Frequently Asked Questions

Size: px

Start display at page:

Download "Frequently Asked Questions"

Job Morris
5 years ago
Views:

Remember: You Must Enroll for Benefits November 9-20, 2015! Frequently Asked Questions Have questions about Annual Open Enrollment for 2016 benefits? Chances are you re not the only one.

com, or contact our benefits administrator by phone at 877-784-2855, Monday through Friday, 8:00 a.m. to 5:00 p.m. CST. These FAQs describe benefits available in 2016 to iheartmedia, Inc.

1 Remember: You Must Enroll for Benefits November 9-20, 2015! Frequently Asked Questions Have questions about Annual Open Enrollment for 2016 benefits? Chances are you re not the only one. Here are some FAQs that we hope will help answer your questions. Of course, if this doesn t answer all your questions, feel free to visit or contact our benefits administrator by phone at , Monday through Friday, 8:00 a.m. to 5:00 p.m. CST. These FAQs describe benefits available in 2016 to iheartmedia, Inc. employees, which includes Clear Channel Outdoor Americas employees based in the U.S. 1. Will my premiums increase in 2016? Yes. Although we have not had an increase to our premiums over the last four years despite the fact that general health insurance marketplace premiums increased more than 20% in that time premiums will be going up 8%, the first increase in five years. However, for the fifth year in a row, we are NOT increasing deductibles or out-of-pocket maximums in the medical plan; we are lowering vision plan premiums; and we are maintaining the same dental plan premiums. Even with this change, iheartmedia, Inc. employees on average are paying $400 LESS per year on medical costs today than they did in 2011 while the general marketplace is paying $1,200 MORE. 2. Can I continue to get a discount on my premiums by completing wellness activities? Yes, as long as you take three easy wellness requirement steps (currently, 85% of our employees do): o Select a primary care physician (PCP), if you haven t already o Get an annual physical OR complete a biometric screening by March 31, 2016 o Speak with a nurse if you are contacted (if a nurse doesn t contact you, you are considered in compliance)

2 3. Will the HSA-based plan remain our single medical plan option? Yes. The Health Savings Account (HSA) plan will continue to be our single plan option. See the additional HSA questions below for more information. 4. What is a Health Savings Account (HSA)-based medical plan? Our Health Savings Account (HSA)-based medical plan has two components: A High-Deductible Health Plan (HDHP), which means that while your benefits deductible may seem high, less money is being taken out of each paycheck to cover medical insurance that you don t use. In addition to providing quality coverage, this plan is designed to protect you from catastrophic medical and pharmacy costs; and A personal Health Savings Account (HSA), to which the company contributes money for you in addition to your own contributions with the purpose of offsetting the high deductibles associated with our plan. Think of the HSA as a savings account with a debit card attached. You can use the debit card with your doctor or healthcare provider, using the funds in your HSA to cover medical costs and help you offset the cost of your deductible. Every year, the company contributes money into your HSA account and during the enrollment period you can choose the amount you d like to contribute pre-tax from each paycheck. This HSA is yours it rolls over every year, earns tax-free interest, and you can even take it with you if you leave the company. NOTE: your 2015 HSA contribution elections will not roll forward for 2016 you must actively elect to contribute to an HSA in So, under our HSA-based plan, you pay lower monthly premiums and you re able to use the money in your HSA to offset any deductibles or other medical costs you may have. In contrast, the high-premium, low-deductible plans that used to be the norm in the healthcare industry require you to pay more money up front for coverage you might never need or use. 5. What do you mean when you say I pay lower monthly premiums in our plan? It seems like I have a very high deductible. Traditional heath care coverage is like car insurance you pay a lot of money up front in premiums to protect you in case of an accident. And while (hopefully) you never need to use it, you re still paying all that money. This means that most of the time, you are paying for

