As the calendar year moves into its final quarter, it is once again time to focus on choosing your employee benefit plan options. For the upcoming benefit plan year starting Jan. 1, 2011, CUA faculty and staff will have a variety of options when choosing their benefits for the new year. One of the newer benefit options, the CUA Health Savings Account (HSA) health insurance plan, offers additional benefits to those who wish to participate in this plan for 2011. Participating in an HSA plan can help you take control of your health care dollars.
How does this work? HSAs combine a lower cost, high-deductible health insurance plan with a tax-favored savings account. HSAs allow you to deposit the money you save on insurance premiums into your tax-favored health savings account subject to IRS limits. Savings from your account are used to pay your qualified health care expenses until you meet your plan deductible. Once your deductible is met, your insurance pays on all covered expenses. If you do not need to use your HSA savings, the unspent savings roll over each year and earn interest.
An HSA plan may be right for you if you want more control over how your health care dollars are spent, lower monthly insurance premiums and tax savings. For those who may not be interested in this newer plan, United Healthcare will continue to offer three other health insurance plan choices very similar to our current plans.
In addition to health insurance options for 2011, CUA employees will have the following options to consider and from which to choose:
Open Enrollment Information
Annual Benefits Fair
Be sure to attend this year’s benefits fair scheduled for Nov. 1, 2010, from 10 a.m. to 4 p.m., in the Edward J. Pryzbyla University Center, Great Room A and B. As was done last year, employee open enrollment benefit packets will be available during the benefits fair. The fair will offer opportunities to meet with benefit plan representatives, as well as free wellness screenings and seated massages.
This year, Open Enrollment information meetings will take place as follows:
Special HSA (Health Savings Account health insurance plan only) Information Sessions are being offered on:
Oct. 20, from 11:30 a.m. to 12:30 p.m., in the Pryzbyla Center, room 320A
Oct. 21, from 11 a.m. to 12 p.m., in the Pryzbyla Center, room 320C
If you are interested in considering this health insurance plan option, be sure to attend one of these two focused sessions where you will be provided with plan details and have the opportunity to ask questions.
Regular Open Enrollment Information Sessions (for all benefit plan options) are being offered on:
Oct. 28, from 11 a.m. to 12 p.m. and 1 to 2 p.m. in the Pryzbyla Center, room 320A
Oct. 29, from 11 a.m. to 12 p.m. and 1 to 2 p.m. in the Pryzbyla Center, room 320A
Nov. 3, from 11 a.m. to 12 p.m. and 1 to 2 p.m. in the Pryzbyla Center, room 320A
You are not required to attend an Open Enrollment session. However, if you have questions or are interested in hearing about changes/updates, plan to attend. Please note, the actual enrollment process will not take place during these sessions.
Open Enrollment Period
The actual period for enrolling in the 2011 benefit plans will start on Nov. 3 and conclude on Nov. 17. During this time frame, CUA employees will actively enroll themselves using the Benefits Express online enrollment process or a telephone alternative. As a reminder, all CUA employees who are benefits eligible must re-enroll for the 2011 plan year (re-enrollment is not an automatic process). When using the online Benefits Express system to complete your enrollment, you will need to use your birth date as your password. Additional direction on the enrollment process will be forthcoming.
Want More Information? Please watch for Open Enrollment posters and e-mails for more information. We invite you to contact the HR office at extension 5050 if you have questions — we are here to guide you through the upcoming enrollment season!