2019 Enrollment Roadshow Presentation. Fall Final

Transcription

1 2019 Enrollment Roadshow Presentation Fall Final

2 What s New for 2019 Teradyne s medical trend and costs have increased, with slight variations in each plan s premium based on claims experience: Health Investment Plan with HSA premiums will increase by 7.3%. The Advantage Blue (EPO) premiums will increase 7.3%. The Blue Care Elect Preferred (PPO) premiums will increase by 12.1%. California Only Kaiser s premiums will increase by: Kaiser HMO: 1.6%; Kaiser w/hsa: 0.4%. Dental and vision premiums will not increase, and VSP will now cover the full cost of standard progressive lenses. Express Scripts Infertility (Rx) lifetime maximum has increased to $15,000. Medical Infertility lifetime maximum remains at $25,000 Life and long term disability coverage will now be provided through Lincoln Financial Group, replacing Aetna. The optional life rates have changed slightly but the plan coverage and basic life and long term disability remain the same. Teradyne is enhancing the voluntary MetLaw program to include additional legal resources for your parents and related elder care issues. The new monthly contribution is $

3 What s New for 2019 (continued) Pet parents will have new optional coverage. PAW-FECT Prescription Drug Savings for Your Pets. Teradyne has partnered with Inside RxSM Pets, a prescription savings program to provide pet parents discounts on brand and generic human medications prescribed for pets at 40,000 participating retail pharmacies. Those enrolled in a Blue Cross Blue Shield Plan will have new rewards and resources to support your health and smart consumer choices: Mango Health through ExpressScripts: A personalized app for users to track medications and create healthy habits. You can order refills, receive medication reminders and notifications about medical safety concerns. SmartShopper incentive and engagement program providing a reward check each time you and your family choose an eligible lower-cost, quality doctor or facility. New Fitness and Weight Loss Blue Cross Blue Shield will add additional group classes and hospital and non-hospital weight loss programs under the existing $150 reimbursement program Telehealth (virtual) medical visits through BCBS will increase to $54 (for the Health Investment Plan). In the PPO and EPO plans, telehealth copays remain unchanged at $20 or $40. 2

4 Earn Money with Smart Shopper SmartShopper empowers you and your covered family members to make informed decisions about where you get care, and rewards those who choose quality care at a lower cost. You can earn a $25-$250 reward check each time you and your family choose an eligible lower-cost, quality doctor or facility for such health services as: Colonoscopy, mammogram and bone density scan CT scan, MRI, PET scan and non-maternity ultrasound Cataract removal Hernia repair Gall bladder removal And more! For a list of eligible services and rewards, and to find a rewardeligible doctor or hospital, just log into bluecrossma.com/myblue or call

5 How to Use Smart Shopper When a doctor recommends one of the medical services included in the SmartShopper program, follow these steps before you have the service: Go to bluecrossma.com/myblue and log in to your MyBlue account. (First time users must register) Select the Find a Doctor & Estimate Costs box. On the Find a Doctor & Estimate Costs home page, select the Go to Find a Doctor & Estimate Costs Now button. Next, select the SmartShopper Shop for Procedures button. Select one of the reward-eligible providers to earn a cash reward. SmartShopper is completely voluntary, and does not change the way your medical plan pays benefits. You are always free to select any provider you choose, but if you use SmartShopper to find and use the most cost-effective providers, you ll be rewarded. 4

6 Mango Health A new feature through ExpressScripts A personalized app Use it to track medications, order refills, receive medication reminders and notifications about medication safety concerns. 5

7 Get Rewarded for Taking Healthy Action Qualified Fitness Program Qualified Weight Loss Program Receive up to $150 annually for membership or fitness class fees At a full service health club with cardiovascular and strength-training equipment like treadmills, bikes, weight machines, and free weights At a fitness studio with instructor-led group classes such as yoga, Pilates, Zumba, kickboxing, indoor cycling/spinning, and other exercise programs Excludes: Personal trainers, fitness equipment or clothing, initiation and termination fees, fees for gymnastics, tennis, pool-only facilities, martial arts, instructional dance, country or social clubs, or sports teams. Receive up to $150 annually for participation in a qualified program Weight Watchers in person or online Hospital-based programs Non-hospital programs that combine healthy eating, exercise, and coaching sessions with certified health professionals such as nutritionists, registered dietitians, or exercise physiologists Excludes: One-time initiation or termination fees, food, supplements, books, scales, or exercise equipment, and individual nutrition counseling sessions (see your health plan coverage) To verify your program s eligibility, or to download the reimbursement form, log on to MyBlue at bluecrossma.com/myblue or call the Member Service number on your ID card. 6

