Fairview: Your Benefits

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1 New Employee Welcome Fairview: Your Benefits Retirement Medical Spending Dental Life Disability EMPLOYEE SERVICE CENTER:

2 Are you eligible to participate in a retirement plan? You are eligible! Every person employed at Fairview is able to participate in our retirement program. 2

3 Retirement Savings Plans Employee Contributions All employees, upon hire can contribute to a Fidelity retirement account: 403(b) (or 401(k) for BHP only). No authorized hours requirements for employee contributions. Automatic enrollment at 3% contribution level following 30 days of employment. Non-contract, Lakes MNA, Northland MNA, ADIT, Lakes Service Workers, AFSCME, Oxboro 113, PEPOM, and Local 113 LPN. Contact Fidelity to stop/change contribution amount. Contributions are pretax, earnings tax deferred. Manage deduction percentage, investment elections and beneficiary designations online: Fidelity.com/atwork or by phone;

4 Retirement Savings Plans Fairview Employer Contributions Initial eligibility: Must be age 21 and have worked 1,000 hours by first anniversary of employment (non-contract and some eligible contract groups). Contribution eligibility: Must work at least 1,000 hours annually. Employer base contribution: 4% of annual eligible compensation. Employer match contribution: Contributions made up to 6% will be matched at 50% (i.e. 3% maximum match). 4

5 Retirement Savings Plans Vesting Schedule: Must work 1,000 hours per payroll calendar year to earn 1 year of vesting credit. 1 year = 10% 2 years = 20% 3 years = 40% 4 years = 60% 5 years = 80% 6 years = 100% Employees in Twin Cities MNA, Local 70 Engineers, or Local 113 Twin Cities Service Workers should refer to their union contract for their pension benefits. 5

6 Retirement to-do: Manage your account Fidelity.com/atwork Auto-Enroll Keep the 3% contribution Manage your account Deduction percentage Investments Beneficiary designations Opt-out No contribution at this time 6

7 Do you know if you are eligible to receive benefits? Generally those that work 48 hours per pay period are eligible. 7

8 Health & Welfare Benefits Enrollment: You will enroll online at the time of hire and each year during Open Enrollment. Or during the year if you have a mid-year eligible status change. You have 31 days from date of hire to make your new hire benefit elections. 8

9 Medical Insurance Plan Options Administered by PreferredOne Preferred Health Narrow Network plan Preferred Health Narrow Network High Deductible plan Open Access High Deductible plan Twin Cities MNA members have additional plan options. Refer to My Fairview Benefits for other medical plan options. Medical Premiums are based on: How many dependents you cover (10 different tiers) What plan you choose Your smoking status your status remain in effect for the entire plan year (even if you have a status change mid-year) Your authorized hours noncontract employees only (some exceptions apply) If your spouse works at Fairview you may be eligible for a lower married rate. 9

10 Medical Insurance Preferred Health Narrow Network Plan $500 individual ($1,000 family) deductible. Deductible is per person up to the family maximum. This is called an embedded deductible. Coverage is limited to the PreferredHealth network of providers. Out-of-network coverage within these plans is provided only for limited hospital and emergency services. Any expenses you pay for out of network services that are not eligible (a covered service) will not go toward your deductible or out of pocket max. 10

11 Medical Insurance PreferredHealth Narrow Network High Deductible Plan $1,500 individual ($3,000 family) deductible. If you cover any dependents, you will have to reach the family deductible before the plan will start paying. This is called a non-embedded deductible. $250 contribution ($500 family) provided by Fairview into a health savings account (HSA) if you enroll in an HSA. Coverage is limited to the PreferredHealth network of providers. Out-of-network coverage within these plans is provided only for limited hospital and emergency services Any expenses you pay for out of network services that are not eligible (a covered service) will not go toward your deductible or out of pocket max. 11

12 Medical Insurance Open Access High Deductible Plan $2,600 individual ($5,200 family) deductible. Deductible is per person up to the family maximum. This is called an embedded deductible. An option to contribute to a health savings account (no Fairview contribution). Networks Out of Network most services are covered at 80% after the deductible, but you will pay any amounts over the allowed amount Provides a larger network and broad out-of-network coverage 12

13 Medical Insurance Medical Networks Search provider directories online, 13

14 Medical Insurance Prescription Drug Coverage ClearScript is our pharmacy benefit manager You pay 100% of cost until deductible met (certain exceptions apply), then pay coinsurance. You receive a better benefit if you use a Fairview Pharmacy We have mail order options available through Fairview Pharmacy 14

15 Medical Insurance to-do: Choose Your Plan Option Option 1 - PreferredHealth Narrow Network plan Option 2 - PreferredHealth Narrow Network High Deductible plan Option 3 - Open Access High Deductible plan Waive (do nothing) 15

16 Have you ever participated in a Health Savings Account? Fairview offers a Health Savings Account and Medical/Dependent Care spending accounts. 16

