We Take Care of the Unknown 2017 OPEN ENROLLMENT

Transcription

1 MMC HR We Take Care of the Unknown 2017 OPEN ENROLLMENT

2 2017 OPEN ENROLLMENT Table of Contents 2017 OPEN ENROLLMENT... 2 HELPFUL TIPS FOR OPEN ENROLLMENT (k)... 4 The Traditional 401(k) plan... 4 The Roth 401(k) plan... 4 Investments... 4 Contributions... 4 Account Access... 4 FLEXIBLE SPENDING ACCOUNTS... 5 How can an FSA help me?... 5 Healthcare Flexible Spending Accounts... 5 Dependent Care Reimbursement Account... 5 BENEFITS GLOSSARY... 6 HMO (Health Maintenance Organization)... 6 PPO (Preferred Provider Organization)... 6 Premium... 6 Composite Rates... 6 Deductible... 6 Coinsurance... 6 Outpatient Services... 6 Urgent Care Provider... 7 In-Network... 7 Non-network Provider/Out-of-network... 7 Medically Necessary (or Medical Necessity)... 7 Out of Pocket Maximum... 7 Formulary... 7 EMPLOYEE DISCOUNTS & MEMBERSHIPS... 8 Copyright 2016 MMC-HR, LLC. All Rights Reserved. 1

3 2017 OPEN ENROLLMENT 2017 OPEN ENROLLMENT OCTOBER 31 st NOVEMBER 28 th Open Enrollment offers our clients and their staff an opportunity to review their current benefits, be informed of renewal rates and options, enroll or delete dependents, make changes to your enrollment for January 1, The annual benefits Open Enrollment period for MMC, Inc. s global health plans will run from Monday, October 31, through Friday, November 28, Elections made during Open Enrollment will be effective January 1, Please remember that elections made at Open Enrollment are binding for the entire year until the next open enrollment unless there is a qualifying event. All Open Enrollment applications and change requests must be submitted by the deadline (11/28/16). The purpose of this booklet is to inform you of the types of plans you may be eligible to enroll in, changes you are allowed to make during Open Enrollment and remind you of services and ancillary benefits offered through MMC. 2 Copyright 2016 MMC-HR, LLC. All Rights Reserved.

4 2017 OPEN ENROLLMENT HELPFUL TIPS FOR OPEN ENROLLMENT Review all of the materials included in this packet, as it provides important information about healthcare options available to you and your eligible dependents. If you have previously waived enrollment for yourself and any eligible dependent, open enrollment offers you the opportunity to enroll for the coming year. Remember that unless you undergo a life event (such as marriage, birth of a child, divorce, adoption) your benefits elections are binding for the plan year. After evaluating and prioritizing your plan options it may be helpful to create a health care budget for out-of-pocket expenses. Enrolling in the FSA plan can save you money on copays, deductibles, and over-thecounter prescriptions. It can even help you save on your child s daycare expenses. Review any applicable plan changes that may affect your current coverage or the coverage you are considering enrollment in. If you are not making changes to your current medical, dental or vision plan options, you do not need to complete any forms. Your benefits will rollover and if applicable, the premiums will be adjusted accordingly. A SBC (Summary of Benefits & Coverage) is provided to you at the time of enrollment in the plan. The SBC describes in plain language plan benefits, cost sharing and limitations. Copyright 2016 MMC-HR, LLC. All Rights Reserved. 3

5 401(k) If your employer has adopted the MMC, Inc. 401(k) Retirement and Savings Plan you are eligible to enroll in the plan. Open Enrollment is held quarterly (January, April, July, October). Our plan offers two plan options. The Traditional 401(k) plan, allows the participant to defer part of their salary as a pretax deduction. Contributions and earnings in a 401(k) plan are not subject to federal and most state income taxes until the funds are withdrawn. The Roth 401(k) plan allows participants to contribute money that has been taxed into a Roth where contributions and earnings will grow tax free until the participant retires. Investments Changes to your investment elections can be made at any time, Simply log on to your account to review options and fund performance. Contributions Contributions may be suspended at any time. Re-enrollments can only occur during the Open Enrollment months. Maximum IRS 2017 contribution limits are: - Plan deferral limits are $18,000 for all participants under 50 years of age - An additional $5,000 catch-up contribution for those over 50 years of age - You may suspend contributions at any time, re-enrollment is only allowed during open enrollment months Account Access You have 24hr access to your account. Simply log in as a plan participant at Your initial user name is your social security with no spaces or dashes, and your password is your date of birth in the following format: MMDDYYYY. Once you are eligible to start participating in the 401(k) plan, you will be given a list of funds in which you can invest. Research all available information on the funds offered before investing. Track your investments regularly and ask for assistance if you feel your investment options aren t performing satisfactorily. NFP Advisors is MMC s Financial Advisor and can provide guidance to help you reach your retirement goals. NFP may be reached at ext. 227 or via at retirementinfo@nfp.com 4 Copyright 2016 MMC-HR, LLC. All Rights Reserved.

