2017 Enrollment Roadshow Presentation - Teradyne
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What’s New for 2017 Teradyne’s medical trend and costs have increased, with slight variations in each plan’s premium based on claims experience. • Health Investment Plan with HSA premiums will increase by 1.1%. • The Advantage Blue (EPO) premiums will increase 1.1% and will include a $150/$300 $ /$ deductible for some services. The Emergency Room Copay will also increase to $150 • The Blue Care Elect Preferred (PPO) premiums will increase by 9.7% and the Emergency Room Copay will increase to $150 • California lf Only l – Kaiser’s ’ premiums willll increase b by: Kaiser HMO: 4.6%; Kaiser w/HSA: / 8.4%. The Kaiser HSA deductible will be capped at $2,600 for any individual in a family. • Dental premiums will increase by 5% • Vision premiums will decrease by 6% New Blue Cross ID cards will arrive in late December for those enrolled in Advantage Blue (EPO) and Blue Care Elect Preferred (PPO) as well as those newly electing the Health Investment Plan. S b ib ID # will Subscriber ill remain i th the same 1
Advantage Blue (EPO): A Closer Look What’s Deductible ($150 individual/$300 family) applies to certain services Changing • The amount you pay out‐of‐pocket each calendar year before the plan begins paying benefits • Applies to inpatient care and out patient surgical facility, diagnostic X‐rays, lab tests, home health care and durable medical equipment* E/R copay iincreased d to $150 What’s Not In‐network preventive care paid at 100% • Includes well child care, routine adult physical exams, routine hearing and eye exams, recommended screenings John’s Example Ann’s Example • Single • Married • March: Routine adult preventive visit with • February: Scheduled C Section blood tests • April: A il Sick Si k visit i it and d lab l b workk Ann Pays John Pays February $150 (Deductible) March $0 (Plan pays 100%) $300 (Inpatient admission copay) $450 total p April S c visit: Sick st $ $20 0 (Copay, no o deductible) deduct b e) Lab work: $150 (Deductible) Ann’s individual deductible met for the year Separate deductibles apply to spouse and child Deductible met for the year Assumes no other family claims incurred Jan – Feb and prenatal visits are included in C Section payment * For details refer to yyour BC plan p summaryy 2
Consider a Flexible Spending Account (FSA) Use tax-free dollars to pay eligible health care and dependent care expenses Health l h Care FSA Limited Li it d Purpose P D Dependent d tC Care FSA (medical, Rx, dental and vision Health Care FSA (dependent day care expenses) expenses) (dental and vision expenses) Maximum 2017 contribution: $2,600* Maximum 2017 contribution: $2,600* Maximum 2017 contribution: $5,000 Use to pay: Out‐of‐pocket medical, Use to pay: Out‐of‐pocket dental and Use to pay: Child under age 13 and dental and vision expenses vision expenses. elder care expenses such as daycare (deductibles, copays, eyeglasses, centers, babysitters, after school dental work, etc.) Up to $500 annual rollover programs, day camp programs and eldercare facilities Up to $500 annual rollover Not available if you enroll in Advantage Blue (EPO), Blue Care Elect Not available for health care Not available if you enroll in the Preferred (PPO) or Kaiser HMO expenses; applies ONLY to qualified Health Investment Plan with HSA or daycare expenses Kaiser HSA Available only if you enroll in the Health Investment Plan with HSA or Available only if you enroll in Kaiser HSA Ad t Advantage Bl Blue (EPO) or Blue Bl Care C Elect Preferred (PPO); Kaiser HMO ESTIMATE CAREFULLY: USE IT OR LOSE IT * Projection, j , not finalized byy IRS 3
