BENEFITS OVERVIEW

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BENEFITS OVERVIEW

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Four tier Prescription Plan benefits through Walgreens Health Initiatives (WHI) ... pharmacies include: Publix, CVS, Walgreens, Costco, Wal-Mart, Target, etc. ... – PowerPoint PPT presentation

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Title: BENEFITS OVERVIEW


1
BENEFITS OVERVIEW
  • Benefits for Educated Consumers

2
BENEFITSPlan Year April 1 March 31
  • TAX SAVINGS PROGRAM Elected premiums will be
    sheltered on a before-tax basis under Section 125
    of the IRS Tax Code
  • You have thirty-one (31) days from your hire date
    to elect these pre-tax benefits (excludes 403b)
    or you must wait until open enrollment
  • Open Enrollment is once a year in February. You
    can make changes to your pre-tax benefits for the
    following year effective April 1st.
  • Coverage is locked for benefit plan year
    (April-March) unless there is a qualified status
    change. You must make changes to benefits within
    thirty-one (31) days of the status change. See
    Changing Coverage during the year on the Benefits
    Webpage.
  • ELIGIBLE DEPENDENTS Include your spouse,
    domestic partner, dependent child(ren), and
    domestic partner dependent child(ren)

3
FORMS EFFECTIVE DATES
  • NEW HIRE TAX SAVINGS PROGRAM ELECTION FORM
  • ANY APPLICABLE ENROLLMENT FORMS

College Sponsored Benefits Health- effective
date of hire Dental-1st of the month after date
of hire Voluntary Benefit Plans Lincoln
Voluntary Life Insurance- effective immediately
for GI Amounts American Heritage Cancer
Insurance- determined by insurance
company American Heritage Heart Care Insurance- -
determined by insurance company 20/20 Eye Care
Plan Vision- 1st of the month after date of
hire CNA Long Term Care Insurance- determined by
insurance company
4
ICUBA
  • Independent Colleges and Universities Benefits
    Association (ICUBA)
  • Better Benefits Through Collaboration
  • 6400 Employees from 11 ICUF Schools
  • Barry University
  • Beacon College
  • Clearwater Christian College
  • Edward Waters College
  • Florida Institute of Technology
  • Florida Memorial University
  • Nova Southeastern University
  • Palm Beach Atlantic University
  • Rollins College
  • Saint Leo University
  • The University of Tampa
  • 501(c) 9 corporation to purchase benefits for
    members
  • MEWA-multiple employer welfare association
  • Pool purchasing power to reduce admin fees,
    commissions, premium taxes and high margins of
    insurance company fees

5
ICUBA HEALTH INSURANCE
  • Four BlueCross BlueShield (BCBS) of FL PPOs for
    medical benefits
  • No primary care physician required and no
    referrals to specialists
  • In and out of network coverage available
  • Pre-authorization required on certain services
  • Four tier Prescription Plan benefits through
    Walgreens Health Initiatives (WHI)
  • If declining insurance now- can enroll later
    within 31 days of a loss of coverage/status
    change or during annual open enrollment
  • Pre-existing conditions- need proof of a year of
    prior coverage with no more than a 63 day break
    to waive the 1 year pre-existing clause

6
Four PPO Health Plans
  • Risk/Reward Blue Options PPO
  • Risk/Reward Blue Choice PPO
  • PPO 70 (Blue Choice)
  • PPO 80 (Blue Choice)
  • Health Insurance Premiums
  • College currently subsidizes 63 of the total
    premium for employee and eligible dependents
  • All plans have college funded Health
    Reimbursement Account (HRA)

7
ICUBA Health Insurance Plan Design
  • Differences
  • Co-pays- small amounts you pay for services, (ie.
    Rx, ER)
  • Deductibles- larger amounts you pay for services
    outside of office visits, prescriptions, ER
  • Coinsurance- cost sharing between you and the
    ICUBA plan
  • Annual Out of Pocket Max the most you will
    pay out of pocket during the plan year (excludes
    copays)
  • HRA Amounts -monthly contribution to your debit
    card account funded by the College
  • Provider Network - Blue Choice (3 plans) vs.
    Blue Options (1 plan)
  • All four plans have same
  • Prescription drug benefits
  • Annual wellness benefit 100
  • Enhanced wellness benefits 100
  • Plan rules coverage
  • BCBS FL website access
  • 24/7 health info nurse line
  • Blueprint for Health resources
  • BlueComplements discounts
  • Better You From Blue worksite wellness programs
  • ER Urgent Care

