2016 Benefits Overview Thursday, October 15 - PowerPoint Presentation

Slide1

2016 Benefits

Overview

Thursday, October 15th & Saturday, October 17thSlide2

Agenda

Introduction

B

enjamin Amponsah, Aquinas College

Health Plan Changes

Len

Kogut

, Aquinas College

Introduction to

Acrisure

Shauna Erard,

Acrisure

Benefits Group

New Medical Plan Review

Kelly Lahr, Priority Health

FSA Overview

Wes Spencer, 44 NorthSlide3

Benefit Changes for 2016

Health Insurance – Change to HDHP (Vision included

)

Dental Insurance – No

Change

Other Insurances – No ChangeSlide4

Reasons to change health benefit plan

Increasing costs to the employee and college need to be controlled

.

Reduce annual maximum out of pocket expenditure

.

Move to a consumer driven health plan

.

Follow the insurance industry trend and the ACA

.

Maintains preventative coverage

.

Opportunity to review future incentives for behavioral changes.Slide5

Employee health contribution trend

Single

Double

Family

CY

2013

$

200

$

1,000

$

1,400

C

Y

2014

$

228

$

1,068

$

1,476

C

Y 2015 $ 480 $ 1,596 $ 2,064 CY 2016 $ 867 $ 2,409 $ 2,974 Slide6

HDHP Rates and HSA Contribution

HDHP

Rates

Single: Employee $ 360 and Employer $ 5,515

Double: Employee $ 1,356 and Employer $ 10,999

Family: Employee $ 1,764 and Employer $ 12,026

Annual HSA Contribution

Deposited

quarterly at beginning of the

period

Single

: $ 300

Double: $ 600

Family: $ 650Slide7

WHO IS ?

Headquartered in Caledonia, MI

Over

35 locations in 17

states

Over 1,000 employees

nationwide

The

Campbell Group began doing

business

Acrisure

was founded and acquired The Campbell Group

1960

2005

Restructured with an industry-leading

platform

16 employee benefit professionals

Entire

team is located in Caledonia, MI

Provide exceptional service to over 195 clients          WHO IS ?2011Slide8

PriorityHSASM Overview

Aquinas CollegeSlide9

Why HSA?

Easy win in today’s complex health care system:Save now:Lower monthly insurance premiumsHSA deposits aren’t taxed or are tax deductibleTypically lowers income tax liabilitySave for the future:The average retired couple will need $220,000 to

cover medical expenses not covered by Medicare in retirement*HSA funds roll over from year to yearTax-free interest earnedYou keep the money even if you changejobs or insurance plansComprehensive and easy investment optionsSame doctors, same network, same pricingSlide10

HSA basics

High Deductible Health Plan (HDHP)

+

Health Savings Account

(HSA)Slide11

The Deductible

Annual deductible for January 1, 2016 thru December 31, 2016$1,300 on a single policy (1 on contract) $2,600 on a

family policy (2+ on contract) Slide12

Plan Basics

All medical and prescription services apply toward the deductible until it’s metYou can use the money in your HSA to pay for these servicesException: Preventive CareSlide13

Preventive Care

Preventive care is covered at 100%Examples of preventive health services: Routine physical exams

Well child care ImmunizationsMammograms Routine maternity Let your physician know during your preventive exam that you are planning on this being your preventive visit and ask if he will be billing differentlyThe same with any labs that may be doneSlide14
Slide15

Once the deductible is met…

In-Network Benefit examples after deductible:90% coverage physician services90% coverage for hospital services

90% coverage emergency room90% coverage for advanced diagnostic imaging (PET, CT and MRI)Slide16

Out of Pocket Maximum

Annual out of pocket for January 1, 2016 thru December 31, 2016$2,000 on a single policy compared to $6350 on the Progressions plan$4000 on a family policy compared to $12,700 on the Progressions planSlide17

Defining the HSA

HSA through HealthEquity All funds owned and controlled by youFully portable: goes with you

when you terminate employment or retireTax-free savings for medical expensesWorks in conjunction with the HSA powered planSlide18

Convenient access with HealthEquity

Convenient accessDebit cardOnlineUsing our free mobile appBy telephoneUse your HealthEquity

account toCheck your balanceReview transactionsReview claims Submit new claims or documentsSend payments and reimbursementsAccess tax documentsSlide19

Easy HSA Set Up Process

HealthEquity will mail welcome materialsWelcome materials will include:HealthEquity Visa health account cardInstructions for accessing member portalContact information for member servicesTips for maximizing health savings with an HSASlide20

HSA Eligibility

To contribute to an HSA, you must meet these simple requirements:Covered under a qualified HDHP planYou cannot: Have dual health coverage - unless it’s another HDHP or it’s “permitted insurance” (dental, vision, AFLAC)

Be claimed as dependent on someone else’s tax return Be enrolled in MedicareBe enrolled in an FSA or HRA (limited accounts are ok)Slide21

Spouse Eligibility

If a spouse would like to open their own HSA bank account, they must also meet the eligibility criteria in the last slide. A spouse can be in an non-HDHP, as long as they are not the “owner” of the bank account.

