2020-2021 Benefits Open Enrollment Staff, Fixed Term Faculty, - PowerPoint PPT Presentation

2020-2021 Benefits Open Enrollment Staff, Fixed Term Faculty, Medical Faculty & Post-Doctoral Research Fellows

Topics Overview Benefits Plan Changes Premium Cost-Sharing Tax Saving Plans: FSA & HSA Comparing Your Plan Options Additional Information

Overview When you choose your benefits each year, you’re making a major investment in your physical and financial wellbeing.

CMU Total Rewards Benefits Open Enrollment is part of your Total Compensation package. Total Compensation is the integration of the following programs: • Compensation (competitive pay, pay practices, etc.) • Benefits (medical, dental, vision, Rx, life insurance, disability, tuition benefit, paid time off) • Well-being (physical, emotional, financial support) • Retirement (qualified retirement plans with generous university contributions) 4

2020-21 Benefits Plan Changes PPO2 Medical Plan • Increase to the annual medical out-of-pocket maximum – – No change to the prescription out-of-pocket maximum ($2,000 single, $4,000 two-person/family) CURRENT 2020-21 Plan Year In-Network Out-Network In-Network Out-Network $2,000 $4,000 $3,000 $6,000 Single Single $4,000 $8,000 $6,000 $12,000 Family Family HSA-Advantage HDHP • Due to IRS guidelines, the annual medical deductible will increase – No change to the prescription out-of-pocket maximum ($2,000 single, $4,000 two-person/family) – CURRENT 2020-21 Plan Year In-Network Out-Network In-Network Out-Network $1,350 $2,700 $1,400 $2,800 Single Single $2,700 $5,400 $2,800 $5,600 Family Family Health Care Flexible Spending Account (FSA) • – Increase to IRS Health Care FSA contribution limit: $2,750 ($50 increase) Dependent Care FSA contribution limit remains unchanged – 5

Medical / Prescription Monthly & Annual Costs Comparing Medical / Prescription Plan Options Medical / Prescription Plan Options PPO2 PPO1 HSA-Advantage HDHP 97.5% CMU 90.8% CMU 78.9% CMU Premium Cost Share 2.5% Employee 9.2% Employee 21.1% Employee Employee Single $13.96 $ 55.68 $145.87 MONTHLY 2-Person $28.78 $115.26 $301.96 Cost Share Family $35.20 $140.87 $369.06 Single $17.04 University ANNUAL 2-Person $99.60 Not Available Not Available HSA Contribution Family $112.08 Benefit Summary: In-network benefits Medical Network BCBS BCBS BCBS Prescription Network BCBS CVS Caremark CVS Caremark Preventive care $0 (plan pays 100%) $0 (plan pays 100%) $0 (plan pays 100%) $ 1,400 member $500 member $200 member Annual deductible (7/1-6/30) $2,800 family** $1,000 family $400 family Coinsurance None 20% after deductible None Office visit (primary, specialist, $0 after deductible $30 copay $20 copay chiropractic) Urgent care visit $0 after deductible $30 copay $20 copay Emergency room visit $0 after deductible $100 copay $100 copay 10%/20%/30% Prescription 10%/20%/30% 10%/20%/30% after deductible Annual out-of-pocket maximum $3,400 member $5,000 member $2,800 member (medical & prescription combined ) $6,800 family $10,000 family $5,600 family **The full family deductible must be met under a two-person or family contract before benefits are paid for any person on the contract. This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.

Dental Monthly & Annual Costs Comparing Dental Plan Options (Staff, Fixed Term Faculty, Medical Faculty, Post Docs) Core Plan Buy-up Plan Dental Plan Options 82% CMU 47.5% CMU Premium Cost Share 18% Employee 52.5% Employee $ 6.10 $30.43 Single Employee 2-Person $12.57 $62.70 Monthly Cost Share Family $15.68 $79.97 Benefit Summary: In-network Benefits (No changes) Single Annual $50 deductible 2-Person $100 None $150 (7/1-6/30) Family Maximum annual benefit $1,000 per person $1,500 per person (7/1-6/30) Class 1 : Preventive Services 100% (no deductible) 100% Class 2 : Basic Services 50% after deductible 75% Class 3 : Major Services 50% after deductible 50% 50% Class 4 : Orthodontic Service None $2,000 lifetime maximum (children 19 years or younger) per person This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.