What’s the Best Plan for You? ALL YOUR TERADYNE MEDICAL OPTIONS PROVIDE: • In‐network preventive care that’s free to you • The same p provider network • Coverage for the same eligible expenses THE ONLY DIFFERENCE: HOW, AND HOW MUCH, YOU PAY Premium Contributions Out-of-Pocket Costs (deducted from your pay) (deductible, coinsurance, copayment) A fixed cost, cost no matter how much or how little Varies by the amount of care you need you use the plan Capped by your out‐of‐pocket maximum 4
Are You Getting the Best Value? FOR MOST, THE BEST VALUE IS THE HEALTH INVESTMENT PLAN The best value for 86% But only 30% are enrolled 30% 30% Enrolled Enrolled 86% Would pay less in the Are You Missing Out? Health Investment Plan (based on actual claims) 5
What Do the 30% Know? I’m in control 9 Realize they are better off saving what they otherwise would pay in higher premium contributions 9 Use the HSA to make it easier to save 9 Get an HSA contribution from Teradyne 9 Use the money if they need it—keep it if they don’t DOES THIS SOUND LIKE YOU? “I'd rather have control of my money than spend it on higher premium contributions. By saving, What if you saved I’ve got money set aside to pay any bills. But now, I’ve got ‘upside’ potential. If our family’s health this difference in an is good and we don’t need a lot of care, the money stays with me.” HSA instead? 2017 Premium Contribution Difference vs. Health Investment Plan (Annual, Rounded) Coverage level Health Investment Plan PPO EPO Individual $1,118 + $819 + $683 Employee + one $2,237 + $1,638 + $1,365 Family $3,355 + $2,457 + $2,048 6
What Do the 30% Know? I’m saving for retirement 9 Realize that only the Health Investment Plan provides a way to save for medical expenses in retirement—tax‐free 9 Like knowing you can never lose your HSA contributions; savings can continue to grow over time time, with no limit 9 Choose how to invest their HSA balances, just as they do their 401(k) 9 Unlike a 401(k), HSA funds are never taxable so long as they are used to pay eligible health care expenses DOES THIS SOUND LIKE YOU? “Who knows what Medicare and Social Security will be like when I retire? Even if nothing changes, I know I’ll have out‐of‐ pocket costs. It makes sense to save for them through the HSA HSA—where where I can pay these expenses tax tax‐free—rather free rather than through a 401(k), where distributions are taxable income.” 2017 HSA Contribution Maximum Coverage level IRS Maximum Teradyne Contribution Maximum Employee Contribution Under 55 55+ Under 55 55+ Individual $3,400 $4,400 $650 $2,750 $3,750 Employee + dependent(s) $6,750 $7,750 $1,300 $5,450 $6,450 7
What Do the 30% Know? I’m thinking longer‐term 9 Regardless of your age, taking a longer‐term view is a smart way to think about medical coverage 9 Like the idea of building up an HSA balance that, over time, can feel like first dollar coverage first‐dollar 9 Use the HSA to make it easier to save DOES THIS SOUND LIKE YOU? “I see how regular savings over a few years can add up pretty quickly. I feel protected from high health care costs this year—and d in i the th future.” f t ” CONSIDER THESE EXAMPLES STEVE JULIA PATRICK • Low expenses all three years • Relatively healthy • Married with family coverage • Single (married in year 2; adds • Accident during year 2 costing • Managing chronic conditions spouse to plan for year 3 $35,000 • Planning for retirement; eligible to make annual catch‐ up contributions 8
Steve’s Example STEVE • Low expenses all three years • Single (married in year 2; adds spouse to plan for year 3 Year 1 Year 2 Year 3 HSA rollover amount NA $1,360 $2,960 Teradyne’s contribution* $650 $650 $1,300 Employee contributions $960 $1,200 $1,200 Steve’s expenses (in‐network preventive care covered at 100%) $250 $250 $375 HSA reimbursements $250 $250 $375 HSA balance at year‐end** $1,360 $2,960 $5,085 Year 1: Enough to cover individual deductible in year 2 Year 2: Enough to cover family deductible in year 3 * Assumes Teradyne HSA contribution amounts remain the same for future years ** Does not consider possible investment gains or losses 9