8 PAW-FECT Prescription Drug Savings for Your Pets Pet parents can get discounts on prescriptions to keep their pets healthy through InsideRx Pets. Provides discounts on brand and generic human medications prescribed for pets at participating retail pharmacies. Average savings: 77% on the cost of generic medications 15% on the cost of brand medications Simply present your card with the prescription from your veterinarian to one of 40,000 participating retail pharmacies. Available at no cost to you 7

9 Hyatt Legal Benefits Now for Your Parents Too Provides affordable legal help for you, your spouse and dependents for the many common legal issues your family faces, like: Money matters Home and real estate matters Estate planning and wills Vehicle and driving matters, such as traffic tickets Family and personal matters Civil lawsuits, and Elder care issues Choose from more than 14,000 attorneys nationwide to consult by phone or in person. Services Available to Parents All Hyatt Legal services are available to you, your spouse and your eligible dependents; the following are available to your parents and parents-in-law: Identity management services Promissory notes Deeds Mortgages Simple and complex wills Powers of attorney (healthcare, financial, childcare, immigration) Healthcare proxies Living wills Codicils Review of any personal legal document Demand letters Affidavits Elder care issues, including consultation and document review for Medicare, Medicaid, prescription plans, nursing home agreements, leases, and notes 8

10 Consider a Flexible Spending Account (FSA) Use tax-free dollars to pay eligible health care and dependent care expenses Health Care FSA (medical, Rx, dental and vision expenses) Limited Purpose Health Care FSA (dental and vision expenses) Dependent Care FSA (dependent day care expenses) Maximum 2019 contribution: $2,650* Use to pay: Out-of-pocket medical, dental and vision expenses (deductibles, copays, eyeglasses, dental work, etc.) Up to $500 annual rollover Not available if you enroll in the Health Investment Plan with HSA, or Kaiser_HSA (CA only) Available only if you enroll in Advantage Blue (EPO) or Blue Care Elect Preferred (PPO), or Kaiser HMO (CA only) Maximum 2019 contribution: $2,650* Use to pay: Out-of-pocket dental and vision expenses, and only those medical expenses that don t count toward the deductible Up to $500 annual rollover Not available if you enroll in Advantage Blue (EPO) or Blue Care Elect Preferred (PPO), or Kaiser HMO (CA only) Available only if you enroll in the Health Investment Plan with HSA, or Kaiser_HSA (CA only) Maximum 2019 contribution: $5,000 Eligible Dependents: Children under age 13 or another dependent who relies on you for more than half of his or her support, such as a disabled elderly parent. The dependent must live in the same principle residence as you at least half the year. Eligible Expenses: Qualified day care expenses such as a day care or eldercare center, babysitters, after school programs and day camps. Not available for health care expenses or residential homes. * Projection, not finalized by IRS Estimate Carefully: Use It or Lose It 9

11 What s the Best Plan for You? All Your Teradyne Medical Options Provide: In-network preventive care that s free to you The same provider network Coverage for the same eligible expenses The Only Difference: How, and How Much, You Pay Premium Contributions (deducted from your pay) Out-of-Pocket Costs (deductible, coinsurance, copayment) A fixed cost, no matter how much or how little you use the plan Varies by the amount of care you need Capped by your out-of-pocket maximum 10

12 Are You Getting the Best Value? For most, the best value is the Health Investment Plan The best value for 95% But only 34% are enrolled 30% 34% Enrolled Enrolled 95% Would pay less in the Health Investment Plan (based on actual claims) Are You Missing Out? 11

13 What Do the 34% Know? Realize they are better off saving what they otherwise would pay in higher premium contributions Use the HSA to make it easier to save Get an HSA contribution from Teradyne Use the money if they need it keep it if they don t I m in control Does this sound like you? I'd rather have control of my money than spend it on higher premium contributions. By saving, I ve got money set aside to pay any bills. But now, I ve got upside potential. If our family s health is good and we don t need a lot of care, the money stays with me. What if you saved this difference in an HSA instead? 2019 Premium Contribution Difference vs. Health Investment Plan (Annual, Rounded) Coverage level Health Investment Plan PPO EPO Individual $1,269 + $1,119 + $771 Employee + one $2,538 + $2,250 + $1,554 Family $3,807 + $3,369 + $2,325 12