3 more insurance than you need or use, although we have become so used to it that we hardly notice that a lot of money is being taken out of every one of our paychecks for that purpose. With our HSA-based medical plan, you pay far less in monthly premiums so even if you haven t noticed, you re actually taking home more money every pay period than you would under a traditional health care plan. The company also puts money into your personal HSA that you can use to pay as you go at your healthcare provider and you can contribute pre-tax dollars into that account as well, meaning that the money you pay towards the cost of coverage is subtracted from your pay before taxes are calculated. Other benefits to the HSA include: Your HSA balance earns interest tax-free and can be used as an investment tool once your balance reaches $1,000; HSA funds are never taxed as long as you use them to pay for qualified health expenses; if you do not use all of the money in your HSA, your funds roll over to the following year to help you pay for future medical expenses; and the money in your HSA account is portable, meaning you can take it with you if you ever leave the company. The total funds in company HSA accounts have grown from $2 million in 2012 to $13 million today. 6. Are our other benefits staying the same? Yes. We will continue to offer supplemental benefits you re used to with little or no change to plan or cost, including dental, vision, disability, optional life and Accidental Death and Dismemberment (AD&D), spending accounts, accident and critical illness coverage and whole life insurance. 7. What changes are we making to health care benefits for 2016? For the most part, benefits for 2016 will remain the same. But there are a few changes to be aware of: Premiums: Premiums will be going up 8% the first time we ve raised premiums in five years. However, we are NOT increasing deductibles or out-of-pocket maximums in the medical plan. In addition, we are lowering vision plan premiums and maintaining the same dental plan premiums. HSA Plan: We are discontinuing the company-matching contributions that iheartmedia, Inc. makes to HSAs. These were originally put in place to help

4 employees grow their HSA balances, and today your HSA balances total more than $13 million. We are continuing the annual tax-free contributions that iheartmedia, Inc. makes to HSAs in January. Eligibility: For part-time hourly employees, actual hours worked will now be used to determine benefit eligibility. This is mandated by the Affordable Care Act (ACA). In addition, only legally married spouses will be eligible for benefits. However, domestic partners (opposite-sex or same-sex) may also be eligible where required by contract. Confirmation of Spousal Health Insurance Coverage: For 2016, we re taking additional steps to ensure that we re only covering those spouses who truly need coverage under iheartmedia, Inc. benefits. Employees will be required to complete a legal document that says why your spouse is enrolling in the iheartmedia, Inc. medical plan. If you do not complete the form, and your spouse enrolls in the iheartmedia, Inc. medical plan, we will assume he/she is eligible for coverage elsewhere and will have to apply a surcharge of $175 per month to his/her premium. NEW! Doctor On Demand: We re excited to offer the new Doctor On Demand service, which lets you use your computer, laptop or smartphone to consult with a board-certified doctor for minor medical issues. Doctor On Demand costs $40 per consultation, and is an affordable alternative to doctor s office visits or urgent care. You will pay the full cost of each visit until your deductible is met, and then only 20% coinsurance after that. Don t forget: You can use money from your HSA or health care flexible spending account to cover this cost. During your virtual doctor s visit, the physician will recommend treatment and, if necessary, send a prescription to your pharmacy of choice. 8. What resources are available to help me manage my health and out-of-pocket costs? iheartmedia, Inc. is happy to offer a number of resources that we think will help you get the most from your health care benefits. You can access these resources as well as other helpful tools at by clicking on the Coordinated Healthcare area of the site or contacting a Personal Care Coordinator at Coordinated Healthcare: Access to a Personal Care Coordinator to help you navigate your health care experience, including chat and mobile app features. You, your family, your physicians and a staff of Care Coordinators all work together to help ensure your health care is provided in the most efficient and medically effective manner.

5 Healthcare Blue Book: Free access to a service that lets you price shop for medical needs which helps you be a better consumer of healthcare with the click of a button. Visit for more information. GoodRx: A free online pharmacy pricing tool designed to provide prices and discounts for thousands of prescription drugs at more than 70,000 U.S. local and mail-order pharmacies. This tool will help you decide what pharmacy you want to use and what price you want to pay for your prescriptions, and then you can purchase them from the pharmacy of your choice. GoodRx will also provide information about manufacturer discounts and coupons, and will alert you when you could have saved money on a recent prescription. 9. How do I enroll this year? You will enroll online at between November 9 and November If I don t enroll, will I have the same benefits I had last year? See below for our 2016 enrollment requirements. Medical: Your current elections will be pre-populated in the enrollment website for you so that you can easily review and decide if you want or need to make changes for If you have a spouse or family plan, or if you have a tobacco user on the plan, you must complete the attestation questions you ll see in order for your enrollment to take effect. Also, remember that you must make new HSA contributions each year. You may make changes to your HSA contributions any time after January 1. Flexible Spending Accounts (FSAs): You must re-enroll each year in FSAs. Remember, you cannot contribute to a health care spending account if you are contributing to a Health Savings Account (HSA). Visit for more information. All other benefits: You will be automatically enrolled in the same coverage you have in 2015.

Frequently Asked Questions 2018 Annual Enrollment

Frequently Asked Questions 2018 Annual Enrollment The Annual Enrollment window will open on Monday, Oct. 9 to make 2018 benefit elections. Failure to enroll by Monday, Oct. 23 will result in no coverage for 2018. Visit windstreambenefits.com to enroll.