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Affin Hwang Capital (AHC) Flexible Benefits Employee Communication Session Affin Hwang Investment Bank Berhad I For the Benefit Period 1 January 2016 to 31 December 2016
Transcript
Page 1: Affin Hwang Capital (AHC) Flexible Benefits - Aon Hwang Capital (AHC) Flexible Benefits ... tag expressed in flex credits The FSA contains balance of flex credits not used for purchase

Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Affin Hwang Capital (AHC)

Flexible Benefits

Employee Communication Session

Affin Hwang Investment Bank Berhad I For the Benefit Period 1 January 2016 to 31 December 2016

Page 2: Affin Hwang Capital (AHC) Flexible Benefits - Aon Hwang Capital (AHC) Flexible Benefits ... tag expressed in flex credits The FSA contains balance of flex credits not used for purchase

Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 1

Flexible Benefits

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

AGENDA

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

FLEX CREDITS allocated could be

used to spend on Optional Benefits or

Flexible Spending Account

2

Optional Benefits & Flex Credits

Affin Hwang

Capital

Flexible Benefits

Plan

Core

Benefits

Optional

Benefits

Flexible

Spending

Account

(FSA)

Flex

Credits

CORE BENEFITS are the minimum

benefits provided each year by Affin

Hwang Capital : you do not need to

select them or pay for them

Optional Benefits are a list of insurance

benefit options which you can choose

from, each year depending on your needs.

Each Optional Benefit comes with a price

tag expressed in f lex credits

The FSA contains balance of f lex credits

not used for purchase of Optional

Benefits, on a reimbursement basis

Fixed Flex Credits

As of 1 January 2016

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 3

(a) Core Benefits

Minimum core benefits

provided by the Bank:

you do not need to

select them or pay for

them

Core with No Flex and

Flex

(b) Flexible (Flex) Credits

Usage: to spend on Opt up Benefits (to

increase the Core Benefits) or to buy

items in the Flexible Spending Account

(FSA)

Flex Credits – points assigned (eg.

1000 points (1 point = RM1)

Opt up/Down Selections:- Can do only once a year – at the

end of the same year for the next year usage

Opt Up Benefits

Term Life – Opt up (with insurance price tag)

Personal Accident – Opt up (with insurance price

tag)

Annual Leave – Opt up (using Flex credit) or Opt

Down ( top up the Flex credit)

Hospital & Surgical – Opt up (having the

insurance price tag) Outpatient Clinical & Specialist – Opt up (since no

insurance – top up with fixed amount provided

within the flex credits)

(c) Flexible Spending

Accounts (FSA)

The FSA contains items

for purchase by using the

available flex credits

Usage On reimbursement

Alternative Medicine

Medical Appliances

Dental Expenses

Wellness & Nutrition Program

Electronic Products

Optical Expenses

Health Screening Expenses

Airfare Expenses (max RM1000) –

employee must travel together

Employee Only

Group Term Life with Flex

Group Personal Accident with

Flex

Annual Leave with Flex

Employee & Dependants

Hospital & Surgical with Flex

(non-working spouse)

Outpatient Clinical &

Specialist with Flex

Flexible Benefits

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 4

How much is my FSA Credit?

Fixed Flex Credit

Coverage Tier TM

(RM)

SM

(RM)

MM

(RM)

EXE

(RM)

NE

(RM)

Employee Only 1,200 1,100 1,000 900 800

Employee & Family 1,500 1,400 1,300 1,200 1,100

What’s New?

You are given fixed credits according to your Job Grade and Marital Status as tabulated below:-

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 5

A Closer Look at The Benefits

Plan CORE FLEX

Group Term Life

& Critical Illness

(CI)

24 times basic monthly salary

with 25% Accelerated Critical Illness Benefit

Additional 12 times, i.e. 36 times basic monthly salary

with 25% Accelerated Critical Illness Benefit

Group Personal

Accident 48 times basic monthly salary Additional 12 times, i.e. 60 times basic monthly salary