14 What Do the 34% Know? Realize that only the Health Investment Plan provides a way to save for medical expenses in retirement tax-free Like knowing you can never lose your HSA contributions; savings can continue to grow over time, with no limit Choose how to invest their HSA balances, just as they do their 401(k) Unlike a 401(k), HSA funds are never taxable so long as they are used to pay eligible health care expenses I m saving for retirement Does this sound like you? Who knows what Medicare and Social Security will be like when I retire? Even if nothing changes, I know I ll have out-of-pocket costs. It makes sense to save for them through the HSA where I can pay these expenses tax-free rather than through a 401(k), where distributions are taxable income HSA Contribution Maximum Coverage level IRS Maximum Teradyne Contribution Under Maximum Employee Contribution Under Individual $3,500 $4,500 $675 $2,825 $3,825 Employee + dependent(s) $7,000 $8,000 $1,350 $5,650 $6,650 13

15 What Do the 34% Know? Regardless of your age, taking a longer-term view is a smart way to think about medical coverage Like the idea of building up an HSA balance that, over time, can feel like first-dollar coverage Use the HSA to make it easier to save I m thinking longer-term Does this sound like you? I see how regular savings over a few years can add up pretty quickly. I feel protected from high health care costs this year and in the future. Consider These Examples Steve Julia Patrick Low expenses all three years Single (married in year 2; adds spouse to plan for year 3) Relatively healthy Accident during year 2 costing $35,000 Married with family coverage Managing chronic conditions Planning for retirement; eligible to make annual catch-up contributions 14

16 Steve s Example Steve Low expenses all three years Single (married in year 2; adds spouse to plan for year 3 Year 1 Year 2 Year 3 HSA rollover amount NA $1,385 $3,010 Teradyne s contribution* $675 $675 $1,350 Employee contributions $960 $1,200 $1,200 Steve s expenses (in-network preventive care covered at 100%) $250 $250 $375 HSA reimbursements $250 $250 $375 HSA balance at year-end** $1,385 $3,010 $5,185 Year 1: Enough to cover individual deductible in year 2 Year 2: Enough to cover family deductible in year 3 * Assumes Teradyne HSA contribution amounts remain the same for future years ** Does not consider possible investment gains or losses 15

17 Julia s Example Julia Relatively healthy Accident during year 2 costing $35,000 Year 1 Year 2 Year 3 HSA rollover amount NA $2,115 $790 Teradyne s contribution* $675 $675 $675 Employee contributions $1,440 $1,500 $2,100 Julia s expenses (in-network preventive care covered at 100%) $0 $3,500 $300 HSA reimbursements $0 $3,500 $0 HSA balance at year-end** $2,115 $790 $3,265 Year 1: Enough to cover individual deductible in year 2 Year 2: Julia is protected by the out-of-pocket maximum and has saved enough in her HSA to cover the amount Year 3: Enough to cover 93% of the individual outof-pocket maximum * Assumes Teradyne HSA contribution amounts remain the same for future years ** Does not consider possible investment gains or losses 16

18 Patrick s Example Patrick Married with family coverage Managing chronic conditions Planning for retirement; eligible to make annual catch-up contributions After age 65, HSA funds can be used: For non-medical expenses, subject to regular income tax, but without penalty Tax-free on qualified medical expenses, including Medicare premiums Year 1 Year 2 Year 3 HSA rollover amount NA $8,000 $16,000 Teradyne s contribution* $1,350 $1,350 $1,350 Employee contributions $6,650 $6,650 $6,650 Patrick s expenses (in-network preventive care covered at 100%) $2,950 $3,300 $6,750 HSA reimbursements $0 $0 $6,750 HSA balance at year-end** $8,000 $16,000 $17,250 Years 1 and 2: Patrick chooses to save aggressively for retirement and not use his HSA for his annual out-of-pocket costs * Assumes Teradyne s HSA contribution amounts remain the same for future years ** Assumes 2019 IRS contribution maximum for family coverage ($7,000 plus $1,000 in catch-up contributions for those 55 and older) continues unchanged in future years *** Does not consider possible investment gains or losses Year 3: Patrick is protected by the out-of-pocket maximum; he also chooses to use HSA funds to pay this out-of-pocket amount 17

19 Health Investment Plan FAQs Frequently Asked Questions If I know my medical expenses are high, am I better off in the PPO or EPO? What if I think I can t afford to contribute to an HSA? How do I get reimbursed from the HSA? 18