8

Risk/Reward Blue Options vs. Risk/Reward Blue
Choice
  • Risk/Reward Blue Options has
  • Same plan design (deductibles maximums)
  • Same HRA contribution
  • Lower premiums
  • Different provider network called NetworkBlue
  • Providers rewarded for quality care
  • Financial Incentives for following best in class
    guidelines
  • comprehensive support services including
    quarterly personalized health record and an
    awards incentive program

8
9
BCBS Health Plan Providers
  • To verify if a Provider is in either network
  • access the provider directory at www.bcbsfl.com
    and/or
  • call customer service at 800-664-5295
  • 2 ways to search online
  • Choose BlueOptions(Network Blue) or BlueChoice
    (Preferred Patient Care PPO) from the pull down
    Plan box
  • Choose All Plans from the pull down box and see
    if the doctor has NetworkBlue or Preferred
    Patient Care PPO in their participating Networks
    list

9
10
In Network- Plan Comparison
11
In Network- Plan Comparison
12
In Network Deductibles/Max with annual HRA
13
BCBS Tools/Resources
  • Blueprint for Health
  • MyBlueServiceSM Online
  • Health assessments
  • Lifestyle Management Programs (smoking, weight,
    eating, stress, back pain)
  • Educational resources
  • Claims history
  • Provider look up
  • More!
  • Health Dialogue 24 Health Coach Line (nurses,
    therapists, dieticians, etc.)
  • 1-877-789-2583, day or night, 365 days a year
  • Healthy Additions Pregnancy Program
  • BlueComplements SM
  • Complementary Alternative Medicine Program
    Health Alternatives
  • Laser Vision Correction
  • Enhanced Vision Care
  • Contact Lens Mail Order

14
Pharmacy Benefit Manager (PBM)
  • Pharmacy Benefit Manager
  • Walgreens Health Initiatives (WHI)
  • 24/7 Customer Service
  • Separate ID card for pharmacy benefits
  • Preferred Medication List is available at
    www.mywhi.com
  • Four Tier Copay Structure

15
2008 Prescription Drug Copays

-Brand with Generic Available Penalty Copay
PLUS the difference between the cost of the brand
the generic drug not to exceed the cost of the
brand drug -Refer to your Preferred Medication
List to determine the actual copays for your
medications
15
16
WHI Pharmacy Networks
  • WHI Retail Pharmacy Network
  • Consists of over 62,000 chain and independent
    pharmacies nationwide
  • Participating pharmacies include Publix, CVS,
    Walgreens, Costco, Wal-Mart, Target, etc.
  • WHI Advantage90Retail Network
  • Consists of over 39,000 chain and independent
    pharmacies nationwide including Albertsons, CVS,
    Kmart , Medicine Shoppe, Publix, Sam's Club,
    Target , Walgreens , Wal-Mart , Winn-Dixie
  • 90-day maintenance medications
  • WHI Mail Service Pharmacy
  • Mail Service Pharmacy located in Orlando, Florida
  • Currently filling more than 9 million
    prescriptions per year
  • Capacity to dispense more than 22 million
    prescriptions per year

17
HEALTH REIMBURSEMENT ACCOUNTS (HRA)
  • US Dept. of Treasury July 2002
  • College contributions in addition to 63 of
    premium
  • Can be used only by family members on the ICUBA
    medical plan
  • Two methods of reimbursement Mastercard Debit
    or paper reimbursement (within 1 year from date
    of service)
  • Keep receipts, Explanations of Benefit (EOB), etc
    for verification of medical expense
  • Unused money rolls over indefinitely in a secure
    trust fund
  • while employed and on a health plan with HRA
  • ICUBA Administrator for Flex HRA -
  • P.O. Box 616927
  • Orlando, FL 32861-6927
  • Phone 407-354-4997 or 866-377-5102
  • Fax 866-377-5180
  • benefitsadministration_at_icuba.org
  • Check balance online at www.repayme.com

18
Health Reimbursement Accounts (HRA)
  • Eligible Expenses (full listing in Plan
    Document)
  • out of pocket medical services (ie. medical,
    dental, vision)
  • Over the counter drugs
  • COBRA,long term care, retiree health premiums
  • Non-eligible expenses
  • life, long term disability, any other pre-tax
    premiums
  • non-medical expenses, cosmetic or other not
    medically necessary
  • dependents that are not enrolled in the ICUBA
    plan

