Open Enrollment Begins Monday
2017 Open Enrollment will take place from Monday, Nov. 7 to midnight Monday, Nov. 28. Open enrollment is your opportunity to assess your individual and family needs and make changes to your benefit package selections.
This includes changing health plans, adding/removing a dependent, changing Health Savings Account (HSA) contributions, electing to contribute to a flexible spending account or changing any other benefits such as life or disability benefits.
If you would like to continue your current elections in 2017, you do not need to take any action unless you have a flexible spending account (FSA) as contributions must be re-elected each year.
Here is a brief summary of the 2017 benefits:
- Michigan Tech will continue to match up to 7.5 percent of your salary that you decide to save for retirement. Tax deferred as well as Roth options for 403b and 457b plans are also available without a match should you wish to save more for retirement. Keep in mind there are IRS maximums for how much you are allowed to contribute.
- The HuskyCare High Deductible Health Plan (HDHP) health insurance plan will continue with current deductible and out of pocket limits. Starting Jan. 1, 2017, the monthly premium will be $5 (pre-tax) per dependent per month while the employee premium will remain at $0. Note: If an employee has a partner/spouse that is currently covered as a dependent and is in a benefits-eligible position at Michigan Tech, their premium will be $0; any eligible children covered will have the $5 per month premium.
- With the HuskyCare HDHP health insurance plan you can decide what amount if any, you put in your tax sheltered Health Savings Account (HSA) to cover health care deductibles and co-pays. Keep in mind that any amount you save in your HSA that is not used, is carried over to future years, even into retirement. There are IRS maximums that might impact the amount you are allowed to contribute.
- The HuskyCare Preferred Provider Organization (PPO) health insurance plan will continue unchanged at the current premium of $114 (pre-tax) per person per month.
- New for 2017 is a move to carve out the prescription drug (RX) from Blue Cross Blue Shield of Michigan (BCBSM) coverage and move it to Express Scripts. The coinsurance levels will remain the same and any amount paid for an RX will continue to apply to deductibles (if applicable) and out of pocket maximums on both the PPO and HDHP plan. Michigan Tech will join a larger RX coalition to leverage the volume for better pricing on prescriptions.
- The current $150 (taxable) provided to eligible employees who have opted out of Michigan Tech’s health plan will be reduced to $95 (taxable) per month. This will help ensure Michigan Tech’s health plan remains compliant under the Affordable Care Act (ACA).
- Vision coverage will be moving from EyeMed to Davis Vision. The vision coverage plan will be enhanced from the current plan, and the employee premium will remain unchanged. The vision plan will now have the option for a second pair of safety glasses (employee only). Visit the open enrollment website for additional plan details.
- Michigan Tech’s life and disability plans will be transferred from Metlife to Unum. Life insurance and short-term disability plans and premiums will remain unchanged. The Long-term disability plan design and premiums (University paid core at 60 percent and buy-up of 70 percent) will remain unchanged.
- Dental coverage (through Delta Dental) will remain unchanged for calendar year 2017.
Plan to explore and evaluate your benefit options and cost during an Open Enrollment educational session.
For additional information, visit the open enrollment website.