Transcript MEI Period Financial Update - Drexel University

2006 Benefits
Comprehensive Health Care Plan
Choice of POS or HMO or no coverage
Payroll deduction amounts:
Qualified change in status - report within 30 days in order
to have coverage
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POS - Point of Service
• Aetna Open Access Managed Choice POS
• Network of participating providers
• Negotiated fees
• No primary care physician required (no gatekeeper)
• No referrals
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POS - Point of Service - cont’d
• Benefits available for out-of-network care
• Cost sharing
- In-network provider - co-payments and coinsurance
- Out-of-network provider - deductible and coinsurance
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HMO - Health Maintenance Organization
• Aetna Choice POS
• Participating providers only
• Primary Care Physician (PCP) required
• Referrals not required
• Lower out-of-network benefits
• Cost sharing:
- In-network care: co-payments
- Out-of-network: deductible and coinsurance
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POS - Pharmacy Benefits
• Aetna Open Access
• Pre-certification may be required
• Retail (up to a 30 day supply)
- $15 copay for generic drugs
- $25 copay for formulary brand-name drugs
- $40 copay for non-formulary drugs
• Mail Order (up to a 31-90 day supply)
- $30 copay for generic drugs
- $50 copay for brand-name drugs
- $80 for non-formulary brand-name drugs
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HMO - Pharmacy Benefits
• Aetna Choice
• Pre-certification may be required
• Retail (up to a 30 day supply at participating pharmacies)
- $15 copay for generic drugs
- $35 copay for formulary brand-name drugs
- $50 copay for non-formulary drugs
• Mail Order (up to a 31-90 day supply)
- $30 copay for generic drugs
- $70 copay for brand-name drugs
- $100 for non-formulary brand-name drugs
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Employee Assistance Program
• Aetna EAP
• Counseling sessions (up to face-to-face visits per
counselable issue, per year
• Work/life services (legal, financial)
• Personal services (health & wellness, daily life)
• Complementary & alternative medicine resources
(discounts on fitness centers, activities, and magazines)
• 24-hour telephonic access: 1-800-AETNA-EAP
• Web access: www.aetnaeap.com
- Program: Aetna EAP
- Company ID: MYMEIEAP
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Vision One Discount Program
• Available to all Aetna participants
• Eyewear discount program administered by Aetna
• Find participating providers - www.aetnanavigator.com
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Dental - PPO
• Aetna Dental PPO
• Individual calendar year deductible
- $50 for individual
- $150 for family
• Preventative care benefit = 100%
• Minor restorative care: 80% after deductible
• Major restorative care: 50% after deductible
• Annual benefit maximum: $2,000
• Orthodontia:
- 50% after deductible
- Only for children - must apply before age 20
- Lifetime maximum: $2,500
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Dental - DMO
• Aetna Dental DMO
• Primary Care Dentist directs care
• Diagnostic & preventative care benefit = 100%
• Restorative care & oral surgery = fixed prices
• Orthodontia:
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Screening Exam = $30
Diagnostic Records = $150
Adolescent Treatment = $1,945
Adult Treatment = not covered
Orthodontic Retention = $275
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Flexible Spending Accounts
• Set aside pre-tax dollars
• Lower your taxable income
• Two separate accounts - one for Health Care, one for
Dependent Care
• Must enroll within 30 days of hire date
• Submit claims for reimbursement - processed by ADP
(Automated Data Processing)
• Use it or lose it
• Changes during the year only within 30 days of a qualifying
life event
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FSA - Cont’d
• Health Care Account
- $5,000 calendar year maximum
- Eligible expenses include co-payments, coinsurance, deductibles,
and eligible over-the-counter drugs
- Health care premiums are not eligible expenses
• Dependent Care Account
- Dependent Care - child care for dependent(s) under 13 while
parents work or attend school full time
- Care for incapacitated/elderly adults you claim on taxes
- $5,000 calendar year maximum (may be less for highlycompensated associates)
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Life Insurance
• Non-contributory Life
- Company pays for life insurance of 3 times annual eligible earnings
• Contributory Life
- Associate may elect to pay for additional life insurance of up to 2
times annual eligible earnings
- Apply within 30 days of hire, no statement of health necessary
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Retirement Program
Company
Associate
6%
6%
Match
6% 401(k)
Vanguard
12%
Company contribution based on 100% of base pay
Maximum annual contributions subject to IRS limits.
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Resources
• Aetna Benefits:
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http://www.aetnanavigator.com
POS Member Services: 1-888-632-3862
POS Pre-certification: 1-800-962-6842
HMO Member Services: 1-877-402-8742
Dental Member Services: 1-877-238-6200
Prescription Line for Providers: 1-800-238-6279
Vision One Customer Service: 1-800-793-8616
• MEI Retirement Plan:
- http://www.vanguard.com
- 1-800-523-1188
• Flexible Spending Accounts:
- http://www.flexdirect.adp.com
- 1-800-252-6277
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Immediate Next Steps
• Review your plan summaries
• Make benefits elections for medical, dental, flexible
spending, and life insurance coverages
• Designate life insurance and retirement plan beneficiaries
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