Open Enrollment

OPEN ENROLLMENT: NOVEMBER 1st - 24th


WHAT’S NEW FOR 2016?

  1. New online enrollment system, SmartBen™ - use your Bear ID and password to log in to SmartBen™ beginning on November 1. Find the login link at www.baylor.edu/hr/smartben.

  2. 2016 Summary of Benefit Changes
    • High Deductible Health Plan (HDHP) with Health Savings Account (HSA)
      • Premiums will decrease from between $8 and $65 per month below 2015 levels, depending on salary and coverage and close to half the cost of PPO premiums.
      • Baylor HSA contributions will increase to $600 for individual coverage and $1,200 for family coverage.
      • *For 2016, the HDHP with an HSA is a more attractive option. See below * note.
    • PPO Plan
      • Premiums will increase from between $3 and $23 per month above 2015 levels, depending on salary and coverage level. Increases were kept low with the following changes:
        • Deductibles (in network) will increase to $500 for Individuals and $1,500 for family coverage.
        • Out of Pocket Maximum (in network) will increase to $3,500 for individuals and $7,500 for family coverage. Plan pays 100% after this.
        • Prescription copays increase
          • Brand Name - Preferred from $30 to $35
          • Brand Name - Non-preferred from $50 to $60
          • Specialty - new category, from $30 to $95
          • Mail Order - from 2 times retail copay to 2.5 times retail copay
    • New CVS Health Specialty Formulary - listing of cost-effective specialty drug solutions
    • Non-surgical Musculoskeletal strains and pains
      • Airrosti, a cost-effective, conservative treatment provider, will be accessible at a favorable cost
        • HDHP - member pays a $20 copay/visit after paying deductible
        • PPO - no deductible required and member only pays reduced copay at $20
    • New Vision Plan (by NVA - National Vision Administrators)
      • In response to faculty and staff requests, a voluntary vision plan has been added. It offers a great savings opportunity for eye exams, eye glasses, and contact lens.
      • Low monthly premiums:
        • Employee only - $6.27
        • Employee + Spouse - $12.54
        • Employee + Child(ren) - $15.05
        • Employee + Family - $22.58

*Why should the HDHP with an HSA be considered for 2016?
  1. The annual HDHP premiums will be lower than annual PPO premiums by anywhere from $276 - $2,592 and on average by $1,434
  2. These premium savings could instead be money that you keep in your Health Savings Account to use as needed for out of pocket expenses
  3. Unused amounts carryover and accumulate and are yours indefinitely
  4. Here is how this can work: premium savings (PPO vs. HDHP) + BU HSA contribution ($600/$1200) + Your HSA contribution (if you are an FSA user, switch FSA dollars to HSA or just add whatever you can up to the limits) = Big HSA!
  5. 2016 HSA limits:
  6. Contribution Limit 55+ Contribution
    Single $3,350 $1,000
    Family $6,750 $1,000

  7. Using the average faculty/staff premium savings (by switching from the PPO to the HDHP), here are a two examples for illustration purposes only to show the possibilities of how the HSA can accumulate for expenses and/or savings.


FAMILY ILLUSTRATION Source of funds INDIVIDUAL ILLUSTRATION Source of funds
$1,434
Overall average HDHP Premium Savings vs. PPO for illustration only. (Find your savings on below chart) $ 816 Overall average HDHP Premium Savings vs. PPO for illustration only. (Find your savings on below chart)
$1,200 BU HSA Family contribution $ 600
BU HSA Individual contribution
$1,000
typical FSA amount switched to HSA or any amount you decide $ 500 typical FSA amount switched to HSA or any amount you decide
$3,634 Sample Health Savings Account $1,916 Sample Health Savings Account

Note: Baylor’s contribution is one lump sum available after January 31. Faculty/staff contributions are monthly additions throughout the year.


PPO and HDHP Premium Comparison

2016 Salary Bands PPO
Employee Cost
HDHP
Employee Cost
Monthly Difference Annual Difference
Under $37,000
Employee Only $53 $30 $23 $276
Employee & Spouse $104 $60 $44 $528
Employee & Children $95 $53 $42 $504
Employee & Family $121 $66 $55 $660
$37,001-$50,600
Employee Only $122 $67 $55 $660
Employee & Spouse $242 $133 $109 $1,308
Employee & Children $211 $116 $95 $1,140
Employee & Family $256 $141 $115 $1,380
$50,601-$64,300
Employee Only $146 $81 $65 $780
Employee & Spouse $287 $158 $129 $1,548
Employee & Children $253 $138 $115 $1,380
Employee & Family $332 $182 $150 $1,800
$64,301-$77,800
Employee Only $174 $96 $78 $936
Employee & Spouse $349 $191 $158 $1,896
Employee & Children $307 $170 $137 $1,644
Employee & Family $410 $224 $186 $2,232
$77,801-$91,500
Employee Only $202 $111 $91 $1,092
Employee & Spouse $403 $220 $183 $2,196
Employee & Children $351 $192 $159 $1,908
Employee & Family $459 $251 $208 $2,496
$91,501 & over
Employee Only $211 $116 $95 $1,140
Employee & Spouse $422 $231 $191 $2,292
Employee & Children $370 $202 $168 $2,016
Employee & Family $477 $261 $216 $2,592




SmartBen HELP


Attend a SmartBen™ Orientation by registering in the "Learning Library" through BaylorCompass.