Colliers Benefits Open Enrollment November 2016

Transcription

1 Colliers Benefits Open Enrollment November 2016

2 Agenda 1. What is Benefits Open Enrollment? 2. What s New this Year? 3. Benefits Overview 4. Next Steps 2

3 Open Enrollment Open Enrollment : November 1 st through November 14 th It is your opportunity to: - Learn about benefit plans - Opportunity to change benefit options - Review dependents & assign beneficiaries - Maximize health care dollars You are encouraged to review your enrollment elections to make sure that they continue to meet the needs of you and your family. However, you do not need to re-enroll to keep the same plans (with the exception of Flexible Spending Account FSA and Health Savings Account HSA). 3

4 Agenda 1. What is Benefits Open Enrollment? 2. What s New this Year? 3. Benefits Overview 4. Next Steps 4

5 Open Enrollment Changes Plan Updates Transitioning to calendar plan year! Aligns to the tax year Matches to spouses plans Same period as plan deductibles 5

6 Open Enrollment Not Changing What s not changing? We will continue to offer 4 different medical plans, identified as Traditional Plans 1 and 2, and Health Savings Plans 1 & 2. The payroll deduction amounts for these plans will not change for Deductibles, copays, coinsurance and other plans limits will not change for Amounts applied towards satisfying your annual deductible and out-ofpocket limit will renew on January 1, We were able to renew payroll deductions amounts for dental, vision, supplemental life, identify theft protection & the legal plan at the same level 6

7 Agenda 1. What is Benefits Open Enrollment? 2. What s New this Year? 3. Benefits Overview 4. Next Steps 7

8 Benefits Overview Disability TelaDoc Identity Theft Life Insurance Medical Legal Patient Care Dental Vision FSA & HSA pre-tax accounts 8

9 Benefits Overview - Eligibility Eligibility Employees working 30+ hours/week Independent Contractor Brokers Eligible dependents: spouse, domestic partner and dependent children up to age 26 Enrollment Open Enrollment period is your only opportunity to enroll in Colliers benefits for the next plan year The next opportunity to enroll will be November 2017 for the 2018 Calendar plan year 9

10 Benefits Overview - Medical PREMERA MEDICAL PLANS BlueCross BlueShield network to locate an in-network provider Heritage Plus 1 Network Prefix CZJ PLAN CHOICES Traditional Plan 1 and Traditional Plan 2 (FSA compatible) Health Savings Plan 1 and Health Savings Plan 2 (HSA compatible) TRADITIONAL PLANS AND HEALTH FLEXIBLE SPENDING ACCOUNT Limited to $2,600 per plan year and expire annually HEALTH SAVINGS PLANS (HSP) AND HEALTH SAVINGS ACCOUNT Colliers contributes $500 each year to a Health Savings Account for every eligible employee enrolled in an HSP, which may be used for eligible out-of-pocket healthcare expenses under the HSPs 10

11 Benefits Overview Traditional Plans 11

12 Benefits Overview Health Savings Plans 12

13 Benefits Overview Prescriptions 13

14 Health Savings Plans OVERVIEW OF HEALTH SAVINGS ACCOUNT HSAs are funded, individually owned accounts HSAs are portable, earn interest, and can be invested HSAs usually funded by employees with some level of employer funding for eligible employees HSAs have federal mandated design parameters (e.g., deductible and out-of-pocket limits) TRIPLE TAX SAVINGS Contribution dollars going in are not taxed for federal purposes. May be subject to state tax in some states, including California Earnings in the HSA are not taxed Distributions for qualified expenses are not taxed Deductible In-Network Insurance (example: 80%) 100% After Out-of-Pocket Maximum Out-of-Network Insurance (example: 60%) Member Responsibility Pharmacy (example: 80%) Health Savings Account (employer and/or employee funded) Preventive Care and Preventive Rx (100%) 14

15 Health Savings Plans Who owns the account? Employee HSA Who funds the account? Contributions are deposited into the account by employee and/or employer Do funds accrue interest? Do unused funds roll over to the next year? Is the account portable between employers? What type of health plan is compatible with the account? Yes, interest accrues tax-free Yes Yes Only qualified High-Deductible Health Plans (HDHP) like the Colliers Health Savings Plans 1 and 2 15