19
Health Reimbursement Accounts (HRA)
  • Money earns interest at the FL Dept of Financial
    Services rate on a quarterly basis
  • HRA is never taxed
  • HRA can never be converted to cash
  • Portable with 36 months continuous participation
  • (monthly administrative fee applies if no longer
    employed)
  • If you drop health/HRA plan without 36
    mthsforfeit
  • Leave employment without 36 mthsforfeit
  • HRA available end of each month you participate
    in high deductible plan
  • 1st of the month after hire for new hires and
    last full month for exits

20
HRA Monthly Funding Schedule
21
AETNA DENTAL INSURANCE
  • Three plans to chose from
  • DMO Plan Network Providers only
  • PPO Plan In Network or Out of Network Providers
  • Indemnity Plan - Any dentist
  • www.aetna.com/docfind
  • Member Services-877-238-6200

22
Aetna Dental DMO Plan
  • Primary care dentist selection required
  • Change dentist by 15th of month effective 1st
    the following month
  • 5 office visit copayment per visit
  • Member pays copayments for all services
  • Specialty referral required (except
    orthodontists)
  • Orthodontia covered for adults and children
  • Members receive ID cards with provider designated
  • No deductibles, maximums or claims forms
  • Internet access to provider information
  • In Network Coverage only
  • Pre-Determination for anything over 300.00
  • One time emergency authorization available

23
Aetna Dental PPO Max Plan
  • Go to a dentist in or out of network- different
    benefit levels
  • Use Participating PPO Dentist - No Balance
    Billing
  • Claims are paid based on fee-scheduled amounts
    for the Central Florida area
  • Non-PPO Dentist can charge above fee-schedule
    member can be balanced billed
  • Lowest out of pocket costs when using PPO Dentists

24
Aetna Dental PPO Max Plan
  • Annual Deductible
  • Individual
    50

  • Family 150
  • Preventive Services
    100 of fee schedule
  • Basic Services
    80 of fee schedule
  • Major Services
    50 of fee schedule
  • Annual Benefit Maximum 1000
  • Orthodontia for adults and children 50
  • Orthodontia Lifetime maximum 1000
  • No deductible for orthodontia
  • Deductible applies to Basic Major services
    only
  • -Non network claims paid at the fee-scheduled
    amount

25
Aetna Dental PPO Max Examples
  • Important Information
  • Fee Schedule is based on Contracted Rates with
    PPO Dentists NOT Reasonable and Customary Charges
  • Example
  • John goes to a participating dentist for a
    crown
  • Scheduled PPO Amount for Procedure 2750 (crown)
    551
  • Assume Deductible Has Been Met
  • Plan pays 50 of Maximum PPO Allowance
    275.50
  • Member pays 275.50

26
Aetna Dental PPO Max Examples
  • Important Information
  • Fee Schedule is based on Contracted Rates with
    PPO Dentists NOT Reasonable and Customary Charges
  • Example
  • John goes to a non-participating dentist for a
    crown
  • Scheduled PPO Amount for Procedure 2750 (crown)
    551
  • Non-participating dentist charges
    700
  • Assume Deductible Has Been Met
  • Plan pays 50 of Maximum PPO Allowance
    275.50
  • Member pays 700.00(Dentist Charge)-275.50(Maxi
    mum PPO Allowance) 424.50

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Aetna Dental Indemnity Plan
  • Go To Any Dentist
  • Plan pays at Reasonable Customary (80th
    Percentile)
  • Deductible 75.00/150 Family
  • Preventive Services 100 of R C
  • Basic Service 80 of R C
  • Major Services 50 of R C
  • Annual Maximum 1000
  • Orthodontic Services 50
  • Orthodontic Lifetime Maximum 1000

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Aetna Vision Discounts
  • 800-793-8616
  • Show Aetna Dental Card to receive discounts
  • With all Aetna Dental Plans
  • Sears, Target, Lenscrafters and Pearl Vision
  • Discounts on exams, frames, contacts LASIK
  • Additional information online

