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2017 Open Enrollment Presentation

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Presentation on theme: "2017 Open Enrollment Presentation"— Presentation transcript:

1 2017 Open Enrollment Presentation
October 25, 2016 Change date and year

2

3 Benefit Program “Guiding Principles”
To promote the physical, behavioral, and spiritual health of our faculty, staff and their families by offering competitive benefits. To provide an appropriate level of choice to meet different life stage needs at a reasonable cost for the College, its faculty and staff. To ensure the sustainability of our benefit programs by managing the cost of our benefit plans in a fiscally responsible way. To communicate the College’s benefits effectively, so that faculty and staff understand the value of the benefits that we provide. Changed to match the Enrollment Brochure

4 Multi-Year Initiatives
Bring contributions in-line with higher education benchmarks (2017 is year 4 of a multi-year plan). Implement plan design changes that are competitive, provide choice and manage cost. Expanded wellness programs & initiatives. Identify opportunities to reduce overall cost. Continue communications efforts. Annually to adjust employer contributions by 2% of the lowest cost traditional HMO plan (but NOT for 2017). Changed. I want to leave the 2% in there as a marker for what we might do in future years

5 Holy Cross’ plans are very competitive when compared to peers…
Educational Institutions Benchmarked Amherst College Massachusetts Institute of Technology Babson College Mount Holyoke Bentley University Mount Ida College Berklee College of Music Northeastern University Boston College Simmons College Boston University Stonehill College Brandeis University Suffolk University Cambridge College Tufts University Clark University Wellesley College Emerson College Wentworth Institute of Technology Gordon College Western New England University Hampshire College Wheaton College Harvard University Williams College Merrimack College Worcester Polytechnic Institute We may not need to list all colleges – could be just first rank of peers

6 How do we stack up? These are 2016 rates compared with 2016 benchmarks. Buy Up Core Value UPDATE Holy Cross employee contributions are very competitive!

7 How do we stack up? These are 2016 rates compared with 2016 benchmarks. Buy Up Core Value UPDATE Holy Cross employee contributions are very competitive!

8 How do we stack up? These are 2016 rates compared with 2016 benchmarks. Buy Up Core Value UPDATE Holy Cross employee contributions are very competitive!

9 How do we stack up? These are 2016 rates compared with 2016 benchmarks. Buy Up Core Value Holy Cross employee contributions are very competitive!

10 What’s New For 2017… 4 Tier Medical and Dental rate structure to meet the different life stage needs of our faculty and staff. 60% of all employees in the Medical Plans will see their costs go down! Modest medical copay changes to mitigate premium increases. Increased dental calendar year maximum benefit to $2,000. New Employee Assistance Program (EAP) vendor, KGA, Inc.

11 2017 Copay Changes are indicated in Red Font
2017 Plan Options Best Value Plan College Contributes into HSA: $500 Individual / $1,000 Family (all tiers) 2017 Copay Changes are indicated in Red Font New plan design changes * MERP Reimburses: $125 Inpatient and $50 Outpatient This is a brief summary of benefits. If there are any discrepancies between this and the Fallon/HPHC certificate, the Fallon/ HPHC certificates will always take precedence.

12 2017 Medical Costs by Plan You Pay Value Core Buy Up New rates

13 2017 Employee Premium Contributions
Best Value New rates

14 Facts about the 2017 Best Value Fallon High Deductible Plans
These plans provide a great opportunity for you to save money… Employee premium contributions are much lower. Upfront College HSA contribution of $500 per individual or $1,000 per family (all tiers). HSA is a Tax-Free benefit; it is your money that carries over into next year; no “Use it or Lose it”. A great option for employees (and family members) looking to maximize tax advantaged savings opportunities. Direct HMO Select HMO $86.67 $181.42 $182.02 $381.00 $156.01 $326.55 $262.62 $549.71 Direct HDHP Select HDHP $19.43 $101.28 $40.81 $212.69 $34.98 $182.31 $58.88 $306.88 Monthly Savings: $67.24 $80.14 $141.21 $168.31 $121.03 $144.24 $203.74 $242.83 Annual Contribution Savings: (Assumes deposited into HSA) $806.88 $961.68 $1,694.52 $2,019.72 $1,452.36 $1,730.88 $2,444.88 $2,913.96 College Contribution to HSA: $500 $1,000 INDIVIDUAL EMPLOYEE, SPOUSE, & CHILD(REN) Traditional HMO Plans 2017 Monthly Contribution EMPLOYEE & SPOUSE EMPLOYEE & CHILD(REN) $3,914 Best Value Fallon High Deductible Total Contribution Savings + College Contribution into HSA: $1,307 $1,462 $3,445 $2,695 $3,020 $2,452 $2,731 New calculations to include 4 tier (may need 2 slides)

