Open Enrollment
Health Insurance
Health Insurance open enrollment is now through 11/26/15. Our Healthcare, Dental and Vision Coverage are again through Carefirst. Plan offerings have remained the same.
Plan Offerings:
MAC offers three health plans:
1.HMO HSA Bronze
2.HMO HSA Silver
3.Blue Preferred PPO HSA Silver
All plan benefit summaries are attached above for you to review.
Pricing Structure:
The deductible for the two silver plans are $1500 for individual and $3000 for family for the HMO plan and $1600 for the Individual and $3200 for family for the PPO plan. The Bronze HMO plan has a deductible $3000 individual and $6000 for family.
Premium costs are determined by subscriber ages and number of dependents. This means that each employee will have their own individual premium rate. Across the board, premiums have increase 4.59% this year.
In previous years, Mid Atlantic covered the deductible for both individual and family plans. Moving forward we will now be applying MAC’s contribution benefit against the premium. So instead of funding the deductible in the HSA account we will be apply it to your premium amounts.
To help offset the 4.59% increase, MAC will increase our contribution amounts to $1800.00 for individual and $3300.00 for family (anything other than individual).
This change in our benefit contribution method is due to the Affordable Car Act. We have come up with some creative offerings to bridge the deductible gap. Colonial life has products that may be of interest to you. There is more info on this below. PLEASE CALL WITH ANY QUESTIONS. We will talk you through this change.
Again, premium costs are determined by subscriber ages and number of dependents. This means that each employee will have their own individual premium rate. If you are interested, please call me and I will quote your specific rate.
Also, please keep in mind that our plan premiums are deducted pretax, lowering your taxable income.
ALL SUBSCRIBERS, CURRENT OR NEW, MUST SUBMIT A NEW ENROLLMENT FORM, CHOOSING THEIR COVERAGE.
This form was emailed to everyone.
All forms must be returned by 11/26/15. If I do not hear from you by this date, you will forfeit this benefit for 2015.
If you have any questions at all, please call me! I will be happy to provide you with a premium quote and go over the ins and outs of an HSA plan.
****To help offset some of the costs of the deductible, we are introducing new benefits through Colonial Life, which offers Accident, Disability and Medical Bridge Insurance. On Tuesday, November 3rd, our rep Tracey and two other reps will be here to discuss the details of these plans and help get people enrolled. I’ve attached information to this email. Because of the nature of our business, the reps will be here at 5:30 am- which means field members need to be here at that time. Office staff need to be here at 8 for the second meeting about this. If you choose to opt out of these benefits, you simply have to sign a waiver. ****
401K
401K Open enrollment will begin 12/1/15. We have switched to Paychex from PAi this year, meaning there are more options for where you can put your money.
Mid Atlantic Contracting will match dollar for dollar up to 4% of your annual income whichever is less. In order to qualify for the plan, you must have worked at Mid Atlantic Contracting for 6 months.
As an additional benefit to this plan, you will have access to a Certified Financial Planner to assist you with your investments at anytime. He can meet with you here at the office or you can call him anytime it is convenience for you.
If you are interested in participating, please contact Erin for rates and forms.
All forms must be returned by December 24, 2015 if you would like to participate in the 401K plan for 2016. If I do not hear from you by this date, you will forfeit this benefit until June 2016.
Erin Bounds
Human Resources & Marketing