Learn About Your Health Plan Changes and Benefit Savings Accounts
Open Enrollment starts next Monday, October 7, and continues through Friday, October 18, with no confirmation period. There are a number of changes to the UVA health plans that you should be aware of:
- Premiums will increase for all three health plans, but more so for Choice Health - see the Open Enrollment Health Plan webpage for cost comparisons
- Deductibles will increase for Choice Health, decrease for Value Health, and stay the same for Basic Health
- Coinsurance will increase for Choice Health
- Copays will increase for Value Health
- Out-of-pocket for Basic Health is decreasing
- Supplemental Benefit Credit will increase from $450 to $550 for eligible Academic Staff - see the Supplemental Benefit Credit webpage for eligibility information
- Deductible for Choice and Value Health includes medical and pharmacy, except those with copayments
- Bariatric procedures must be performed in a Bariatric Institute of Quality (IOQ) to ensure quality; there is no out-of-network coverage. View a list of IOQs.
- No age cap for Autism-Applied Behavior Analysis
- A new UVA J1 Visa Health Plan for employees on J1 visas
Why The Changes?
Benefits changes occur, and premiums or limits increase or decrease, because healthcare costs in the U.S. continue to rise. However, UVA continues to offer an exceptional benefits package to our employees while keeping costs as low as possible.
In general, UVA offers competitive benefits at reasonable costs to create long-term plan stability for our eligible employees, which will likely mean the gradual consolidation of some plans. As an employee, you can take steps to mitigate the financial impact of some of these changes by enrolling in a flexible spending account (FSA) for Value and Choice plans, or taking advantage of a health savings account (HSA) if you participate in the Basic plan. So, while you may see increases, you can offset some of them through tax free savings.
If you haven’t already done so, make sure the benefits you chose in 2019 are meeting your needs and supporting your health and well-being.
- Have you used all your preventive services for health, dental and vision?
- Do you have funds left in your FSA account that you can use? Visit the Chard Snyder website to check your FSA account balance.
- Is the plan you chose in 2019 the best plan for you in 2020?
Did You Know This About the HSA?
All active, benefits-eligible employees enrolled in Basic Health can have a Health Savings Account (HSA). Funds in your HSA can be used for eligible health care, dental, and vision expenses. Funds in these accounts roll over each year and are yours to keep for future health care costs. In addition, investing in an HSA has three important tax advantages:
- You don’t pay federal income tax on your contribution.
- If you invest your balance, you aren’t taxed on the earnings as it grows.
- Withdrawals used to pay for qualified medical expenses are tax-free in most cases, whether you make the withdrawals now or far in the future.
Some people never spend the money they put in their HSA during their working years. These people can take advantage of the account by saving and investing it to pay for medical expenses in retirement. If you save the money in your HSA over the years, you can use it to cover qualified medical expenses in the future, including in retirement. Withdrawals are federal tax–free (and usually state tax–free) if you use the money to pay for qualified medical expenses. You also can spend your HSA money on general expenses after age 65 — you just have to pay normal income taxes on the money you withdraw.
To learn more, visit the Health Savings Account webpage.
Did You Know This About the FSA?
Flexible Spending Accounts (FSA) make it possible for you to pay for certain expenses on a pre-tax basis, which makes your money go farther. FSAs are not limited to medical expenses.FSAs are available to Basic, Value, and Choice health plan subscribers:
- Value and Choice Health participants may enroll in a full FSA or a Dependent Daycare Reimbursement Account.
- Basic Health participants have a limited FSA for eligible dental and vision expenses. For medical services and prescription costs, you must use HSA funds. Basic Health participants may not have a full FSA.
To learn more about FSAs, visit the Flexible Spending Account webpage.
Learn More in Person
Don’t forget to attend this year's Benefits & Wellness Expos, held at Newcomb Hall on October 9 and at the Education Resource Center (ERC) at the UVA Medical Center on October 10.
You can also attend in-person presentations across Grounds from now until October 10. This is a great opportunity to meet with a benefits counselor and learn more about your UVA benefits. Check the Open Enrollment Presentations webpage for a full schedule.
We Hear You. How Can We Help?
Last fall, we asked you to tell us about your UVA benefits (benefits preferences survey). Over 5,500 employees responded, and you told us you want more personalized, one-on-one help understanding and choosing your benefits.
We heard you! This year, we’re offering more in-person presentations with benefits counselors at schools and unit across Grounds, and we’ve hired additional HR professionals to respond in a timely manner to your phone call, online chat or email inquiry. You can access podcasts anytime from the Open Enrollment website that explain your benefits (look for them in the right column), and we’re sending you information not only via email, but also through Twitter and Facebook, on digital monitors across Grounds, and even on the buses in Charlottesville! You will also receive two print pieces at your home to learn about benefits changes, and a reminder postcard before Open Enrollment closes.
Still need help? Contact the HR Solution Center for personalized, one-on-one service.
Stay in Touch on Social Media
Follow our social media channels for up-to-date information on Open Enrollment: