Open enrollment for employee continues through May 30
Topic: Human Resources
May 8, 2008
Employees have until May 30 to make changes to existing health plans and participate in the flexible spending account (FSA). The FSA plan year begins Sept.1.
Changes for the 2008-09 plan year include reductions in premiums for two of the preferred provider organization (PPO) health plan options:
the high-deductible wellness option, 3 percent reduction
the high-deductible HSA (health savings account) Qualified Plan, 10 percent reduction.
Rates for the traditional plan option and the low-deductible PPO option are increasing. However, this is the lowest increase in rates since 2002.
For retirees over the age of 65, rates for the Medicare carve-out option are coming down.
Other improvements include an increase from $1.5 million to $2 million in the lifetime maximum benefit for individual coverage for all health care options. Additionally, some wellness benefits are being enhanced for some chronic conditions including diabetes, asthma, and hypertension.
Employees not wanting to make any changes for 2008-09 to their existing health plan do not have to do anything for open enrollment. They need to re-enroll in the FSA program if they want to continue participating in that program.
Contact the Payroll and Employee Benefits (PEB) office at 765-285-8461 or peb @bsu.edu for more information.