29
FLEXIBLE SPENDING ACCOUNTS
  • Two types
  • Health Care Spending (HCSA)
  • Dependent Care Spending (DCSA)
  • Employee pre-tax dollars
  • Two methods of reimbursement
  • Mastercard Health Debit Card
  • paper reimbursement (within 60 days of end of
    plan year)
  • Administered by ICUBA
  • 866-377-5102 or benefitsadministration_at_icuba.org
  • Check Balances at www.repayme.com (use Internet
    Explorer)
  • Use it or lose it provision (April-March)
  • Accounts must be elected each year during open
    enrollment

30
HEALTH CARE SPENDING ACCOUNT (HCSA)
  • All IRS dependents, even if not on ICUBA medical
    plan
  • Funds available at the beginning of the plan year
    (April 1)
  • Maximum of 3,000 per benefit year pro-rated
    based on date of hire
  • Keep receipts, explanations of benefit (EOB), etc
    for verification of medical expense
  • Examples of eligible expenses for health account
  • Co-pays- office visits and Rx
  • Deductible on PPO and dental
  • Eye care Costs
  • Over the counter medicines
  • Use it or lose it within the plan year
    (April-March)- Expenses should normally be
    incurred by March 31st, but this is extended
    through June 15th. Any unused money beyond June
    15th is forfeited.

31
Health Care Spending Account (HCSA) vs.Health
Reimbursement Account (HRA)

32
DEPENDENT CARE SPENDING ACCOUNT (DCSA)
  • Dependent care expenses for children under age 13
    or elderly parents if they are your IRS tax
    dependent so that you and your spouse can work
  • Funds available as payroll deductions occur
  • Maximum of 5,000 per benefit year pro-rated
    based on date of hire
  • May be able to use ICUBA Mastercard
  • Documentation of dependent care expense required

33
VOLUNTARY BENEFIT PLANS
  • In addition to the insurance benefits provided by
    Rollins College, various insurance companies make
    other benefits available to employees of Rollins
    College. These benefit programs are not
    sponsored or maintained or endorsed by Rollins
    College, and participation in these programs is
    completely voluntary for employees.
  • Voluntary Benefit Plans Offered
  • Lincoln National Life Insurance - Voluntary Life
    Insurance
  • American Heritage Life Cancer Insurance
  • American Heritage Life HeartCare Insurance
  • 20/20 Eye Care Plan Vision Insurance
  • CNA Long Term Care Insurance
  • Open enrollment for voluntary benefit plans will
    occur at the same time as open enrollment for
    College sponsored benefits for ease of
    administration and convenience.

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LINCOLN VOLUNTARY LIFE
  • 10,000-500,000 employee
  • 10,000 - 250,000 earnings for spouse (50 of EE
    amount limit)
  • 2,500- 12,500 for children
  • Spouse Children coverage available only with
    additional voluntary employee coverage
  • Guaranteed Issue under age 60-150,000 employee
    50,000 spouse
  • Portable after 12 months of coverage (except in
    the case of disability or retirement)
  • See Rate Sheet for rate per 1,000 per month

35
AMERICAN HERITAGE CANCER HEARTCARE INSURANCE
  • Supplemental- in addition to health insurance
  • Portable
  • Contact Agent Jan Hunt for details-407-677-8448
  • Cancer 16.98 individual, 30.32 family
  • Heart Care 23.46 individual, 45.64 family
  • Enrollment Form

36
20/20 VISION INSURANCE
  • Network Providers- FL Eye Clinic Optical
    Outlets
  • www.2020eyecareplan.com or 800-525-9778
  • Eye exam, lenses, and frames every 12 months
  • 4 co-pay exam 10 co-pay for supplies
  • 85.00 Frame Allowance
  • 119 Contact Lenses Allowance in Lieu of
    Eyeglasses
  • Premiums/month
  • 5.75 single 10.38 two-person 17.10 family
  • Small out of network/ER reimbursement

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CNA LONG TERM CARE INSURANCE
  • Nursing home, home health, caregiver, adult day
    care
  • Employee, spouse, parents, grandparents
  • Premiums are after tax and do not increase with
    age
  • Three levels of benefits- DNB Lifetime Max
  • Two plans- Non-Forfeiture Benefit Account
  • Life insurance built in
  • Guaranteed benefit increase option
  • Guaranteed Issue
  • Portable
  • See Rate Sheet for rates per month

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31 DAYS FROM HIRE
  • College Sponsored Benefits
  • HEALTH
  • DENTAL
  • FLEXIBLE SPENDING ACCOUNTS
  • Voluntary Benefit Plans
  • LINCOLN VOLUNTARY LIFE INSURANCE
  • AHL CANCER INSURANCE
  • AHL HEART CARE INSURANCE
  • 20/20 VISION INSURANCE
  • CNA LONG TERM CARE INSURANCE
  • Return New Hire Tax Savings Form all applicable
    enrollment forms within 31 days of hire

