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BEDFORD COUNTY PUBLIC SCHOOLS

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BEDFORD COUNTY PUBLIC SCHOOLS. Open Enrollment Benefit Update For 2013-2014. Remaining Unchanged. Dental benefit and rates – Dependents now covered until age 26 Vision – Dependents now covered until age 26 AFLAC. VRS. No change to overall VRS rate - PowerPoint PPT Presentation

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BEDFORD COUNTY PUBLIC SCHOOLSOpen Enrollment Benefit UpdateFor 2013-2014Remaining UnchangedDental benefit and rates Dependents now covered until age 26Vision Dependents now covered until age 26AFLAC

VRSNo change to overall VRS rateEmployees will be moved from 3% Contribution to 5%.This 2% increase will be offset with a 2.4% increase in salaryYour account information can be accessed from www.varetire.orgClick on MyVRS and register

HealthOverall 0.5% increase in premiumsSuccess of self-funded planCarryover operating funds were moved into the planHealth $1,500 Complete PlanSchool Board is covering the 0.5% increaseChanged the co-pay for physical therapy from $50 to $25Health$2,500 High Deductible with Health Savings AccountIncreased deductibleEmployee only from $2,500 to $3,000Employee plus from $5,000 to $6,000Plan will pay 100% after deductible is metIncreased employer contribution to the Health Savings AccountPayment into Health Savings Account twice a year

$3,000 High DeductibleHow is it different?No co-pay; you pay the entire doctor bill, however, you still receive the Piedmont discounted rateNo drug card; you pay the Piedmont discounted rate, or you can go to Wal-Mart or another retailerSo, if the deductible is higher and you are required to pay the doctor bill, how can this plan be better than the $1,500 complete plan?$3,000 High DeductibleThe Health Savings Account is the reason, but this still might not be the plan for everyone!Everything counts toward the deductible, whereas the co-pay for the doctor and drugs under the $1,500 plan do not count toward the deductibleYou still are allowed a wellness visit at no costMoney put into your Health Savings Account is yours$3,000 High DeductibleHealth Savings AccountEverything that goes in is yours, and you do not need to use it by the end of the yearMoney goes in tax free, earnings are tax free, and when you take it out it is tax free (Only for valid medical expenditures)Choice of bank account with debit card or-22 different Vanguard Mutual fundsNo forms to fill out to get your money, just take it out. However, you are responsible for providing IRS proof that you had valid expenses to cover the withdrawalThere are limits to the overall contribution:Employee Only $3,250Employee Plus $6,450You and your spouse cannot be enrolled in a Flexible Spending Plan (AFLAC) $3,000 High DeductibleExample: Employee OnlySavings on employee premium $120Employer contribution to Health Savings $1,500Total savings $1,620 Compare to the $1,500 difference in deductible from the 1,500 Complete planIf you do not need the money to cover expenses, you can leave it in the account, it is yours

$3,000 High DeductibleExample: Employee PlusSavings on employee premium: Child $1,080, Children $1,320, Spouse $2,292, Family $2,736Employer contribution to Health Savings:Child $1,500, Children $2,204, Spouse $1,566, Family $2,410Total savings:Child $2,580, Children $3,524, Spouse $3,858, Family $5,146Compare to the $3,000 difference in deductible from the $1,500 Complete plan

Who Should consider the $3,000 high deductible?Everyone!

Possible reasons for NOT choosing the plan:If you are currently on expensive medications, remember, there is no co-pay; you pay the costYou need to have access to cash to meet the deductible. Between the savings in premium and what the board is contributing to the Health Savings Account, this should not be an issue. Payments into the Health Savings will take place in June and January.BEDFORD COUNTY PUBLIC SCHOOLSOpen Enrollment Benefit UpdateFor 2013-2014QUESTIONS?

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