Julia’s Example JULIA • Relatively healthy • Accident during year 2 costing $35,000 Year 1 Year 2 Year 3 HSA rollover amount NA $2,090 $890 Teradyne’s contribution* $650 $650 $650 Employee contributions $1,440 $1,500 $2,100 Julia’s expenses p $0 $3 350 $3,350 $300 (in‐network preventive care covered at 100%) HSA reimbursements $0 $3,350 $0 HSA balance at year‐end** $2,090 $890 $3,640 Year 1: Enough to cover individual deductible in year 2 Year 3: Enough to cover individual out‐of‐pocket Year 2: Julia is protected by the out‐of‐pocket maximum and maximum has saved enough in her HSA to cover the amount * Assumes Teradyne HSA contribution amounts remain the same for future years ** Does not consider possible investment gains or losses 10
Patrick’s Example After age 65, HSA funds can be used: • For non‐medical expenses, subject to regular income tax, but without penalty • Tax‐free on qualified medical expenses, including PATRICK Medicare premiums • Married with family coverage • Managing chronic conditions • Planning for retirement; eligible to make annual catch catch‐up up contributions Year 1 Year 2 Year 3 HSA rollover amount NA $7,750 $15,500 Teradyne’s contribution* $1,300 $1,300 $1,300 Employee contributions $6,450 $6,450 $6,450 Patrick’s expenses (in‐network preventive care covered at 100%) $2,950 $3,300 $6,750 HSA reimbursements $0 $0 $6,750 HSA balance at year‐end year‐end** $7 750 $7,750 $15 500 $15,500 $16 500 $16,500 Years 1 and 2: Patrick chooses to save aggressively for retirement and not use his Year 3: Patrick is protected by the HSA for his annual out‐of‐pocket costs out‐of‐pocket maximum; he also * Assumes Teradyne’s HSA contribution amounts remain the same for future years chooses to use HSA funds to pay ** Assumes 2017 IRS contribution maximum for family coverage ($6,750 plus $1,000 in catch‐up contributions for those 55 and older) this out‐of‐pocket amount continues unchanged in future years *** Does not consider possible investment gains or losses 11
Health Investment Plan Myth Busting TRUE OR MYTH? • If I know my medical expenses are high, I’m better off in the PPO or EPO • I can can’tt afford to contribute to an HSA • It’s too hard to get reimbursed from the HSA 12
Health Investment Plan Myths BUSTED! “If I know my medical expenses are high, I’m better off in the PPO or EPO.” BUSTED! Not necessarily. Even if you are planning to have surgery, see the doctor a lot or take several maintenance drugs, you may still find that the Health Investment Plan is the best value for you. We encourage everyone to do the math. We’ve made it easy through the Teradyne Healthcare Calculator, powered by Fidelity. Customize the tool to fit your unique circumstances, and find the plan that truly offers you the best value. New this year: the modeling tool is easier to use and more convenient than ever 13
Health Investment Plan Myths BUSTED! “I can’t afford to contribute to an HSA.” BUSTED! Everyone needs to save for out‐of‐pocket expenses—regardless of the plan you choose. The Health Investment Plan difference: you can save for those expenses tax‐free. That’s like getting a discount on your share of medical costs. If you find it hard to save, start small. Then gradually increase your contribution rate over time. Remember: you can start, stop or change your HSA contribution rate at any time, so you’re not locked in if you’re suddenly hit with an unexpected expense. Your smartest move: Save for the out out‐of‐pocket of pocket maximum, no matter what plan you’re in. That way, you’ll be prepared for your worst‐case financial scenario, and have peace of mind. 14