6 FLEXIBLE SPENDING ACCOUNTS Flexible Spending Accounts are tax-favored accounts that allow participants to set aside pretax money for eligible Medical and Dependent Care costs. As a participant, you then submit a reimbursement request to Ceridian that includes a claim form, and supporting documentation that substantiates the charges were for valid expenses and incurred in a valid time period. If you participate in the Healthcare FSA you will receive a debit card, which you may also use to pay for eligible expenses. The benefit of enrolling in this plan is that you do not have to pay Federal, State or FICA taxes on the money that you set aside, thereby saving between 15 and 40% (depending upon your tax bracket). How can an FSA help me? The main advantage of an FSA is that it offers significant tax savings for eligible out-of-pocket medical and/or dependent care expenses. Without an FSA, you would still pay for these expenses, but you would do so using money remaining in your paycheck after Federal, State and FICA taxes are deducted. There are two types of FSAs: Healthcare Flexible Spending Accounts Covers eligible healthcare expenses not reimbursed by any medical, dental, or vision care plan you or your dependents may have. Eligible dependents for this account include your spouse, children, and any other person who is a qualified IRS dependent Annual Maximum for this plan is $2,550. Dependent Care Reimbursement Account Covers eligible dependent care expenses incurred so you can work, or if you are married, so you and your spouse can work, or your spouse can attend school full-time and/or look for gainful employment. Eligible dependents are your children under age 13 and any other person who is a qualified IRS dependent, regardless of age, who is mentally or physically incapable of caring for him or herself. Additionally, the dependent cannot have income greater than the federal exemption level for that year. IRS annual maximum is $5,000. Please note that FSA plans require annual enrollment. Employees who are currently on the plan and wish to take advantage of the tax savings for the coming year are required to complete an enrollment application. Highly Compensated Employees (HCEs), owners or shareholders are not eligible to participate in the plan. Copyright 2016 MMC-HR, LLC. All Rights Reserved. 5

7 BENEFITS GLOSSARY In order to help you understand how to read the benefits summary for your plan, below are some commonly used terms in insurance. HMO (Health Maintenance Organization) - Offers healthcare services only with specific HMO providers. Under an HMO plan, you might have to choose a primary care doctor. This doctor will be your main healthcare provider. The doctor will refer you to other HMO specialists when needed. Services from providers outside the HMO plan are rarely covered except for emergencies. PPO (Preferred Provider Organization) - A type of insurance plan that offers more extensive coverage for the services of healthcare providers who are part of the plan's network, but still offers some coverage for providers who are not part of the plan's network. PPO plans generally offer more flexibility than HMO plans, but premiums tend to be higher. Premium: The amount you pay every month for health insurance. Composite Rates: Insurance rates are based on the overall risk of the company and the rates are calculating into averages. Rates are assigned by tier level, employee only, employee + spouse, employee + children, employee + family. Age-rated: Insurance rates are based on each member s age and zip code. Deductible: The amount you pay during the year for medical services BEFORE your insurance starts to pay. Individual deductible: This applies to a person with Employee Only coverage. He or she must meet this deductible before coinsurance applies to his or her expenses. Family deductible: This applies to a person with Employee and Dependents(s) (Employee and Spouse, Employee and Children, or Employee and Family). All claims by participants enrolled in the plan aggregate together until the family deductible is met, then the coinsurance is applied to health plan expenses. Coinsurance: The percentage you pay for services after meeting the deductible. You will pay this percent until the out-of-pocket maximum is met. Outpatient Services - Services that do not need an overnight stay in a hospital. These services are often provided in a doctor s office, hospital or clinic. 6 Copyright 2016 MMC-HR, LLC. All Rights Reserved.

8 Urgent Care Provider - A provider of services for health problems that need medical help right away but are not emergency medical conditions. In-Network: A group of doctors, hospitals, and other healthcare providers who have agreed to accept payment from your insurance company at a negotiated discounted rate. Using an innetwork provider will save you money. Non-network Provider/Out-of-network Provider - A healthcare provider who is not part of a plan s network. Costs associated with out-of-network providers may be higher or not covered by your plan. Consult your plan for more information. Medically Necessary (or Medical Necessity) - Services, supplies or prescription drugs that are needed to diagnose or treat a medical condition. Out of Pocket Maximum: The annual amount you will have to pay out-of-pocket during a plan year (in addition to your monthly premiums). Individual out-of-pocket maximum: This applies to a person with Employee Only coverage. This is the maximum he or she will have to pay each year (deductible + coinsurance) before the plan pays 100% of expenses. Family out-of-pocket maximum: This applies to a person with Employee and Dependents(s) (Employee and Spouse, Employee and Children, or Employee and Family). This is the maximum the family will pay each year (deductible + coinsurance) before the plan pays 100% of expenses. Formulary: List of generic and brand name prescribed medications covered by your prescription plan. For a full glossary of benefits terminology, please go to Copyright 2016 MMC-HR, LLC. All Rights Reserved. 7

9 EMPLOYEE, BENEFIT OPTIONS, DISCOUNTS, & MEMBERSHIPS Through your employer s association with MMC, you have access to a variety of employee discounts. Based on employer elections, you may be eligible to participate in health insurance options. Please inquire with the Benefits Department at MMC about options your employer offers. 8 Copyright 2016 MMC-HR, LLC. All Rights Reserved.

10 Copyright 2016 MMC-HR, LLC. All Rights Reserved. 9