Group Hospital &

Surgical

Note: Family

coverage refers to

non working spouse

and children

TM R&B 350 – Per Annum Per Family RM 80,000

Surgical Limit RM31,000

R&B 400 – Per Annum Per Family RM 90,000 +RM10,000 Major

Medical limit

Surgical Limit RM67,500

SM R&B 250 – Per Annum Per Family RM 70,000

Surgical Limit RM20,000

R&B 350 – Per Annum Per Family RM 70,000

Surgical Limit RM40,800

MM R&B 200 – Per Annum Per Family RM 50,000

Surgical Limit RM18,500

R&B 250 – Per Annum Per Family RM 60,000

Surgical Limit RM30,000

EXE R&B 150 – Per Annum Per Family RM 45,000

Surgical Limit RM15,500

R&B 200 – Per Annum Per Family RM 50,000

Surgical Limit RM20,000

NE R&B 120 – Per Annum Per Family RM 35,000

Surgical Limit RM15,000

R&B 150 – Per Annum Per Family RM 45,000

Surgical Limit RM15,800

Outpatient Clinical

GP

& Specialist

TM RM5,000 per Employee – RM2,500 per Family Up to RM7,000 per Employee – RM4,000 per Family

SM RM5,000 per Employee – RM2,400 per Family Up to RM7,000 per Employee – RM3,500 per Family

MM RM4,500 per Employee – RM2,000 per Family Up to RM6,000 per Employee – RM3,000 per Family

EXE RM3,500 per Employee – RM1,700 per Family Up to RM5,000 per Employee – RM2,500 per Family

NE RM2,250 per Employee – RM1,400 per Family Up to RM4,000 per Employee – RM2,000 per Family

Annual Leave Buy Leave – up to 5 days

Sell Leave – up to 3 days

Employee Benefits – Core & Opt-Up Options

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 6

Core Benefit

Insurance Benefit

(Employee Only)

Term Life

Personal Accident

Insurance Benefit

(Employee &

Eligible

Dependents)

Hospital & Surgical

Outpatient Clinical

Outpatient

Specialist

Optional Benefit

Insurance Benefit

(Buy-Up/Opt-In)

Term Life

Personal Accident

Hospital & Surgical

Major Medical

Flexible Spending Account

Wellness Lifestyle/Protectio

n

Optical

Alternative Medical

Treatment

Dental

Health Screening

Vaccination

Dental

Maternity

Health

Supplements

Health Screening

Parents Medical

Other Medical

Personal Insurance

IT Products/

Accesories

Fitness

Subscription

Sports/Fitness

Equip.

Broadband

Subscription

Vacation Expenses

Purchase of

HP/PDA

Core Benefit

Insurance Benefit

(Employee Only)

Term Life

Personal Accident

Insurance Benefit

(Employee &

Eligible

Dependents)

Hospital & Surgical

Outpatient Clinical

Outpatient

Specialist

Optional Benefit

Insurance Benefit

(Buy-Up/Opt-In)

Term Life

Personal Accident

Hospital & Surgical

Major Medical

Flexible Benefit

Wellness Lifestyle/Protectio

n

Optical

Alternative Medical

Treatment

Dental

Health Screening

Vaccination

Dental

Maternity

Health

Supplements

Health Screening

Parents Medical

Other Medical

Personal Insurance

IT Products/

Accesories

Fitness

Subscription

Sports/Fitness

Equip.

Broadband

Subscription

Vacation Expenses

Purchase of

HP/PDA

Benefit Items Definition Taxable

Alternative Medicine

• Chiropractor doctor, Homeopathy doctor, or Traditional Chinese Medicine clinics who are registered with the Ministry of Health

No

Medical Appliances

• Includes Glucometers, Nebulizers and Thermometers No

Dental Expenses

• All types of Dental treatments • for example, consultation/examination, medication, extractions/surgical of teeth,

dressing, x-ray, filling (amalgam or composite), scaling and polishing of teeth, root canal

No

Optical Expenses

• Includes Prescribed Glasses, Prescribed Contact Lenses and Sunglasses Yes

Wellness and Nutrition

• Includes Weight Loss program and Health Supplements includes tonics such like ginseng, bird nest, chicken essences, iron pills or vitamins, Chinese herbal.

