2017 Enrollment Roadshow Presentation - Teradyne
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2017 Enrollment Roadshow Presentation
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
1Advantage 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
2Consider 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
3What’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
4Are 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)
5What 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
6What 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
7What 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
8Steve’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
9Julia’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
10Patrick’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
11Health 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
12Health 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.
14Health 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.
15Make 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
16Understand 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
17Manage 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
18Find 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
19Once 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
20Need 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
21Open 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.
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