Vision Monthly & Annual Costs Comparing Vision Plan Options (Staff, Fixed Term Faculty Lecture II/III, Non-Represented Fixed Term Faculty, Medical Faculty, Regular Faculty) Standard Plan Premium Plan Vision Plan Options Premium Cost Share 0% CMU 0% CMU (No changes) 100% Employee 100% Employee $ 6.40 $ 9.97 Single Employee 2-Person Monthly $12.82 $19.96 Cost Share Family $20.62 $32.12 Benefit Summary: In-network Benefits (No changes) Well Vision Exam $20 copay $0 Copay Frame Allowance (Allowance $120 or $170 for featured $175 or $225 for featured or contacts OR frames) brands brands $20 copay for single vision, $20 copay for single vision, Lenses lined bifocal/trifocal, lined bifocal/trifocal, standard progressives standard progressives Contacts (Allowance on $120 $175 contacts OR frames) This benefit summary is intended for use only as a source of reference. Official benefits, conditions, exclusions, and limitations are documented in the certificate and amendments.

Knowing what you need from your benefits coverage will help you make the best choices for you and your family’s health and wellness, both now and in the future! The following information is designed to provide details on the benefits options available to you along with additional resources to support your decision-making process. 9

Preventive Care Preventive Care services covered without cost-share All members: Preventive care visits for adults • Well-woman visits • Well-child visits • All routine immunizations • Appropriate age/gender screenings: Cervical cancer screening for women • Mammograms (film and digital, includes 3D) • Osteoporosis screening • Prostate cancer men • Cholesterol and lipid disorders screening • Diabetes screening • 10

Must Pay – May Pay Exhibit Total Out-of-Pocket Risk - Employee Only Coverage Total out-of-pocket risk when maximum deductible, copays, coinsurance for covered medical and prescriptions is reached. HSA–ADVANTAGE HDHP *Annual CMU HSA Total: $3,567.64* Contribution Amount: $ 167.64 $1,400 $3,400 Employee Only Coverage $17.09 PPO 2 Total: $5,668.16 $668.16 $500 $5,000 Employee Only Coverage

Must Pay – May Pay Exhibit Total Out-of-Pocket Risk – Family Coverage Total out-of-pocket risk when maximum deductible, copays, coinsurance for covered medical and prescriptions is reached. HSA–ADVANTAGE HDHP *Annual CMU HSA Total: $7,222.52* Contribution Amount: $422.52 $2,800 $6,800 Family Coverage $112.13 PPO 2 Total: $11,690.44 $1,000 $1,690.44 $10,000 Family Coverage

HSA-Advantage HDHP vs. PPO2 Scenario 1: Single coverage with $2,000 in medical expenses HSA-Advantage Annual Costs PPO2 HDHP $ 167.64 $ 668.16 MUST PAY Your Annual Payroll Contribution Your estimated out-of-pocket $ 1,400.00 $ 800.00 MAY PAY cost (deductible/co-insurance) Estimated annual out-of- $ 1,567.64 $ 1,468.16 Total MUST PAY/MAY Pay pocket cost CMU HSA Contributions $ 17.09 $ 0 Tax-saving Opportunity Employee HSA Contributions $ 3,532.91 $ 0 Tax-saving Opportunity Balance in HSA after paying $ 2,150.00 $ 0 Investment Opportunity out-of-pocket expenses 13

HSA-Advantage HDHP vs. PPO2 Scenario 2: Family coverage with $4,000 in medical expenses HSA-Advantage Annual Costs PPO2 HDHP $ 422.52 $ 1,690.44 MUST PAY Your Annual Payroll Contribution Your estimated out-of-pocket $ 2,800.00 $ 1,600.00 MAY PAY cost (deductible/co-insurance) Estimated annual out-of- $ 3,222.52 $ 3,290.44 Total MUST PAY/MAY Pay pocket cost CMU HSA Contributions $ 112.13 $ 0 Tax-saving Opportunity Employee HSA Contributions $ 6,987.87 $ 0 Tax-saving Opportunity Balance in HSA after paying $ 4,300.00 $ 0 Investment Opportunity out-of-pocket expenses 14

Tax-Savings Options Must be elected every Health Savings OPEN ENROLLMENT Health Care FSA Account (HSA) • General Purpose • Linked to HDHP • Limited Purpose • Triple Tax Savings Dependent Care FSA • Child-care expenses • Elder-care expenses

Health Savings Accounts (HSA) How YOU can WIN with an HSA - video Key Features • Triple tax advantage (contributions, distributions, investment earnings) • Money rolls over from year to year HSA money is yours to keep! • IRS Eligibility Rules • Must be enrolled in a qualifying High Deductible Health Plan (HDHP) • Can’t be covered by another non-HDHP medical plan • Can’t be enrolled in Medicare Part A and/or B or TRICARE • Can't be eligible for VA medical benefits and have received medical benefits from the VA within the last 3 months • Can't be claimed as a dependent on another person’s tax return (other than your spouse) • You and/or your spouse can't be enrolled in a GENERAL PURPOSE (or traditional) Health Flexible Spending Account (FSA) or Health Reimbursement Account (HRA)