Yes

Electronic Products

• Refers to purchase of electronic products, i.e. mobile phones, personal computers, tablets including accessories

Yes

Health Screening Expenses

• All forms of health check ups or tests not incidental to treatment or diagnosis of an actual sickness or injury

No

Airfare Expenses

• Flight Ticket (Local and Abroad – up to RM1000) – Open to dependents but employee would need to travel together

Yes

A Closer Look at The Benefits

Flexible Spending Account

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 7

AGENDA

Flexible Spending Account

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 8

General Rules

1. Proration Rules / Definitions

a. Flex credits will be allocated at the start of the benefits year.

b. Flex credits will be pro-rated by calendar days for new employees joining after

the commencement of the benefits year based on date join, but the FSA credits

will be awarded at the confirmation date (i.e. at the end of the probation period).

c. In the event of entit lement change, the allocated entit lement will be pro-rated by

calendar days based on effective date.

d. In the event of resignation, annual flex credits allocation will be computed based

on the completed length of service in the year (pro-rated by calendar days), so

be careful not to overspend early in the year if resignation is possible. Otherwise,

Affin Hwang Capital will claw back the overspent amount via salary deduction.

2. Purchase of Optional Insurance

a. Purchase of optional insurance plans must be made using the flex credits

allocated

b. No overspent / salary deduction is allowed

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 9

General Rules

3. FSA Claim Reimbursement

a. Receipts for reimbursements must be original and kept by employee for future

audit purposes. Credit card statement or charge slips are not acceptable

except for benefits payable on installment basis. Hardcopy submission of

receipts are not required.

b. Reimbursement of claims occurs via payroll each month.

4. End of benefits year: Flex credits remaining at the end of the benefits year wil l be

forfeited.

5. Annual Leave : Buying leave via the flex system will be deducted from flex credits

allocation and employees have the option to buy leave via salary deduction by

approaching HR for assistance.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 10

General Rules

All regular full time employees on date of employment.

Dependents, defined as:

– A lawful spouse below the maximum renewable age of 75; and

– Unmarried children over 15 days old but under 19 years or 23 if still

on full time higher education and not gainfully employed.

Permanent and Fixed Term Contract Employees will be provided with

an FSA and Flexible benefits options.

Life Events

Eligibility

You can only select benefits during this selection period and again after

the next plan year unless you have a life-event change.

Example of life events are marriage status changes or child birth.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 11

Important Note

1. For Buy Leave – enrolment via the system will be deducted from flex

credit points. For deduction from payroll, please approach your HR for

assistance.

2. For any opt-up on Outpatient entitlement, deduction from flex credits

will only be updated after enrolment closes.

3. Claims submission are only eligible for consultation / treatment /

purchases incurred on and after 1st January 2016.

Kindly do note:

Important Note

Once optional/opt-up benefits are confirmed, it cannot be reversed and you

can only make changes during next benefits year enrolment period.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 12

AGENDA

Flexible Spending Account

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 13

Questions and Answers

Online Portal

Q. I am unable to login in as I am stuck at the verification page. Please advice.

A. Please email your Employee ID to the dedicated email address, [email protected],

and we will reset your account accordingly. Once reset, we will email your new password

for login.

Q. How do I reselect my option when I have confirmed my selections?

A. We regret to inform once you click confirmed, you will not be able to reselect your options.

The next selection will open during next year’s benefit period.

[Do note that selection period, options on core benefits, will only start 1st Jan 2016]

Q. My dependent’s details are wrong (or not updated), how do I get it rectified?

A. Please contact your Affin Hwang Capital HR team and advise them of the change. They

will need your name, date of birth, gender, national ID and may require further information

such as a marriage or birth certificate.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 14

Questions and Answers

Q. What is the proper procedure to notify Affin Hwang Capital of my new dependents?

A. Please advise your HR Department of any changes in dependent status. Inclusion of new

dependents under optional plans is allowed for medical benefits only.

Q. What happens if I do not make election during the enrolment period?

A. You will remain covered under Core Benefits for the rest of the plan year and will not be able to

re-select your benefits until the selection period for the next plan year or when you have a life -

event change such as marriage or birth of your child.

Q. Can I top up the balance if I exceed my FSA entitlement limit?

R. We regret that you are unable to top up the balance that exceeds your FSA Credits. Hence, we

would recommend that you do some planning before doing your selections.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 15

Questions and Answers

Flexible Benefits

Q. What if I have a claim that exceeds my FSA balance?

A. You can make a partial claim up to the maximum FSA balance.

Q. I just joined Affin Hwang Capital recently, when would I be entitled to the AHC Flex

Plan?

