Transcript Residents Benefit Presentation - Massachusetts General Hospital

Summary of Benefits
See your 2010 Enrollment Guide for detailed information
Health Plans
•Medical Plans
•Dental Plan
•Vision Plan
Income Protection
•Life (Basic & Optional)
•Long Term Disability
•Accidental Death &
Dismemberment
•Long Term Care Insurance
Flex Spending Account
•Health Care Account
•Dependent Care Account
Retirement
•Traditional 403(b)
•Roth 403(b)
Partners Medical Insurance
Policy
All Partners eligible employees MUST maintain health
insurance coverage through Partners or an
alternative source.
This policy was created to ensure compliance with respect to
the new Health Care laws in Massachusetts.
Without coverage you may incur a tax penalty when you file your
MA state taxes.
When will my benefits begin?
DATE OF HIRE
Your benefits will begin on your date of hire, unless you take action to
designate another date .
If you have medical coverage elsewhere, you can “opt out” of coverage
through Partners.
Opting out MUST be done within 30 days of your hire date
OTHERWISE
You will automatically be enrolled in BCBS Partners Value – Individual
•
If you elect to “opt out” of coverage, you will receive a HIRD* form to complete
and return to benefits. (* Health Insurance Responsibility Disclosure)
Other times benefit changes can
be made?
• During Open Enrollment for 2011 (Fall 2010) Benefit changes
effective January 1, 2011
• If a “Qualified Life Event” occurs (e.g. marriage, birth of child,
opportunity for insurance through your spouse, end of coverage
through school, etc.)
Changes must be made within 30 days of the status change.
How much will this cost?
We have done the math for you!
See the enclosed Rate Sheet
PARTNERS BENEFITS FOR RESIDENTS
2010 RATE SHEET - MONTHLY CHOICE PAY AND PRICES
Everyone Receives
BASIC CHOICE PAY:
$277.00
Employee Only
MEDICAL CHOICE PAY
$256.16
Added to $277.00
MEDICAL INSURANCE
Price
Employee & Spouse
Total
$533.16
$768.49
Your Cost
Total
$1,045.49
Price
Employee & Children
$691.61
Your Cost
Price
Total
$968.61
Your Cost
Family
$1,203.94
Total
$1,480.94
Price
Your Cost
Partners Plus
$569.25
$36.09
$1,138.50
$93.01
$1,053.08
$84.47
$1,622.33
Master Health Plus
$1,055.00
$521.84
$2,110.00
$1,064.51
$1,951.75
$983.14
$3,006.75
$1,525.81
$511.08
($22.08)
$1,022.17
($23.32)
$945.50
($23.11)
$1,456.58
($24.36)
Partners Value
Neighborhood Health Plan
Harvard Pilgrim HealthCare
Tufts Health Plan
DENTAL CHOICE PAY
DENTAL INSURANCE
Major Dental
Basic Dental
VISION INSURANCE
$664.67
$131.51
$676.58
$143.42
$671.75
$138.59
Employee Only
$16.80
Price
Your Cost
$38.67
$21.87
$28.00
$11.20
Employee Only
$7.08
LONG TERM DISABILITY
LIFE INSURANCE
Optional
Age on 1/1/09
60% of Pay *
$1,329.33
$283.84
$1,353.17
$307.68
$1,343.50
$298.01
Employee & Spouse
$33.65
Price
Your Cost
$77.33
$43.68
$56.08
$22.43
Employee & Spouse
$14.15
$
13.32
80% of Pay * $19.99
Basic Life = Annual Salary No cost to Employee
Employee
Age
Under 30
30-34
35-39
40-44
45-49
Monthly Cost
Per $1,000
$0.050
$0.072
$0.081
$0.090
$0.135
Spouse
Age
Under 30
30-34
35-39
40-44
45-49
AD&D INSURANCE
$1.40 for $100,000 of coverage
CHILD LIFE INSURANCE
$2.10 for $10,000 of coverage for all eligible children
$1,229.67
$261.06
$1,251.67
$283.06
$1,242.75
$274.14
Employee & Children
$33.65
Price
Your Cost
$96.67
$63.02
$56.08
$22.43
Employee & Children
$12.38
Monthly Cost
Per $1,000
0.080
0.088
0.099
0.110
0.165
$1,894.33
$1,928.25
$1,914.50
Family
$50.45
Price
$135.33
$84.08
Family
$141.39
$413.39
$447.31
$433.56
Your Cost
$84.88
$33.63
$19.46
*If no election is made, coverage defaults to 60%
Medical Plan Options
Details of each plan outlined in Medical Comparison Chart
BCBS Partners Plus
BCBS Partners Value
Harvard Pilgrim Health Care
Neighborhood Health Plan
Tufts Health Plan
BCBS Master Health Plus
Majority choose Partners Plus
or Partners Value!