16 Health Savings Plans What expenses qualify for reimbursement? Are contributions tax-free? HSA Qualified medical expenses as defined by IRS Publication 502; Some non-medical expenses are allowed and taxed as income with a 20% penalty until age 65 (after age 65 no penalty) Contributions to the HSA are tax-free and distributions can be taken out tax-free as long as they are spent on qualified medical expenses. What are the contribution limits? Who owns the account value? IRS announces annual contribution limits Once money is contributed into the HSA, those dollars immediately belong to the account holder. 16

17 Health Savings Plans HSA Can I access the full amount at the beginning of the plan year for expenses? No, only funds available in the account can be distributed Who is responsible to substantiate that funds are used for qualified expenses? Employees bear the responsibility of substantiation R e f e r t o I R S P u b l i c a t i o n f o r m o r e i n f o r m a t i o n a b o u t H S A s. 17

18 Health Savings Plan Rules Contributions going into an HSA are tax-free1 if: You are covered by a qualified HDHP like the Colliers Health Savings Plans You are not covered by a non-hdhp (includes spouses FSAs) You are not entitled (eligible AND enrolled) to Medicare You are not claimed as a dependent on someone else s tax return Distributions are tax-free and can be used for: Qualified medical, prescription drug, dental, and vision expenses (Pub 502) for you, your spouse, & dependents claimed on your tax return Premiums for: Long-term care insurance Coverage while receiving unemployment benefits COBRA premiums Post-65 premiums EXCEPT Medicare Supplement (such as Medigap) policies 1 Rules apply to the person whose account is receiving contributions 18

19 Health Savings Plans 2017 IRS Limits IRS Design Requirements 2017 HSA Contribution Maximum Single $3,400 HSA Contribution Maximum Family $6,750 HSA Catch-up Contribution (age 55 or older) $1,000 Total amount that can be contributed by or on behalf of an employee for the calendar year 19

20 Health Savings Plans Tax Summary 401(k) Health Care (HC) Related Other Pre-Tax Roth HSA Health Care FSA Dep. Daycare FSA Contributions tax deductible for employee Tax-free growth of investments N/A N/A Tax-free distribution 20

21 Benefits Overview - Dental Freedom to visit any provider you save the most money when you visit a PPO Dentist 21

22 Benefits Overview - Vision COVERAGE THROUGH VSP PROVIDER $10 copay for annual eye exam $130 allowance for frames every 24 months (or contact lenses every 12 months) $0 copay for single vision, bifocal, & trifocal lenses EXTRA DISCOUNTS Enjoy extra discounts on non-covered services: 35% to 40% off non-covered lens options 30% off additional eye glasses and prescription sunglasses 15% off contact lens exam, laser vision correction 22

23 Benefits Overview Dependent Day Care COVERAGE THROUGH WAGEWORKS PROVIDER A dependent daycare FSA is a tax-advantaged spending account Allows for reimbursement of qualified daycare, babysitter, most day camps, and caregivers of disabled dependents up to $5,000 per year ($2,500 if you are married and file your taxes separately) Expenses must be incurred during the plan year (January 1 December 31) plus a 2 ½ month grace period IMPORTANT Unused balances are subject to the use-it-or-lose-it rule which results in the loss of remaining funds 23

24 Benefits Overview Life Insurance BASIC LIFE AND ACCIDENT INSURANCE Colliers provides Life Insurance and Accidental Death and Dismemberment insurance (1 x annual earnings up to $300,000 per coverage) SUPPLEMENTAL LIFE INSURANCE For employee up to $500,000 in increments of $10,000 Spouse, domestic partner, and dependent child life also available Employees are allowed to increase their supplemental life coverage by $30,000 during open enrollment without having to complete a medical questionnaire as long as the amount does not exceed the EOI limit of $200,000 any amount over that will require underwriting approval from Liberty Mutual 24

25 Benefits Overview Disability Company-paid Short-term disability: 60% of weekly earnings up to 2,000 per week for up to 13 weeks of a nonoccupational injury or illness (there is a 7 day waiting period for sickness, there is no waiting period in the event of an injury) Long-term disability: 60% of earnings up to $12,000 per month if you are disabled for more than 90 days and are unable to work; pre-existing condition exclusions apply 25

26 Benefits Overview Additional Benefits 26

27 Agenda 1. What is Benefits Open Enrollment? 2. What s New this Year? 3. Benefits Overview 4. Next Steps 27

28 Key Dates Date Action November 1-14 Open Enrollment window January 1 Coverage is effective January 1-9 Only employees with plan changes will receive new medical & dental cards 28

29 Questions? 29