the principia annual enrollment plan... · principia annual election maximum: $2,700 for health...
TRANSCRIPT
![Page 1: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/1.jpg)
THE PRINCIPIA ANNUAL ENROLLMENT2020
![Page 2: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/2.jpg)
What we’ll cover:
▪ Your benefit options for 2020
➢ New health plan (UnitedHealthcare)
➢ Lower employee contributions for the base medical plan
➢ No change to dental plan
➢ No change to vision plan
➢ No change to life and disability plans
▪ Next Steps:
Enrolling can be completed quickly using the
Online Annual Enrollment process through ADP
![Page 3: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/3.jpg)
Will my benefits automatically
continue if I don’t log into the ADP
portal during Annual Enrollment?
![Page 4: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/4.jpg)
What is included? What is available to me?
• Low cost Health Insurance (new health plan)
• Vacation, Health and Personal Leave
• Social Security
• Worker’s Comp Insurance
• Unemployment Insurance
• Retirement savings—generous match! Up to 7.5% of your pay period
earnings
• Life insurance and Income Protection plans—Principia pays half the monthly
premium
• Dental & Vision – premiums are paid before taxes are calculated
• EAP through Standard Insurance
![Page 5: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/5.jpg)
Benefit Highlights 2020
Dental Insurance – The Standard Insurance Company
• Rates unchanged for 2020
– Low and High PPO options
– Nationwide Dental Network
Vision Insurance -- EyeMed
• Rates unchanged for 2020
– Insight Network
![Page 6: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/6.jpg)
Benefit Highlights 2020Basic Life Insurance and Income Security – The Standard
Insurance Company
-All benefit eligible employees are eligible
• Group Life and AD&D Insurance
– two times annual salary
– $2,000 coverage for non-employee spouse
– $2,000 for each child from birth to age 26
• Group Short-term Disability Plan - 60% of gross salary up to
$1,000/week for up to 90 days after a waiting period of 14 days.
• Group Long-term Disability Plan - 60% of gross salary from 91
days to Social Security normal retirement age (“SSNRA”).
![Page 7: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/7.jpg)
Benefit Highlights 2020
Voluntary Term Life Insurance – The Standard Insurance Company
Employees
• Voluntary Life coverage limited to 5 times your annual salary not-to-exceed $500,000
• Rates based on age range
• Policy can be converted to individual policy upon termination of employment
Spouse
• Voluntary Life coverage limited to $250,000 or 50% of the employee coverage in $5,000 increments
Children
• Voluntary Life coverage $5,000 per child up to age 25 with employee coverage
• Employee must elect at least $10,000 of additional life insurance for child coverage
![Page 8: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/8.jpg)
Benefit Highlights 2020
• Voluntary Term Life Insurance with The Standard Insurance Company
– Employee
• Elect within 30 days of becoming eligible by completing the
Evidence of Insurability (“EOI”) form only for coverage over
$130,000. Later enrollments will require EOI regardless of amount.
– Spouse
• Elect by completing the EOI.
![Page 9: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/9.jpg)
FLEX Accounts
• Flex Spending: Renewal or participation is not
automatic! This must be re-elected annually.
• For the 2020 plan year, the Principia Dependent Care
maximum contribution is $5,000 and the Health Care
maximum contribution is $2,700.
• What is Flex Spending and how does it work?
![Page 10: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/10.jpg)
FLEX AccountsPay for health care expenses and dependent care/childcare expenses with pre-tax dollars
Principia annual election maximum: $2,700 for Health Care Expenses
$5,000 for Dependent Care Expenses
• Spend
2020 Health Care Elections by March 15, 2021
2020 Dependent Care Elections by December 31, 2020
• Submit
2020 Health Care Expense Claims by May 15, 2021
2020 Dependent Care Claims by March 15, 2021
FSAs can be used for expenses such as:✓ Covered Prescription Co-pays
✓ Christian Science Practitioner and Nursing Services
✓ Doctor and Emergency Room Co-pays
✓ Orthodontics
✓ Health plan Deductibles and Coinsurance
✓ Lasik Surgery
✓ Out-of-pocket Dentist or other provider fees
✓ Eyeglasses
✓ Chiropractic and acupuncture
■ Dependent Care ■ Latch Key ■ Adult Day Care
![Page 11: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/11.jpg)
Dental Plan
![Page 12: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/12.jpg)
Vision Plan
![Page 13: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/13.jpg)
Vision Plan (where to shop for frames)
![Page 14: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/14.jpg)
Employee Assistance Program (EAP) Service offered through Standard Insurance
Benefits are provided at no cost, including face-to-face visits
![Page 15: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/15.jpg)
UnitedHealthcare Medical Plans
![Page 16: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/16.jpg)
UnitedHealthcare Medical Plans: Comparison 1
![Page 17: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/17.jpg)
UnitedHealthcare Medical Plans: Comparison 2
![Page 18: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/18.jpg)
2020 Medical Payroll Deductions
Employee OnlyEmployee + 1Family
Annual Out of Pocket
IndividualFamily
Annual EE Contribution
Individual EE + 1Family
Base Plan
Monthly
$ 51.68
$516.86
$872.88
$3,425
$6,850
Includes Rx Copays
$ 620.16
$ 6,202.32
$10,474.56
PPO Buy-up Plan
Includes HRA
Monthly
$ 182.44
$ 904.20
$1,346.28
(Before HRA payment)
$3,000
$6,000
Includes Rx Copays
$ 2,189.23
$10,850.36
$16,155.42
![Page 19: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/19.jpg)
• ADP Portal Opens: Monday, November 4
• ADP Portal Closes: Wednesday, November 20
at 10:59 pm
Login to: https://workforcenow.adp.com
User ID: first initial of first name last
name@ThePrinci
Contact Marcella Lehr [Elsah] or June Brill [St. Louis] with any questions
![Page 20: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/20.jpg)
Carrier Resources
• Medical link – www.UHC.com
• Dental link – www.standard.com/dental
• Vision link – www.EyeMed.com
• Flex Spending – www.myFlexonline.com
Log on and Register to obtain:
– Benefit Information
– Claim Information and Status
– ID card Copies
– In-Network providers and locations
![Page 21: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/21.jpg)
Activate your UHC account
![Page 22: THE PRINCIPIA ANNUAL ENROLLMENT Plan... · Principia annual election maximum: $2,700 for Health Care Expenses $5,000 for Dependent Care Expenses • Spend 2020 Health Care Elections](https://reader030.vdocuments.site/reader030/viewer/2022040916/5e8e8d5e4cf5cf658555b40f/html5/thumbnails/22.jpg)
Contact Information
Mike Bisaro, Investment Advisor – Retirement questions
StraightLine
866-401-5238
Keith McNeil, Broker – Group Insurance
Arrow Benefits Group
707-992-3782