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The heart and science of medicine. UVMHealth.org 2021 Open Enrollment Overview
The heart and science of medicine.
UVMHealth.org
2021 Open Enrollment Overview
Our approach to Benefits at UVM Health Network is to keep the focus on you and your family. We want you to make the best decision for you and your family.
Guiding Principle
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Open Enrollment 2021
• Annual opportunity to make change to your benefits
– Enroll and/or decline to participate in benefit programs
– Add and/or drop dependents
• Children eligible up to age 26
– Elect additional life insurance for yourself
– Enroll in voluntary benefits
• Enrollment window 12/01/2020 – 12/16/2020 via Workday
– Enrollments and Changes will be effective January 1st, 2021
• Life insurance will require underwriting
• No premiums due until approval received from The Hartford
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Open Enrollment Information
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Benefit Policy GuidebookAvailable online or through Microsoft Teams. This document provides you rates and information on all benefit available to you.
Live Education
We will be providing recorded sessions that will include an Overview of Benefits for 2021, as well as presentations by our vendors outlining coverage.
Access to Benefits Team
We are available by phone, email,Microsoft Teams chat, and VirtualQuestion & Answer Sessions.• (802) 847-2825, option 2• [email protected]• Microsoft Teams
2021 Open Enrollment Overview Presentation
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11/24 12/0211/19 11/20
Thursday at 10:00am
Thursday at 7:00pm
Friday at 7:00am
Friday at 12:00pm
Monday at 12:00pm
Monday at 2:30pm
Tuesday at 10:00am
Join the Benefits Team for a Live Presentation to review the benefits available for you and your family.
11/23
Wednesday at 2:00pm
2021 Overview of Vendor Presentations
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Monday Tuesday Wednesday Thursday Friday
11/30/2020 12/1/2020 12/2/2020 12/3/2020 12/4/2020
OE Begins
Ven
do
r 11am Medical Plan Overview
hosted by BCBSVT
12pmHow to Enroll via Workday
hosted by Benefits
2pm2021 OE Overview hosted by Benefits
3pmMedical Plan Overview
hosted by BCBSVT
11am HSA Your Way
hosted by HealthEquity
Monday Tuesday Wednesday Thursday Friday
12/7/2020 12/8/2020 12/9/2020 12/10/2020 12/11/2020
Ven
do
r 11amHospital Indemnity
hosted by Voya
12pmMedical Plan Overview
hosted by BCBSVT
12pm Harness the Power of an HSA
hosted by HealthEquity
12pmDelta Dental
hosted by Delta Dental
10amMedical Plan Overview
hosted by BCBSVT
Monday Tuesday Wednesday
12/14/2020 12/15/2020 12/16/2020
Ven
do
r 2pm How to Enroll via Workday
hosted by Benefits
OE Ends
We are excited to offer our first virtual fair, allowing employees a convenient way to engage in their Benefits in a different way, while still receiving support from the Benefits Department.
Notes about the Events:- Each session will be 30 minutes or less. - We will record the presentation and make available for
viewing, in case you are unable to attend.
Virtual Question & Answer Sessions
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Thursday, December1:00pm – 3:00pm10
Monday, December11:00am – 1:00pm14
Tuesday, December4:00pm – 7:00pm 15
Wednesday, December10:00am – 1:00pm16
Tuesday, December1:00pm – 3:00pm 1
Wednesday, December9:00am – 11:00am 2
Thursday, December11:00am – 2:00pm 3
Tuesday, December6:30am – 9:00am 8
Drop in and get your questions answered regarding benefits. Stay as long as you would like.
Need Help Enrolling in Workday?
12:00pm 2:00pm
Step-by-step Instructions are also available online.
Tuesday, December 1 Monday, December 14
• 2021 Benefits Policy Guidebook– Detailed information regarding all benefits available to you.
– Rates are in the Appendix.
– Information on when benefits become effective
– Information on when you can make changes outside of Open Enrollment.’
• Open Enrollment Highlights– Overview of new/changed benefits for 2021
• 2021 Enrollment Checklist– Step-by-step document to make sure you have considered and reviewed the
benefits available to you to help streamline your enrollment.
Summary of 2021 Information for You to Review
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What is not changing in 2021?