Blue Cross Blue Shield
Partners Plus/Value
• In-network coverage:
– Designated Primary Care Physician (PCP)
– Referral from PCP needed to see Specialists
The “Network” is
– Low out of pocket costs
Blue Cross Blue Shield
HMO Blue and Blue Choice
• Out-of-network coverage:
– Self-referral to Specialists
– Out-of-state care (non-emergency)
– Higher out of pocket costs
Prescription Drug Program
Medco
In addition to your Health Insurance Card you will
receive a Medco ID card
Retail Purchase
30 day supply
$10 Generic
$20 Preferred brand
$35 Other approved
brands
Mail Order
90 day supply
$20 Generic
$40 Preferred brand
$70 Other approved
brands
Delta Dental Plan
You will receive separate ID card
1. Basic Dental - $1,000 per person annual maximum
100% Diagnostic & Preventive (No Deductible)
50% Minor Restorative ($50/$100 Deductible)
50% Major Restorative ($50/$100 Deductible)
No Orthodontia
2. Major Dental - $2,000 per person annual maximum
100% Diagnostic & Preventive (No Deductible)
80% Minor Restorative ($25/$50 Deductible)
50% Major Restorative ($25/$50 Deductible)
Orthodontia - 50% covered up to $2000 lifetime maximum
Davis Vision Plan
100% coverage by Davis providers
Every 12 months
• Eye exam w/ participating optometrist ($10
co-pay)
• 1 pair of Davis Vision eye glasses or contact
lenses see brochure
• Out-of-network care available at a higher
cost
Long Term Disability (LTD)
• Continues portion of salary, if unable to work due to illness
or injury for longer than 90 days.
• Payments may continue to age 65.
• Annual cost of living adjustment, if applicable.
• Automatically enrolled @ 60%*, unless declined at
enrollment.
TWO OPTIONS
*60% of base pay @ $13.32 per month
80% of base pay @ $19.99 per month
Life Insurance
Partners provides coverage of 1 x salary
(no cost to employee)
Need more Life Insurance?
Employee
Employees can elect up to 3x annual salary without Evidence of good
health, 5x salary is available with Evidence of Health and insurance
company’s approval
Spouse
Coverage amounts: $10K, $25K, $50K, $75K, $100K
Child
$10k for each child
Accidental Death & Dismemberment (AD&D) Insurance is also
available (p 21)
Flex Spending Accts (FSA)
USE IT OR LOSE IT BENEFIT
For eligible expenses incurred from Hire Date to 3/15/2010
CALENDAR YEAR BENEFIT – RE-ELECT EVERY YEAR!
Health Care
Dependent Care
$3,000 pre-tax (max)
$5,000 pre-tax (max)
•Out-of-pocket medical,
dental and vision
expenses
• Expenses to look after
dependent child while
parents are working
•E.g. Deductibles,
Coinsurance, Co-pays
• E.g. Daycare for children
through age 12 and disabled
dependents
Retirement Savings
Programs
2 ways to save for your retirement through payroll deductions
•Traditional 403(b) Program Your contributions are
deducted before taxes are calculated and will reduce your
taxable income every paycheck
•Roth 403(b) Program Your contributions are deducted after
taxes are calculated. Your contributions and investment
earnings will be tax free when distributed.
Combined maximum contribution $16,500 (CY2010)
Investment Providers Fidelity Investments, TIAA-CREF, Vanguard Group
.
Tale of two savers
VALUE AGE 65
$200K
$167,832
$150K
Maria
Tom
$125,025
Start Age 25
$1,000
contributed
annually for
10 years
$100K
$50K
$10,000
Contribution
AGE
Start Age 35
$1,000
contributed
annually for
30 years
$30,000
Contribution
25
35
45
55
65
This hypothetical example is based on monthly contributions made at the beginning of the month to a tax-deferred retirement plan and an 8% annual
rate of return compounded monthly. Your own Plan account may earn more or less than this example, and income taxes will be due when you withdraw
from your account.. Investing in this manner does not ensure a profit or guarantee against loss in declining markets.
You need a Partners password
How to create a Partners password
https://myprofile.partners.org
Myprofile.partners.org
Step-by-step instructions
WHAT IS
??
• Human Resources Information
System which allows employees
to perform transactions
– Employee Self Service
• Tasks
• Views
• eBenefits
User Name: NT User ID
Password: Partners Password
Any problems: contact your Benefits Representative
Accessing PeopleSoft eBenefits
Home > Self Service > eBenefits
Help is available
Call the Benefits Office once you get here if you need help
accessing the options available in eBenefits
(617) 726-8133
eBenefits – Home Page
Time to enroll
Employee Name
Employee Name
To elect, edit each plan!
Remember...
• Submit your benefit elections online as soon as
possible !
• Elections received after 30 days will NOT be processed
and you will be automatically enrolled in BCBS
Partners Value (individual coverage)
• Benefits as well as DEDUCTIONS & CHOICE PAY are
effective on your date of hire or eligibility date
EMERGENCY CONTACT
MBTA PASS
ENROLLMENT
• Employees have until the
• 15th of every month to enroll
• Parking & Commuter
Services –
• Wang Bldg.02-230
• call (726-8886) with
questions or to purchase
discounted T-passes after the
deadline
Don’t Forget!
Designate Your Beneficiaries…
Direct Deposit
..
Suppress DDP Advice Print
 View pay advice before the 26th.
 Protect your identity! No more worries about pay advice being lost or misplaced.
 PRINT ON DEMAND- A complete history of your pay advices are printable at anytime.
W-4 FEDERAL TAX
FORM
Questions?
Contact
Professional Staff Benefits
BWH
Angela Carter (617) 724-9357
[email protected]
Questions?
Professional Staff Benefits Office
Mass General Hospital
Bulfinch Bldg, Rm 126
Last Name
Starts with
A-G
H-O
P-Z
Contact
Jennifer R. Williams
Linda Gulla
Virginia Rosales
(617) 726-9266
(617) 726-9266
(617) 724-9356