Open Enrollment Begins Sunday
Michigan Tech's 2018 Open Enrollment takes place from Sunday (Nov. 5) to midnight Monday, Nov. 27. 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 2018, 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 2018 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, 2018, the monthly premium will remain the same at $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.
- There will be no changes to the insurance providers:
- Health – BCBSM with Express Scripts handling the prescriptions.
- Dental – Delta Dental
- Vision – Davis Vision
- Michigan Tech’s life and disability plans - Unum
There will be no change to the $95 (taxable) provided to eligible employees who have opted out of Michigan’s health plan and are not covered under Michigan’s Tech coverage through their spouse. Plan to explore and evaluate your benefit options and cost during an Open Enrollment educational session.
For additional information, visit the open enrollment website.