The funds in the employee’s HSA bank account can be used for any qualified medical expense for anyone included on their IRS tax return. Slide22

HSA Eligibility

To contribute to an HSA, you cannot contribute to a traditional FSAYou can use a Limited Purpose FSA for: Post deductible expenses Eligible expenses not covered by the medical plan – for example dental and visionSlide23

Limited FSA

You may sign up for the Limited FSA plan being offered. The maximum amount is $2550.00 This amount does not apply to the HDHP deductible or out of pocket maximum. The FSA and HSA are totally separate.Slide24

Defining the HSA

HSA Contributions:Eligible individuals may contribute a maximum of $3,350 for self-only coverage and $6,750 for family coverage 2016

Additional “Catch up” contribution allowed for age 55+ is $1,000 Aquinas will be contributing $300 for single coverage, $600 for double coverage, and $650 for family coverage.Slide25

Defining the HSA

HSA Partial Year Contributions:You may make full year’s contribution into the HSA, even if you are eligible for only part of the year. If you make a contribution for the full year when you only had partial year HSA-eligibility, you must remain HSA-eligible through the last month of the following calendar year (December 2016) to avoid tax and penalty.

If you think you may not remain HSA-eligible for the required amount of time, you may choose to make a partial year contribution (maximum contribution divided by 12 months multiplied the number of months eligible) to avoid taxes and penalty.Slide26

How to contribute to your HSA

Make pre-tax contributions through payroll deductions

Change your payroll contributions at any time

Make post-tax contributions directly to

HealthEquity

online or by sending a check

Fully fund your HSA on day one

Make contributions anytime after your HSA is open

Can make contributions up until April 15th for the previous tax yearSlide27

HSA – “Tax Free Out”

What can I use my HSA dollars for? Any Sec. 213(d) medical, vision, dental, or Rx expenses*, long-term care premiums, COBRA, health care for those drawing unemployment, Medicare premiums (no Medigap), any health insurance if 65+ Employee

, spouse and dependent claims are eligible for reimbursement at any time after HSA is opened*As of 1/1/2011, only prescribed OTC drugs will be reimbursable with HSA dollarsSlide28

What tools can you use?

“Find a Doctor”“Approved Drug List”“Member Center”“Cost Estimator”“Virtual MD”Slide29
Slide30
Slide31

Vision Coverage

Vision coverage is outside of the HSA. Must use participating providers through EyeMed One eye exam every consecutive 24 months $10 copayLenses (two lenses) $15 copayFrames $40 allowance

Contact Lenses (in lieu of glass lenses and frames) $65 allowance. Limitations apply.Slide32

Questions?Slide33

What is an FSA?

Flexible Spending Account (Limited Purpose and Dependent Care)

TOOLs offered by Aquinas allowing employee pre-tax contribution to reimburse eligible expenses.Dental ExpensesVision Expenses (including Lasik surgery)Dependent Care (including licensed day care)Slide34

Effective January 1st, 2016- December 31

st, 2016Employees can set aside pre-tax funds to be reimbursed up to

$2,550 in approved dental and vision expenses.Employees can set aside pre-tax funds to be reimbursed up to $5,000 in eligible dependent care expenses.Must incur expenses during January 1st- December 31st, 2016.

Must submit evidence of expenses prior to March 30

th

, 2017.

Must Enroll Annually!

2016 Flexible Spending Details Slide35

MRA/FLEX Claim

Form

Debit Card for POSFill out and sign the Reimbursement Claim Form for expenses when debit card is not accepted.Make sure to keep/include evidence of your qualifying expense. - Dentist Bill / Receipt - Vision Bill / Receipt - Day Care Bills

Community Mental Health For Central Michigan

FSA Reimbursement Claims Slide36

Visit our website –

www.44n.com 2. Click on:

Client Portal (top right of the screen)This will route you to the options of accessing the Benefits Portal, Employee Navigator, or Secure MessagingChoose the Benefits Portal option which will lead you to the

FSA/HRA Benefit Account Portal

.

Sign in using your last name & last four digits of your social security number as your username. Your password is your last name along with your birth date.

Example: John Smith SS# 789-45-4321 Birth Date 01/02/70

Username: Smith4321 Password: Smith010270 (

Please note: logins are case sensitive)

Click on the corresponding tabs to view the following:

“Claims” and then “Claims History” / Select which member (dependents) & plan year to view claims

“Status” and then “Benefit Status” / To see election amounts, paid claims & balances

“Profile” / To view/change your profile, dependent information, username & password

“Resources” / To access the Plan Documents, Forms, Letters, & Reports

“Contact Us” / To access 44North email and contact information.

Step by Step Guide

Other resources and information are also available on our website. If you have any questions or would like assistance accessing your account, please call (855) 306-1099.

ONLINE FSA MANAGEMENT Slide37

Next Steps

Open Enrollment

November 9

th

– 20

th

, 2015

Electronic Enrollment

Benefits Guide with instructions