17 Medical Insurance Health Savings Account (HSA) Administered by Wells Fargo/Optum Set aside money to fund current and future health expenses Three tax advantages: 1. pretax contribution 2. tax-free interest 3. tax-free distribution Roll over any unused balances year to year Portability employee owns the account You direct account investments 17

18 Medical Insurance Health Savings Account (HSA) Eligibility You are eligible to contribute to an HSA if you are enrolled in a qualified high deductible health plan ($1,500 and $2,600 deductible plans). You are not eligible to contribute if: You are enrolled in any part of Medicare (incl. Part A) You have medical coverage under another non-high deductible plan (e.g. your spouses insurance) You are a dependent on another person s tax return You or your spouse is enrolled in a full medical spending account Maximums The IRS maximum you can contribute in 2016 is $3,350 for single and $6,750 for family. An additional $1,000 catch up is allowed if you are age 55 or older. 18

19 Spending Accounts Medical Spending Account Administered by WageWorks Set aside pretax money ($130-$2,550 per year) to pay for medical expenses for you and your eligible dependents. Use it or lose it account with ability to roll over up to $500 into next plan year of unused monies. IRS requires you to keep itemized receipts for all claims. WageWorks may ask you for substantiation (receipts). If substantiation is not provided, your card may be suspended. Employees in an HSA qualified high deductible health plan may enroll in a limited use spending account that allows reimbursement for eligible dental and vision expenses (and medical expenses only after you have met your deductible). 19

20 Spending Accounts Daycare Spending Account Administered by WageWorks Set aside pretax money, $130-$5,000 per year per household, to help pay for the care of your dependents under the age of 13. Use it or lose it account (by end of plan year). Account and claims management is online with WageWorks. 20

21 Spending Account to-do: What Works for You? Consider one or more: Health Savings Account (HSA) Medical Spending Account Daycare Spending Account 21

22 Dental Plans Plan Options Administered by Delta Dental Delta Premier Larger network of providers Lower premiums Lower coverage on select services Calendar year deductible ($25/$75) Annual maximum plan payment (amount varies by employee group) Delta PPO Smaller network of providers Higher premiums Higher coverage on select services No deductible / No annual maximum Out of network services covered at 50% Orthodontic coverage available under both plans for children under age 19. Search for providers online at 22

23 Dental to-do: Choose Your Plan Option Option 1 - Delta Premier Option 2 - Delta PPO Option 3 Waive (do nothing) 23

24 Dependent Verification Fairview partners with third-party vendor Willis Towers Watson to manage the dependent verification process. To cover dependents, you are required to provide documentation to show that the individual(s) you enrolled are eligible for coverage under the Fairview benefits plan. List of acceptable documentation available on the My Fairview Benefits website. You have 60 days to provide documentation or your dependent(s) coverage will be terminated. Documents can be uploaded to the website, mailed or faxed to Willis Towers Watson. 24

25 Good to know A volunteer group of employees serve as benefits tutors and are available to assist you with language, technology or benefits barriers. 25

26 Term Life Insurance Administered by Prudential Non Contract Employees: Basic & Optional Life*: $10,000, $50,000, or an amount equaling 1x to 7x your annual salary Contract Employees: Basic Life: Refer to your union contract Optional Life*: 1x to 5x your annual salary All Benefit eligible employees are eligible for: Spouse Life*: $10,000-$100,000 in increments of $10,000 Child Life: $5,000 or $10,000 *Evidence of Insurability (EOI) will be required upon initial election of select coverage amounts and upon desire to increase coverage amount 26

27 Term Life Insurance to-do: Elect Coverage Amounts Enroll in coverage You Spouse Children Non-contract employees default to $10,000 27

28 Disability Coverage Disability insurance provides salary continuance in the event that you become disabled and are unable to work. Administered by Prudential Non Contract plans: Short-term disability Coverage options are 50% or buy up to 65% of your weekly earnings Medical and maternity leave Long-term disability Coverage options are 50% or buy up to 60% of your monthly earnings. All STD and LTD plan payments are tax free Contract employees: Refer to your contract for disability plan specifics 28

29 Disability Insurance to-do: Choose Your Plan Option Short-term disability Coverage options are 50% or 65% of your weekly earnings Long-term disability Coverage options are 50% or 60% of your monthly earnings. Default coverage varies based on your authorized hours 29

30 Make Your Benefit Choices Enrollment guide will be mailed You may also begin online enrollment prior to receiving your guide in the mail. Access is typically available starting Thursday afternoon after first day of employment. You have 31 days from date of eligibility to enroll. Choose carefully; unless you have a qualified status change you cannot make changes until Open Enrollment. 30

31 Let s Review a few Important Facts! Retirement Benefits Providers Resources 31

32 Resources Employee Service Center representatives can answer your benefits and payroll questions. Call or Monday-Friday, 7:30 a.m. - 5 p.m. esc@fairview.org My Fairview Benefits website New Employee Resource intranet page 32