Benefits Open Enrollment will run from April 15, 2015 through April 29, 2015. This is the one time each year that you are able to review and make changes to your health, welfare and voluntary benefit elections. There are changes to the health plans that may require you to make decisions. Please read the information carefully. Below are some key items and resources that you should be aware of:
Open Enrollment Guide
New this year, faculty and staff will have access to an online Benefits Open Enrollment Guide. This guide will walk you through all of the key changes, the timeline and how to enroll. Please review carefully as this document includes detailed information regarding the new Consumer Driven Health Plan (CDHP) and Health Savings Account (HSA), and changes to the PPO plan. The Benefits Open Enrollment Guide can be found under the Benefit Resources section of the Benefits page of the Human Resources website.
The Pathways document will continue to be available on-line and serves as your annual benefit program booklet. Reference this document throughout the year should you have questions regarding any of the Villanova benefit programs. Pathways can be found under the Benefit Resources section of the Benefits page of the Human Resources website.
Medical and Prescription Coverage
There are some key changes that you should be aware of in regards to your Medical & Prescription coverage. For 2015-2016, Villanova will offer three unique medical plans:
o Health Maintenance Organization (HMO)
o Preferred Provider Organization (PPO)
o Consumer Driven Health Plan (CDHP)
A new PPO plan will replace the Value and Premium PPO plans. If you are enrolled in one of these plans, you will be defaulted into the new PPO plan should you not make an active election during Open Enrollment. This new PPO plan, as well as the CDHP, utilize the same IBC Personal Choice network of providers that you are familiar with. Please review the Benefits Open Enrollment Guide closely for further details.
Flexible Spending Account (FSA)
In accordance with the Affordable Care Act (ACA), the annual health care FSA limit will be increased to $2,550. Please note that you can only participate in a health care FSA if you are enrolled in either the HMO or PPO plans. In addition, this election must be made annually as the IRS does not permit elections to carry forward. If enrolling in the CDHP, you can enroll in a limited purpose FSA for additional dental and vision expenses. The Benefits Open Enrollment Guide will provide further details.
Health Savings Account (HSA)
New this plan year, Villanova will be offering an HSA to individuals that enroll in the CDHP. The HSA will receive a University contribution and can also receive pre-tax employee contributions. This account can be used to pay for medical, dental and vision expenses and provides tax advantages for faculty and staff. I highly encourage you to review the Benefits Open Enrollment Guide closely for further details regarding how this account works.
Child Care Subsidy
In response to rising child care costs along with Ken Crest’s closing, the University will increase the child care subsidy limit from $750 to $1,000 this coming plan year. The Child Care Subsidy plan is an employer-funded pre-tax plan which can be used for qualifying child care expenses for eligible tax-dependent children up to the earlier of age 6 or the start of kindergarten. This election, along with any Dependent Care FSA election, must be made annually as the IRS does not permit elections to carry forward. Further details can be found in the Pathways booklet.
Your total compensation statement is now available on-line. This statement provides a complete picture of your calendar year 2014 total compensation with the University. You can access this statement by logging onto the Benefits Portal under the Quick Links section of the Human Resources website.
Participation in the NOVAfit! program continues to provide faculty and staff with numerous advantages. NOVAfit! offers programming that encourages healthy behaviors as well as financial incentives. By participating, you and your eligible spouse can qualify for premium incentives, additional HSA contributions and VISA gift cards. Visit the Wellness Portal under the Quick Links section of the Human Resources website for further details.
Tools and Resources
Tools are extremely important this year as you analyze which of the three medical plans will best meet your individual or family needs. Please visit the medical section of the human resources website to access:
o Express Scripts Prescription Drug Cost Estimator
o IBC Medical Procedure Cost Estimator
It is important that you take the time to fully understand all of these benefit changes and review all of the resources available to you. Should you have any additional questions, feel free to reach out to Human Resources at 610-519-7900.
I wish you the best for a happy and healthy spring.
Raymond D. Duffy, M.S, SPHR, CBP
Director, Benefits & Wellness