A. Flex credits will be awarded to new employees from the date of hire. Flex credits will be pro-

rated by calendar days based on date of hire.

Q. If I resign from Affin Hwang Capital in the middle of the flex year, how would my flex

credits be?

A. Your actual flex credits allocation will be computed and pro-rated based on the completed

length of service in the year (pro-rated by calendar days). Affin Hwang Capital will ask you

to pay back overspent credit if any. Any unused flex credits remained on the last day of

employment will be forfeited.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 16

Questions and Answers

Claims

Q. Could you advise how can I claim for the list of benefit items in the FSA?

A. You may submit the claims through the Flexible Spending Account portal.

Q. I want to know of the status of my submitted claims?

A. You can check through the online portal under Claims Summary page for any updates. If you

have any complication, you may send an email to [email protected] and we will

respond to your enquiries within 5 working days.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 17

Questions and Answers

Q. If I have opted for additional Life/Critical Illness coverage, when will my selected

optional Life/Critical Illness insurance benefits take effect?

A. The Life benefit coverage will take effect immediately provided that the total sum insured after

the upgrade does not exceed the Free Cover Limit. However, if the Total Sum Insured

exceeds the Free Cover Limit, then the exceeding amount is pending acceptance until

completion of medical underwriting and insurer’s acceptance of the optional coverage.

Q. What if insurer does not accept my Life/Critical Illness optional benefits, what would

happen? Can I re-select?

A. If insurer does not accept your selected optional benefits, you will still be covered for the core

benefits. Re-selection of optional insurance benefits is not allowed. The annual insurance cost

originally held up from your FSA credits when you selected the optional benefits will be

returned to your FSA account.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 18

Questions and Answers

Q. What happen if there’s adjustment to my salary, will it impact my sum assured?

A. Revision of salary will impact only the Core coverage. The Optional coverage will be based on

the salary at the inception of the Benefit Year.

Q. How do I know whether I have been accepted for the optional coverage that exceeds the

Free Cover Limit?

A. Once the insurer have confirm acceptance, a Letter of Acceptance will be provided to your HR.

Your HR will inform you accordingly.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 19

Questions and Answers

Q. Can I select the optional medical insurance benefits just for myself and not for my insured

dependants?

A. Optional medical benefits if selected is on "one-in- all- in" basis i.e. employee and all insured

dependents must enroll the same optional medical benefits together.

Q. Is there any EOI (evidence of insurability) / underwriting requirement for optional medical

insurance benefits?

A. EOI/underwriting are NOT required for optional medical insurance benefits. However, please

refer to policy terms and conditions for details of coverage

.

Q. In the event of death, how does Affin Hwang Capital know who is my beneficiary(ies)?

A. It is therefore important for you to complete the Beneficiary Form that is uploaded in the portal.

Kindly download the form and send the completed form to HR for safekeeping.

.

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 20

Questions and Answers

Dedicated email address: [email protected]

All enquiries will be attended to within 5 working days

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 21

AGENDA

Flexible Spending Account

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 22

Benefits Selection Workflow

Step 6 Deduction (top-up) will be made via Flex Dollars allocated

Step 5 Step 3 : Confirm choices on selection**

Step 4 Step 2 : Choose benefits for optional plans (if any)

Step 3 Step 1 : Verify Information of Employee & Dependants

Step 2 Proceed to do the enrolment for benefits selection

Step 1 Employee login via AHCFlex.tbs.aon.com

** Once confirmed, no further changes will be allowed, until the following benefits period

Enrolling the Benefits

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 23

Enrolling the Benefits

Employee Login

Proceed to login with your login details

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 24

Enrolling the Benefits

Employee Login

1. Answer any FIVE (5) Questions for security purposes

2. Change to a new password

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 25

Enrolling the Benefits

AHC

Click here to proceed to enrolment page

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 26

Enrolling the Benefits

[email protected]

Click here to proceed to enrolment page

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Verify Information

27

Enrolling the Benefits

Click here to proceed for enrolment

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

28

Enrolling the Benefits

Select each benefits to view the options available & the pricing for each options

1. View the options for the benefit selected 2. Select the option preferred

Click “Finished” once done

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

29

Enrolling the Benefits

Select each benefits to view the options available & the pricing for each options

