Presentation on theme: "Teachers & School Administrators"— Presentation transcript:
1 Teachers & School Administrators City of WaterburyBenefits ReviewforTeachers & School AdministratorsMonday, August 18, 2014
2 Temporary documents under New Teacher Orientation WebsiteAll forms, documents, and information are provided online.Temporary documents under New Teacher OrientationDocuments are updated and maintained on this site under the Pension & Benefits Department
3 What we will cover Retirement Life Insurance Flexible Spending Acct (Section 125 Plans)Healthcare Benefits
4 Retirement Plan Eligibility Board of Education – Teachers and School AdministratorsTeachers Retirement SystemAdministered by the State of Connecticut.(City of Waterbury’s Pension office only handles the City’s Plan not the State)Most questions can be answered at the State Teachers Retirement Board Website.Phone: (800)Beneficiary Forms are kept in your payroll file and can be changed with the Payroll Department anytime.4
5 Life Insurance Carrier: Anthem Life ___________________________________________________________________________________________2 X Annual Pay Rounded up to the next $1,000City pays full premium for Basic CoverageImputed Income on Basic Coverage over $50,000Supplemental Life Insurance – 1 X PayOptional - $ .188 per $1,000Example: $50,000 Salary : 50 x .188= $9.40 monthlyMust enroll within 31 days of Hire DateAfter 31 Days - Late enrollments – must be approved through Underwriting.
6 Flexible Spending Account (Section 125 Plan) Employee premium cost share – Pre-tax contributions to pay for:Health Care FSA Annual Maximum - $2,500Deductibles, co-pays,Dental care/Orthodontic,Prescription drugs,Medical supplies,Lasik Surgery, eye exams, eye glasses & contact lenses, solutions & supplies etc.Dependent Care FSA Annual Maximum - $5,000Licensed Day CareBefore / After School ProgramsSummer Camp
7 FSA – Tax Savings Example- Single Teacher 1 – Does not enroll in FSA but has $1,000 in medical costsTeacher 2 – Enrolls in FSA for $1,000 and saves money on tax returnTeacher 1Teacher 2No FSA ContributionWith FSA ContributionFSA Deduction$0$1,000Wages after FSA$40,000Gross Wages$39,000Federal Tax$6,424$6,174State Tax$1,680$1,638Pension$2,800After Tax Medical CostNet Income$28,096$28,388
8 FSA – Tax Savings Example The employee would save $300 if enrolled!How to enroll in an FSA:Determine out-of-pocket expenses for the remainder of THIS yearDetermine expenses and make a conscious election (what you don’t use you lose)Please note: You must enroll each year to continue your plan. Contribution deduction elections do not continue, even if you have funds that “carry over” into the new year.
9 Medical, Dental and Pharmacy Benefits Medical PlansCarrier: CignaOpen Access Plus - OAPOpen Access Plus - OPSWTA : no longer available after 2015SAW : no longer available nowOpen Access Plus - OPEDental PlanCarrier: Delta Dental1 plan to choose fromCannot have Dental onlyOptional coveragePharmacy PlanCarrier: Express ScriptsCoverage depends on Healthcare plan you chooseNot optional. Must have Pharmacy coverage when electing a medical plan
10 Employee Cost Share – Payroll Deduction Your cost spread:Sept – Dec covers you for those monthsJan – June covers you for those months including July and August.Even if you choose not to return to the City for the following school year, coverage will continue through August 31.Your cost depends upon the plan you electMost expensive = OAPLeast expensive = OPERates are subject to change annually. Refer to CBA for cost share changes.You are responsible for your premiums.10
11 Medical Coverage Open Access Plus - OAP Open Access Plus - OPS Carrier: Cigna_________________________________________________________________________________________________Cigna Website –Once you are a member:One NETWORK : Open Access Plus – Best network offered by Cigna. Doctors found throughout the country3 Plans to choose fromOpen Access Plus - OAPOpen Access Plus - OPSOpen Access Plus – OPESupporting documents are necessary to enroll family membersbirth certificates, marriage certificates, court orders
12 Major Factors When Choosing OPE PlanCheapest of PremiumsIn-Network Benefits – Participating Providers Only. No Coverage if members go “Out-of-Network”No cap on Pharmacy CoverageUnlimited PT/OT/Chiro/SpeechOPS PlanPlan being eliminated by end of FY 2015 for teachers. Already not available for those in the SAW UnionIn and Out of Network Services:Exclusions for out of Network Coverage: Pediatric, Adult & Vision Exams, Infertility Treatments, Durable Medical Equipment
13 Major Factors When Choosing OAP PlanMost expensive in PremiumsIn-Network Benefits / Out-Of-Network BenefitsOut-of-Network Benefits:$400 Individual Deductible30% co-insurance$1,600 out of pocket individual max$0 co-insuranceAdditional Oral Surgery RiderUnlimited/100% Coverage for Infertility ServicesPharmacy with Express Scripts has a cap; additional coverage through Cigna Out-of-Network Benefit
14 Prescription Coverage Carrier: Express Scripts_____________________________________________________Retail Pharmacy - 30 day supplyMail Order - 90 day supplyTier Drug Plan (Generic, Preferred, Non-Preferred)May be balanced billed if you do not take the available generic brand$0 Co-payment for Diabetic Medications/SuppliesPlan Maximum for OAP and OPS: $1,000 – Calendar Year14
15 Flex Dental Plan Carrier: Delta Dental Annual Deductible _________________________________________________________________________________________________Annual Deductible$50 per member; $150 maximum per familyAnnual Maximum - $1,000Orthodontic Services – not coveredDiagnostic & Preventative Services100% CoverageDeductible may apply to certain servicesBasic Services50% Coverage; after Deductible15
16 Re-Cap of Healthcare Benefits Coverage is effective the 1st of the month following employment. No late enrollments.(Waiver form must be completed if you are not enrolling in the City’s benefit plan)Supporting Documents needed for dependentsDental is Optional; Cannot elect dental coverage onlyFill out enrollment form and affidavit (if applicable) and return ASAPRates are subject to change annually
17 Verifying your Paycheck Review your check weekly!you are responsible for what comes out of your checkProper DeductionsEEMEDC – is not medical; it is Medicare TaxCP, PS, PE – medical/pharmacy deductionDEN – dental deductionSLifeIns – Supplemental Life Insurance403b – Deferred Compensation planTRB – Defined Contribution QUESTIONS?
18 What Do I Do Now? READ, READ, READ the Materials! Return completed Enrollment/Beneficiary forms
19 Basic Life Insurance Beneficiary Form Forms Due ASAP:Basic Life Insurance Beneficiary Form
20 Forms Due Within 31 Days: Healthcare Enrollment/Change Form If adding a spouse or children:Dependent Eligibility AffidavitSupporting Documents (Marriage Certificate, Birth Certificates, etc.)
21 Forms Due Within 31 Days: If not enrolling in medical insurance: Medical Insurance Waiver Form
22 Optional Forms Due Within 31 Days: Flexible Spending Account EnrollmentSupplemental Life Insurance Enrollment