• Life Insurance Coverage & Options Available
• Disability Coverage & Options Available
• Retirement Plans – including employee & employer contributions
• Time off
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What’s new in 2021
4 Medical Plan • 2 Traditional • 2 High Deductible Health Plans with
Health Savings Accounts (HSA)
2 Dental Plans
4 Medical Plans • 2 Traditional • 2 High Deductible Health Plans with
Health Savings Accounts (HSA)
2 Dental Plans
2 Vision Plans
2 Dental Plans
2 Vision Plans
Health Savings Account (HSA) which offers a Triple-tax Savings Opportunity
Voluntary Hospital Indemnity Insurance
Limited Purpose FSA
Pet Insurance
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One Size Doesn’t Fit All
HIGH DEDUCTIBLE 3000 PLANPremiums: $Copays: NoDeductible: $3,000/$6,000Coinsurance: 95%/90%/70%Out-of-Pocket Max: $6,000/$12,000
UVMHN - 400 PLANPremiums: $$$Copays: YesDeductible: $400/$800/$1,200Coinsurance: 95%/90%/70%Out-of-Pocket Max: $1,700/$3,400/$5,100
HIGH DEDUCTIBLE 1500 PLANPremiums: $$Copays: NoDeductible: $1,500/$3,000Coinsurance: 90%/80%/70%Out-of-Pocket Max: $5,000/$10,000
UVMHN - 250 PLANPremiums: $$$$Copays: YesDeductible: $250/$500/$750Coinsurance: 95%/90%/70%Out-of-Pocket Max: $1,500/$3,000/$4,500
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How does a HDHP work?
• You do not have to change providers.
• Preventive Care is covered at 100%.
This includes lab tests and prescriptions under the health care guidelines.
• There are no Co-pays – You pay until you reach your deductible.
All services and prescriptions apply towards the deductible.
• Once you meet your deductible, you pay coinsurance,
up to the out-of-pocket maximum.
• Deductible, coinsurance, and out-of-pocket maximum resets annually.
• When utilizing domestic or in-network providers charges will be less.
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UVMHN 2021 Plan Designs
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• HDHPs might be a good option:– If you are a lower utilizer of the health plan.
– If you can afford to pay your deductible within 30
days of receiving a bill for an unexpected
medical expense.
• One way to do this is by contributing the premium
savings directly into your HSA each pay period.
When is a HDHP a good option and when is it not?
• HDHPs might not be a good option:
– If you or someone who is on your plan is a high utilizer of the health plan.
– If you are utilizing an expensive medication or have a surgery planned.
– If you like peace-of-mind knowing the cost for office visits or prescriptions by paying a co-pay.
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Want to Learn More?
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Live Presentations by Blue Cross Blue Shield of Vermont
• Monday, November 30 at 11:00am
• Thursday, December 3 at 3:00pm
• Tuesday, December 8 at 12:00pm
• Friday, December 11 at 10:00am
Topics included:• Plan Design• Member Resource Center• How to think about your Healthcare Habits
What is Health Savings Account?
• A savings account that belongs to YOU!– You contribute pre-tax money directly from your paycheck to an account each pay period.
• Any money in your account you own and rolls over each year. – Even if you leave employment, do not elect a HDHP the following year, or retire, the money is yours to take with you.
• As long as you are enrolled in a qualified HDHP, you and your employer are eligible to contribute to the account on a tax-free basis.
– If you decide to change your enrollment to a traditional plan during a future open enrollment, you can no longer contribute to the account tax-free.
– You are still able to spend the money tax-free on qualified medical, dental and vision expenses.
• Once your balance reaches a certain amount, (ie. $1,000), you are eligible to begin investing the funds above the threshold in various funds just like a 401(k) or 403(b) plan.
– Anything below this threshold earns interest.– Any gains earned on the invested funds are tax free.
• If you are covered under a traditional first dollar plan through a spouse or Medicare, you are not eligible to have a Health Savings Account.
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• Contributions made by an
employee or employer
are not subject to income
tax
• Employee contributions
can be changed monthly.
HSAs Provide Triple Tax Savings
• Your account can grow
through interest and
investment returns.
• Depending on your
investment strategy –
annual rates of return can
vary from 0.20% to 4%.
• Use money to pay for
qualified expenses – such
as medical, prescription
drugs, dental, and vision.
• If money is used for non-
qualified expenses,
individuals under the age
of 65 face a 20% penalty.
Money goes in tax-free
Your balance grows tax-free
Tax-free money comes out
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FSA & HSA Overview
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Strategies for transitioning health plans
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Want to Learn More?