1. View the options for the benefit selected 2. Select the option preferred

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

30

Enrolling the Benefits

For Outpatient Benefits 1. View the options

available - limit in increment of 200 / 500 depending on job grade

2. Select the option preferred

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

31

Enrolling the Benefits

Upon selecting, names of dependents would appear for confirmation

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

32

Enrolling the Benefits

Annual Leave – Buy and Sell Leave

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016

Choosing Benefits

33

Enrolling the Benefits

Click “Finished” once done, i.e. selecting all the available opt-up benefits

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 34

Enrolling the Benefits

Confirm Benefits Choices

Click to confirm choices

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 35

Enrolling the Benefits

Confirm Benefits Choices

Click to agree that you have reviewed and confirmed your benefits choices to finalise the enrolment

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 36

Enrolling the Benefits

Confirm Benefits Choices

You have successfully submitted your benefits choices

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 37

AGENDA

Flexible Spending Account

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 38

Claim Reimbursement Workflow

Step 4

Reimbursement will be made via submission of monthly Payroll file to AHC

Step 3

Aon will process your claim upon receipt of claim submission and supporting documents**

Step 2

Submit Flex claims via web portal

Step 1

Employee login via AHCFlex.tbs.aon.com

Claiming FSA Benefits

** Employee would be able to check claims’ status through the Portal

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 39

Online-submission by employees must be done by 10 th day of the month before end of business

(EOB).

Claims Reimbursement Timeline

Online Claim Submission via Aon Portal Claim Payment Date

Before 10 th day of the month Via submission of payroll f i le to

Aff in Hwang Capital on 22nd of the same month

Claiming FSA Benefits

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 40

Claiming FSA Benefits

Click to proceed for Claim Submission

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Claiming FSA Benefits

STEP 1 – Claim Details Select 1) Claim category 2) Claimant name – self or

dependent

STEP 2 – Clinic/Place Details Specify the clinic, i.e. Klinik K & P ; or Specify the place of purchase i.e. Kedai Cermin Mata ABC Sdn Bhd

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Claiming FSA Benefits

STEP 3 Specify 1) Date of visit / date

of purchase 2) Receipt number 3) Receipt currency 4) Receipt amount

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 43

Claiming FSA Benefits

STEP 4 Click here to attach the original receipt

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Claiming FSA Benefits

STEP 5 1) Check the box (if receipt subject to GST) 2) Specify (if receipt subject to GST) a) Amount exclude GST b) GST Amount

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Claiming FSA Benefits

STEP 6 Compulsory – To Specify (for Custom declaration by Finance) 1. Clinic/Place of purchase Company Registration

Number 2. Clinic/Place of purchase GST Registration Number

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Affin Hwang Capital | For the Benefit Period 1 January 2016 to 31 December 2016 46

Claiming FSA Benefits

STEP 7 Click to complete the claim submission

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Important Note

1. For outpatient claims submission, the system is now reflecting total

limit for both employee and family. It is being upgraded to reflect on

entitlement by employee and family. You may check on your balance

in the system for updates.

Kindly do note:

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AGENDA

Flexible Spending Account

General Rules

Questions and Answers

Enrolling the Benefits

Claiming FSA Benefits

Action Required

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Action Required

1. Familiarize yourself with the 2016 Flexible Benefits plan.

2. Visit the Internet site: AHCFlex.tbs.aon.com to make election

during the enrollment period from 08:00 12 January 2016 to

23:59 24 January 2016

3. If you are unable to access the site during the enrollment period,

please email to [email protected]

4. Submission of claims starts from 1 February 2016

Here is what you need to do next:

Important Note

Once optional/opt-up benefits are confirmed, it cannot be reversed and you

can only make changes during next benefits year enrolment period.

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Thank You!

The slides are for reference and meant as guides only. Affin Hwang Capital reserves

the right to make changes to the insurance covers from time to time without prior

notification/ approval from the employees. Insurance covers are subject to the

insurer’s acceptance as per the policy terms, conditions and exclusions.

Disclaimer : The information provided on tax requirements is not binding and based on external source. Aon would strongly recommend Affin

Hwang Capital to consult with your legal/tax counsel as Aon is not authorized to provide any legal /tax advice.


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