20 Health Investment Plan FAQs If I know my medical expenses are high, am I better off in the PPO or EPO? ANSWER Not necessarily. Even if you are planning to have surgery, see the doctor a lot or take several maintenance drugs, you may still find that the Health Investment Plan is the best value for you. We encourage everyone to do the math. We ve made it easy through the Teradyne Healthcare Calculator, powered by Fidelity. Customize the tool to fit your unique circumstances, and find the plan that truly offers you the best value. Try it for yourself! Visit 19

21 Health Investment Plan FAQs What if I think I can t afford to contribute to an HSA? ANSWER Everyone needs to save for out-of-pocket expenses regardless of the plan you choose. The Health Investment Plan difference: you can save for those expenses tax-free. That s like getting a discount on your share of medical costs. If you find it hard to save, start small. Then gradually increase your contribution rate over time. Remember: you can start, stop or change your HSA contribution rate at any time, so you re not locked in if you re suddenly hit with an unexpected expense. Your smartest move: Save for the out-ofpocket maximum, no matter what plan you re in. That way, you ll be prepared for your worstcase financial scenario, and have peace of mind. 20

22 Health Investment Plan FAQs How do I get reimbursed from the HSA? ANSWER It s easy to pay or be reimbursed from your HSA. Use your HSA debit card. Use it to pay qualified expenses at point of sale, such as filling a prescription, or for an invoice you receive in the mail. Request cards for your covered dependents, too. Use Fidelity BillPay for Health Savings Accounts. This online bill paying service lets you pay health care providers, companies and individuals or reimburse yourself. Use a Fidelity HSA checkbook. Use it to pay qualified expenses at point of sale or for an invoice you receive in the mail. Or write yourself a check for reimbursement. Of course, you don t have to use your HSA to pay if you don t want to. You can pay expenses out of pocket with other funds, and allow your HSA balance to grow, tax-free. If you want to reimburse yourself later, you can do so at any time. 21

23 Make the Most Out of Your Health Plan Join millions of people using Castlight to get more out of their health plan and benefits. Get peace of mind Find doctors you ll love Feel great about your benefits Castlight is only for employees and covered dependents over age 18 enrolled in a Blue Cross Plan 22

24 Get Peace of Mind Clearly see what s covered by your plan, how much services will cost, and where you ve spent your healthcare dollars. Review your family s visits in an easy-to-read format See what you paid and why 23

25 Find Doctors You ll Love Search ratings and reviews from real people, and find highquality doctors or specialists in your network and near you. Compare doctors and facilities based on quality, location, and cost Access contact information, patient reviews, quality information, and more 24

26 Feel Great About Your Benefits Discover your well-being resources and see all your perks in once place. 25

27 Once You Complete Open Enrollment, Sign Up for Castlight.

28 Once You Complete Open Enrollment, Sign Up for Castlight. If not currently under Blue Cross but electing it for 2019, you will not have access to Castlight Platform until after January 1,

29 Need Help Figuring it All Out? We have resources to make it easier. Teradyne Open Enrollment Website: Plan Comparisons and Summary Plan Descriptions: Castlight Health: Past care detail, cost & quality data Teradyne Healthcare Calculator: Powered by Fidelity Compare Cost Estimates: under Find a Doctor Go to: under the Health Savings Account tile HR Service Center Phone: hr.service.center@teradyne.com URL: Text2Engage: Text TER522 to New video! How the HDHP Works Visit OR Text TER522 to OR Look for this code: 28

30 Open Enrollment is Coming Open enrollment period: October 29 November 9, 2018 Be sure to attend a Benefits Fair Complete your free biometric screening for a chance to win one of five Apple Watch Series 4 watches with Proactive health monitor, comprehensive activity tracker and ultimate workout partner Location Date Benefits Fair Biometric Screenings* Address Agoura Hills, CA Tuesday 10/30/ :00 2:00 10:00 2: Agoura Rd. Agoura Hills, CA Buffalo Grove, IL Eagle Test Tuesday 10/30/ :00 2:00 10:00 2: Millbrook Dr. Buffalo Grove, IL North Reading, MA Bldg 600 Tuesday 10/30/ :00 2:00 10:00 2: Riverpark Dr. MS N. Reading, MA San Jose, CA Nextest Thursday 11/1/ :00 2:00 10:00 2: Embedded Way San Jose, CA Sunnyvale, CA LitePoint Tuesday 10/30/ :00 2:00 10:00 2: Maude Ct. Sunnyvale, CA * Employees not located near or unable to attend an onsite screening will be provided with alternative means to obtain screening. Look for an from HR Service Center in October. 29