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LIFE INSURANCE, LTD, TRAVEL
  •   Life Insurance Lincoln National Life
  • 2x annual base salary
  • Excess Life Tax- if life amount over 50,000
  • Convertible to individual policy
  • Long Term Disability Lincoln National Life
  • 66 2/3 of annual base salary
  • 180 day elimination period
  • Travel Accident Insurance- The Hartford

40
Life LTD Additional benefits
  • TravelConnect- provides coverage for employees
    and their immediate family members traveling more
    than 100 miles from home on either business or
    pleasure.  Services are provided through MEDEX
    and include 
  • assistance replacing lost or stolen travel
    documents
  • medical, dental, vision and pharmaceutical
    referrals
  • emergency medical evacuation and transportation
  • emergency security evacuation
  • travel assistance information such as travel
    security information, government travel advice,
    global monitoring, airline insider and crisis and
    warning list alert areas is available on
    www.jpfic.com by selecting the TravelConnect
    link.  You will need to enter your Rollins
    College policy number for life insurance to enter
    the web site. 
  •  
  • BeneficiaryConnect- provides coverage for
    beneficiaries at the time a life claim payment is
    made.  Services are designed to help
    beneficiaries deal with difficult issues after
    the death of a loved one and include grief and
    legal counseling, financial counseling and
    memorial planning assistance. 
  •  

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EMPLOYEE ASSISTANCE PROGRAMS (EAP)
  • ICUBA Employee Assistance Program
  • Provided by Magellan Health Services
  • All eligible employees and members of their
    household can access services at no cost
  • Services include
  • up to 6 in person counseling sessions per
    incident
  • family care resources such as elder care, child
    care and special needs,
  • personal legal and financial services
  • mind and body discount programs
  • online tools and information
  • critical incident services and training
  • Call 800-416-0835 or www.magellanhealth.com
  • EmployeeConnect Employee Assistance Program
  • Provided by Bensinger, DuPont and Associates as
    part of the College Life Insurance through
    Lincoln
  • All eligible employees and members of their
    household can access services at no cost
  • Services include
  • up to 4 in person counseling sessions
  • telephone and web access 24 hours a day, 7 days a
    week
  • telephone access to legal counsel

42
Retirement SavingsWhy should I start now?
Power of Time Get Started Early!!!
Source Fidelity Investments
43
Decisions to Enroll in the Rollins 403(b) plan
  • How much will I contribute?
  • Which company (ies) will I choose?
  • What asset allocation do I want?
  • How when do I enroll?

44
How much will I contribute?
  • College contribution after 1 year of service
    age 21
  • Waiver possible if met eligibility requirements
    from another college or university
  • Voluntary pre-tax or Roth after-tax contributions
    allowed anytime
  • 100 Vested

IRS Maximum for Employee Contributions 15,500
for 2008 Catch up provisions- 50 years old
(additional 5,000) 15 years of service
(additional 3,000)
45
Which company(ies) will I choose?
  • Two core companies (employee college)
  • TIAA/CREF RA (800-842-2776)
  • Fidelity (800-343-0860)
  • Employee Voluntary contributions only
  • Pre-tax - American Century (800-345-3533)
  • Pre-tax - TIAA/CREF SRA
  • After-tax - Fidelity Roth

Loans hardship withdrawals allowed only on
employee voluntary money in the TIAA SRA
46
Roth 403(b) Option
  • After taxes
  • Voluntary employee money only
  • Fidelity only
  • Not for everyone
  • May be good for
  • Younger employees (longer time horizon)
  • Highly compensated individuals not eligible for
    Roth IRA
  • Employees who want to leave tax free money to
    their heirs
  • Employees who expect to be in a higher tax rate
    in retirement than currently

47
What asset allocation do I want?
  • Do it yourself allocations
  • you do the work
  • Targeted Lifecycle Funds
  • fund managers do the work

48
How When do I Enroll?
  • HOW DO I ENROLL?
  • Complete Salary Reduction Agreement Account
    Application(s) return to HR
  • WHEN DO I ENROLL?
  • Sign up anytime and make changes anytime (payroll
    deadline 15th of the month)

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