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Live Presentations by HealthEquity – Registration Required
HSA Your Way*Friday, December 4 at 11:00am
Harness the Power of an HSA*Wednesday, December 9 at 12:00pm
*Presentations will be recorded and made available if you are unable to attend the Live presentation.
Explore On-demand Webinars via HealthEquity at anytime• Spend, Save, and Invest in Your Healthcare• HSA: The new Retirement Strategy• FSA: A Flexible Way to Save
2021 Dental Plan Designs
PPO Plus Premier Buy-up
PPO Plus Premier Core
• Coverage at 100% Preventive Services
(cleanings/x-rays)
• $25 per person, up to $75 per family
Calendar Year Deductible
• 80% coverage after deductible
Fillings
• 50% coverage after deductible
Crowns
• $1,500 per personCalendar Year
Benefit Maximum
• 50% coverage up to lifetime maximum of $1,500
Orthodontia
• Coverage at 100% Preventive Services
(cleanings/x-rays)
• $15 per person, up to $45 per family
Calendar Year Deductible
• 80% coverage after deductible
Fillings
• 60% coverage after deductible
Crowns
• $2,000 per personCalendar Year
Benefit Maximum
• 60% coverage up to lifetime maximum of $2,000
Orthodontia
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Want to Learn More?
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Live Presentation by Northeast Delta Dental
Thursday, December 10 at 12:00pm
More information can be found through Microsoft Teams:• Outline of Coverage• Website Overview• How to Double up your Annual Benefit Maximum• And more….
Vision Plan Options
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Voluntary Hospital Indemnity - Voya
• Supplement Insurance which pays a cash benefit if you or a covered dependent is
admitted to the hospital under the advice of a physician.
• Not health insurance coverage.
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Learn more on Monday, December 7 at 11:00am about Hospital Indemnity Coverage.
Nationwide Pet Insurance
• Nationwide Pet Insurance allows you to receive cash back for accidents,
illnesses, hereditary conditions, etc.
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What happens to my current plans?
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Current Medical, Dental and Vision coverage will be continued based on the grids to the right.
If you would like to un-enroll in coverage or change your coverage, you will need to take action in Workday.
What else do I need to do?
• FSA and HSA – require annual enrollment each Open Enrollment – Employee HSA contribution amounts can change at any time
– Employer contributions to an HSA will be made quarterly
• Life and Disability rollover from year to year – No action required unless enrolling in additional coverage
• 403(b) Retirement changes can be made at any time on the Fidelity
• If you would like to sell or cash-in CTO time, you will need to take action
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Helpful Information
Open Enrollment will be held 12/01/2020 through 12/16/2020.
Coverage is effective 01/01/2021.
• Website: 2021 Open Enrollment Information
• Microsoft Teams: Open Enrollment 2021 Questions & Answers
• Email: [email protected]
• Benefits: (802) 847-2825, option 2
• To Enroll: Workday
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The heart and science of medicine.
UVMHealth.org
Appendix
• Premiums: Amount taken out of your paycheck on a pre-tax basis for health coverage.
• Deductible: Amount you pay out-of-pocket before your health insurer pays.
– Resets annually in January, also called the Plan Year.
– Preventive care does not apply to the deductible.
• Coinsurance: Percentage you pay after you have paid your deductible for covered services.
• Co-pay or Copayment: Amount you pay to a provider at the time you receive services. You likely pay this amount each for each visit to a provider.
• Out-of-pocket maximum: The most you could pay for medical services within a calendar year or plan year.
– After you have paid the out-of-pocket maximum, the plan pays all additional claims.
– This does not apply to premiums.
Health Insurance Terms
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How to Choose a Health Plan
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Continued from Slide 15
HSA Qualified Medical Expenses
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HSA Non-Qualified Medical Expenses
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Overview: How your HDHP works with HSA
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Once enrolled in any part of
Medicare, you cease the ability
to make contributions to your
HSA.
This is applicable regardless of
enrollment in a HDHP.
What happens when someone turns 65 with an HSA?
Regardless of Medicare
Enrollment, there is no penalty to
withdraw funds from an HSA and
use for non-qualified medical
expenses.
Regular income tax applies if the
money is not used for health
expenses.
HSA Funds can be used to pay for
qualified medical expenses.
In addition, an employee can
reimburse themselves for
premiums for Medicare Part B &
D, as well as Supplement Plans.
An average 65 year old female will need $147,000 for health care expenses during retirement and a male will need $133,000.
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