440 Could have saved $657.60
Claims Example: Chronic Condition Family Coverage • Chronic condition such as high blood pressure or diabetes that requires several office visits and medications throughout the year • $2,720 annually for office visits • Estimated 16 office visits (4 PCP, average $80 each & 12 SPC average $200 each • $8,160 annually for Rx • Estimated 8 monthly preferred brand average $60 each & 2 monthly Non-preferred brand average $100 each TOTAL Cost = $10,880 Could have saved $3,632.64
Which plan is right for me? • Consider general health, family history, and historical utilization • Consider your monthly prescription costs
Other Benefits • Consult-A-Doctor • Health Advocate ** New Benefit • Voluntary Dental – now Reliance Standard, small increase • Life/Disability – now Reliance Standard, Open Enrollment • Rates will only change if you make a change or move to the next Age Bracket • FSA – now Stanley Benefits – Lower Healthcare max ($2,500) • Health Care FSA (cannot be used with HSA Plan) • Dependent Care FSA (can be used with BOTH plans!)
Consult-A-Doctor Available to those enrolled on either of the 2 medical plans • 24/7 telephonic access to physicians at no cost to you • Available to all employees, enrolled in medical or not • Can cover 5 dependents • When to use: • For non-emergent, common conditions • When you can’t miss work • After hours or on weekends • When you are traveling • When you need a prescription or refill • REGISTER ASAP IF YOU HAVENT ALREADY: then its ready when you need it
Health Advocate Available to those enrolled on either of the 2 medical plans
Supplemental Life** now Reliance Standard This is a trueopen enrollment period for the Supplement Life: You may elect up to $100,000 on yourself or increase the Vol Life you already have on yourself up to $100,000 with no questions. You may also now elect Spousal Life up to $20,000 and Child Life of $10,000 with no questions.
This is a true open enrollment period for Voluntary Short-Term Disability Voluntary Short-Term Disability** new benefit Reliance Standard
This is a true open enrollment period for Voluntary Long-Term Disability Voluntary Long-Term Disability** now Reliance Standard
Flexible Spending Accounts** now Stanley Benefits A flexible spending account (FSA) allows you to set aside pre-tax dollars for out-of-pocket medical, dental, vision and dependent care expenses We are talking about money you are already spending, so let’s avoid some taxes!! • Dependent Care FSA • Maximum – $5,000 • Funds are only available as they are taken out of your paycheck • Everyone is eligible to participate
Flexible Spending Accounts** now Stanley Benefits • Health Care FSA • Maximum – $2,500 • Full amount is available at the beginning of the plan year • “Use It or Lose It” Rule • Debit Card – gives you immediate access to your spending account without paying out of pocket and waiting for reimbursement • Card will track receipts but always good idea to keep your receipts anyway Lower 2013 Max
Flexible Spending AccountsStanley Benefits Health Care FSA: You are eligible if you enroll in the Traditional Plan or waive coverage • Eligible expenses include: • Doctor office visit co-pays • Prescription drug co-pays • Dental services • Orthodontia • Eye glasses • Contacts and lens solution • Eye surgery
Personalized Enrollment Form Everyone will receive a Personalized Open Enrollment Form which will be pre-filled with your current 2012 elections All you will need to do is check “Keep my election the same” under each benefit, medical, dental, etc, or check the box to “Change my Election” and indicate the coverage you wish to have for 2013. These forms must be turned in by Friday, December 7th! H&H employees turn in to Amanda Harton. HBT employees turn in to Christine Flowe.
Deadline: 12/7/12 Things to remember: • Everyone must turn in their personalized Open Enrollment Form by Friday, December 7th. (H&H to Amanda and HBT to Christine) • If moving to HSA Plan, you should open an HSA bank account so that you can contribute but also receive the Hoffman & Hoffman, Inc. monthly contribution. See Amanda or Christine for details. • If you are on the Traditional plan, utilize FSA through Stanley Benefits • Everyone must turn in a 401(k) election form by Friday, December 14th. • This has been a summary overview of employee benefits provided/offered by Hoffman & Hoffman, Inc. – See Plan Documents for details • Call Senn Dunn if you have any questions 800-598-7161, Teresa Long • Questions ???????