15 Health Plan Offerings 2017 (Plan Comparison)
“Best Value” Fallon High Deductible Health Plan w/ HSA Lowest Traditional HMO (Limited Network) Moderate & High Traditional HMO (Broader Network) Fallon Direct (Lowest Cost) Fallon Select (Low Cost) Fallon Select & Harvard Pilgrim Benefits: Option of either limited or broad network $1,500 individual & $3,000 family deductible Much lower employee contributions vs. traditional offerings Tax advantaged Health Savings Account HSA College contributes to HSA in January: $500/ Single; $1,000/ Family (all tiers) Limited network No deductibles Low contributions Moderate copays College reimburses a portion of Inpatient & Outpatient Surgery copayments (MERP) Broadest network Highest contributions (Harvard); Moderate contributions (Fallon) Who would this plan appeal to? Those interested in saving money People that are looking to maximize tax advantaged savings opportunities – you can contribute up to $3,400 /S & $6,750/F / year Employee, Spouse, and Child(ren), much lower employee contributions with enough savings between employee contributions and HSA College contribution to more than pay for the deductible. OK with limited provider network Do not want to track claims Not willing to pay more for provider choice High utilizers of health care & prescription drugs Need access to broader provider network Willing to pay much more for provider access Contributions: $ ( “Best Value”) $$ (Lower Cost) $$$/$$$$ (Moderate/Highest Cost)

16 Want to Reduce Your Per Pay Period Contributions?
Consider These Ways to Save $$ Evaluate the New Rate Tier Structure: Our new Employee & Spouse and Employee & Child(ren) option may offer your family the opportunity to save money. Consider the Network Options: Move from the Fallon Select plans to the Fallon Direct plans and the Harvard Pilgrim plan to Fallon plans. Be an Educated Consumer: Switch to one of the Best Value Fallon High Deductible Health Plans. (Particularly true, if you are currently enrolled in full family coverage)

17 Employee Assistance Program (EAP)
Our new vendor is KGA, Inc., the local leader in providing employment support and services! Services Behavioral and Mental Health Consulting Financial Consultation Parenting Resources Career Assessment Crisis Response Work-Life Balance Research and Referrals Legal Assistance Eldercare Resources Nutrition Consultation Manager Consultations Need to Know KGA services are confidential! KGA does not share with the College who has called or what they called about. KGA counselors are licensed, skilled professionals. Family Members are eligible and encouraged to use this resources as well! KGA will be an active participant in the Worksite Wellness programming. Access to expanded and improved resources and tools for Faculty and Staff. How do you Contact the EAP? Toll Free: Website: Special Note: KGA services will begin 1/1/2017. Contact E4 Health at for any services prior to that date.

18 Things to Remember… Consider new rate tier structure and plan options available to meet your specific individual or family needs. New ID Cards for those who are enrolled in the Traditional plans If you have made a change in plan, you will also receive new ID cards. Visit Benergy for Benefit details and additional information User ID: HCemployee Password: HCbenefits If on a Traditional HMO, submit your MERP claims for any Inpatient and/ or Outpatient Hospital Copays that you have paid. Send to Sullivan Benefits a completed MERP claim form and a copy of your Explanation of Benefits from either Fallon or Harvard indicating that you have incurred an inpatient and/or outpatient service and a copayment applies. If enrolled in the FSA, submit claims for reimbursement “Use it or Lose it” You have until March 15th to incur claims & until April 30th to submit for reimbursement.

19 Next Steps… Do you Want to Save $$??
Sign-Up For a Seminar on the Best Value plans… (Fallon High Deductible Health Plan(s) with HSA) DATES & LOCATIONS TO FOLLOW


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