Health Investment Plan Myths BUSTED! “It’s too hard to get reimbursed from the HSA.” BUSTED! It’s easy to pay or be reimbursed from your HSA. • Use your HSA debit card. Use it to pay qualified expenses at point of sale, such as filling a prescription, or for an invoice you receive in the mail. Request cards for your covered dependents, too. • Use Fidelity BillPay for Health Savings Accounts. This online bill paying service lets you pay health care providers, companies and individuals—or individuals or reimburse yourself. • Use a Fidelity HSA checkbook. Use it to pay qualified expenses at point of sale or for an invoice you receive in the mail. Or write yourself a check for reimbursement. Of course, you don’t d ’t have h t use your HSA to to t pay if you don’t d ’t want to. You can pay expenses out of pocket with other funds, and allow your HSA balance to grow, tax‐free. If you want to reimburse yourself later, you can do so at any time. 15
Make the Most Out of Your Health Plan JOIN MILLIONS OF PEOPLE USING CASTLIGHT TO ORGANIZE THEIR HEALTH INFORMATION AND CHOOSE HIGH-QUALITY, AFFORDABLE CARE. Understand your benefits Manage your costs Find care Castlight is only for employees and covered dependents over age 18 enrolled in a Blue Cross Plan 16
Understand Your Benefits MAKE THE MOST OUT OF YOUR EMPLOYER-PROVIDED HEALTH BENEFITS. • See your health plan explained • Set up your Care Center for quick access to your doctors and benefit programs 17
Manage Your Costs SEE YOUR PAST BILLS IN ONE PLACE. • Review your family’s visits in an easy‐to‐read format • See what you paid and why 18
Find Care EASILY SEARCH RATINGS AND REVIEWS OF IN-NETWORK DOCTORS. • Compare doctors and facilities based on quality, location, and cost • Access contact information, patient reviews quality information, reviews, information and more 19
Once You Complete Open Enrollment, Sign Up for Castlight. WWW.MYCASTLIGHT.COM If not currently under Blue Cross but electing it for 2017, you will not have access to Castlight Platform until after January 1, 2017 20
Need Help Figuring it All Out? WE HAVE RESOURCES TO MAKE IT EASIER. • Teradyne Open Enrollment Website: www.teradyne.com/benefits • Plan Comparisons and Summary Plan Descriptions: www.teradyne.com/benefits www teradyne com/benefits • Castlight Health: Past care detail, cost & quality data www.mycastlight.com/teradyne/ • ALL‐NEW! Teradyne Healthcare Calculator: Powered by Fidelity https://teradynehpcmt.archimedes.com/ • Compare Cost Estimates: www.bcbsma.com under “Find a Doctor” • Go to: www.401k.com under the “Health Savings Account” tile • HR Service Center • Phone: 978‐370‐3041 • Email: hr.service.center@teradyne.com 21
Open Enrollment is Coming OPEN ENROLLMENT PERIOD: OCTOBER 24 – NOVEMBER 4, 2016 • Be sure to attend a Benefits Fair and get your free biometric screening! Location Date Benefits Fair Biometric Screenings* Address Agoura Hills, CA 30701 Agoura Rd, Agoura Hills, Thursday, 10/27/16 10:00 – 2:00 10:00 – 2:00 CA 91310 Buffalo Grove, IL – Eagle Test 2200 Millbrook Dr., Buffalo Tuesday, 10/25/16 10:00 – 2:00 10:00 – 2:00 Grove, IL 60089 Grove North Reading, MA Bldg. 600 600 Riverpark Dr. MS 700‐2‐1, N. Tuesday, 10/25/16 10:00 – 2:00 10:00 – 2:00 Reading, MA 01864 San Jose, CA – Nextest 875 Embedded Way, San Jose, CA Tuesday, 10/25/16 10:00 – 2:00 10:00 – 2:00 95138‐1030 Sunnyvale, CA – LitePoint 965 W Maude Ave, Sunnyvale, CA Thursday, 10/27/16 10:00 – 2:00 10:00 – 2:00 94085 * Employees not located near or unable to attend an onsite screening will be provided with alternative means to obtain screening. Look for an email from HR Service Center in October. 22
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