Description: The article below mainly mentions the popular topic on state employee salaries. It refers to the state employee benefits round table about open enrollment. You can see some information about the detailed plans which are related to the wellness that should be qualified for your needs.
Let’s start with the broad question, what do I need to know about open enrollment? There will be everything I would recommend, you go in and at least take a look at everything, you can stay informed all the information such as accepting the notchback OU’s agreement.
You have to do that every single year. There is your employee HSA contribution that changes every year, it goes back to zero and then also your spending accounts, it was always back to zero with an open enrollment.
A lot of people will get worried about it if they don’t go in reelect like the CDHP, what will happen? That does roll over, so if you’re currently on the cindy HP one anything, that will roll over, that’s for next year.
But our non tobacco use agreement will default to and also the HSA contribution, your portion will talk, even though the plans do roll over, I would encourage everybody to go into the open enrollment event.
Because it’s a great opportunity to review all of your contact information and make sure all the dependents that you want to cover are covered and that you’re not covering anybody that is ineligible for coverage.
So it’s a great time to review your record and make sure everything is exactly the way you want to be, so what dates and times are open enrollment, open online to November 9th, at 4 o’clock, Eastern Standard Time, so 4 o’clock in the afternoon, I’ve been told this is my first one that’s a change from the past.
That is correct, it typically closes at noon, you have a few more extra hours to go around, but it’s important not to wait, every year lots of people wait for the last minute and this is done, sometimes it gets slower, because so many people are in the system, so we encourage you to go early, complete your open enrollment, print out a benefit summary which talks about what coverage you elected.
So it’s your documentation to support what changes you made. I think that election summary is very important, every year we have individuals that call and say this is wrong, I’m not sure if this was submitted correctly, give me the cumulative.
But do you have your election summary and they say no and then that’s your documentation, that’s what you need to as proof of what you have at the elections that you’ve made what you’ve submitted.
So I think it’s so important, turn it off and put it in a file folder or if you can’t print, we do get that call frequently, if you can’t print it, you don’t have a printer at home, save it as a PDF on your desktop.
If you don’t know how to do that, we can walk you through that too, which plan should I choose depends on your situation, so what are some options? We have four plans, we have the Wellness which you need to qualify for and then we also have our CV hp1, the CDHP and then our traditional PPO plan as well.
So the big differences premiums out-of-pocket expenses your deductibles and a change, if you’ve earned silver status and you’ve become eligible for the wellness plan in 2017, then you’ll need to access your open enrollment event and actively select the wellness plan, because if you don’t, she will continue in the same plan you had before.
If you had an elective benefits before, then you won’t have it next year, so action does need to be taken for that, on the other side, if you did not qualify for the wellness and you approve Lee were covered by the wellness plan, you will automatically default to the CDHP one plan.
What does the CD h up1 plan? It’s the same exact plan design as the Wellness plan, however, it has a higher premium associated with it, you do not receive as high HSA contributions, we have a maximum exposure charge.
That is done every year and that is done with an HSA, so I highly recommend that you take a look at that information, I tell you what that maximum exposure chart every year we rely on that heavily to help people make decisions.
We can’t tell you what plan is going to be best for you, what we can do is to help you walk through calculating your expenses that you think you may have or may be known expenses.
If you have prescriptions that you take on a monthly basis, then you need to factor that cost in to the plan that you’re choosing so that maximum exposure Sharpe, the chart shows that you will pay out-of-pocket in a calendar year and that it takes account that you’re going to be in network providers and that you’ve accepted that on Faculty’s agreement.
So there are a couple of factors, they factors there that we can play with, but it should be the most that you’re going to pay out-of-pocket in that calendar year, you agree that probably their wellness and the CDHP, one is the most popular absol, because you have the lowest premiums, the highest deductibles and out-of-pocket maximums.
But you also get the highest contributions for your HSA from the state, so I think that’s probably the majority of employees, go left, but she has the traditional thinking that it had the best plan for them not thinking about how much you spend in premiums.
When you look at that maximum exposure chart, the PPO plan is the one that you spin them that no matter what kind of option unless you only have that plan for a couple of months.
We don’t decide to pick up early retiree insurance or Cobra, because you paid so much in premiums for that plan and tell me how I can change my HSA contribution, at any time, if you want to change it during open enrollment, you would do it.
Then any other time that you want to change it, you would call the benefits hotline and ask us, you do not need a fault line event to change that contribution, you can increase it or decrease it as many times as you’d like.
Throughout the year, that’s a maximum, so the big thing is that when we are talking about open enrollment, we have how much you can contribute on the employee side for 2017 and that’s the maximum that you can contribute for the year.
So those are some key things, when you’re taking a look at it, you’re putting in an annual amount, not the bi-weekly amount, there’s the state match HSA contributions, if you’re electing the HSA, you get the state’s contribution.
So you do not need to put in your own contribution to get the States, the biggest thing is to make sure you’ve elected it and on your first paycheck, you will receive a loved stuff, so they continue to put money.
But it’s a set amount, it’s not based on how much you bring it, it’s based on the plan that you collected on the medical plan, so correspond with that, we have a rate chart out on the invest in your health Indiana website that will list not only what the premiums are for each plan, but also what the HSA contributions are depending on the plan that you choose and the coverage level you chose as well similarly versus family.
That’s great and those contributions are only for the wellness plan high deductibles, the consumer is going public, you’re not eligible, what life insurance changes should I make or do I need to make during open enrollment?
I would review your beneficiaries and make sure that your beneficiaries for basic and supplemental life, because that is coverage that you have on you as the employee, so in the unfortunate circumstance that you were to pass away.
Then those beneficiaries would get those proceeds, so you need to review those and make sure that those are up to date and those are the people that you would like those to go to.
The other consideration is dependent life insurance, so that’s insurance coverage that you have upon your dependents, their spouse and child coverage and then stash child coverage.
It depends on the coverage level that you’d like, but it’s important to consider that as a option should have something, in your open enrollment event, you can only make certain changes, so you can drop or reduce your coverage for supplemental and basic life and even dependent life.
But you cannot increase your supplemental, they are elected for the first time, it’s the movement of our basic life, the only thing that you can add during open enrollment if you already have Facebook life, you can add child only dependent life insurance.
One final reminder open enrollment is October 19th through November 9th, at 4 o’clock, Eastern Standard Time Eastern Standard Time at 4 o’clock on the 9 p.m. , don’t worry with all these hints we gave you, you’re going to be fine, thanks.