Annual Renewal Opens Next Week
The Benefit Plan Rating and Renewal feature of the Employee Benefits website opens next Wednesday, August 14, for the 2020 Group Benefits annual renewal period. The annual renewal deadline is September 27, 2019.
Using the Benefit Plan Rating and Renewal feature, you can:
- View your cooperative’s 2020 renewal rates
- Confirm existing plans
- Make plan changes
- Model new plan designs and options
2020 renewal rates emailed
A report with your co-op’s 2020 group benefit renewal rates will be emailed to the primary benefits administrator on August 14. The email will also have a link to the 2020 renewal materials.
Experience-rated co-ops that cover 100 or more lives also will receive an electronic renewal package by email with their co-op specific renewal calculation and reports.
Revamped Benefit Plan Rating and Renewal landing page
This year, we’ve updated the look and feel, workflow and language on the landing page based on feedback from benefits administrators. The modeling and renewal functions of the feature remain the same. For instructions and reminders on selecting subgroups, managing COBRA administration, confirming plans and completing other tasks from the landing page, visit the Benefit Plan Rating & Renewal Instructions page in the BA Guide.
New annual fee for business travel accident insurance and cost-sharing updates
While there are no new plan options or changes to plan features for 2020, there are a few changes to fees and cost-sharing limits:
- Business travel accident insurance: The annual fee for business travel accident insurance will change from $261 annually per co-op to $324 annually per co-op.
- Affordable Care Act (ACA) and tax-savings account cost-sharing and contribution limits: Every year the Department of Health and Human Services and the Internal Revenue Service set certain limits for medical plans and tax-savings accounts. For 2020, they are:
- ACA maximum out-of-pocket: $8,150 for individual coverage and $16,300 for family coverage1, which applies to all medical plans except for high-deductible health plans (HDHP) that are paired with a health savings account (HSA)
- HDHP minimum deductible (without an embedded deductible): $1,400 for individual coverage and $2,800 for family coverage
- HDHP minimum deductible (with an embedded deductible): $2,800 for individual coverage and $5,600 for family coverage
- HDHP annual out-of-pocket maximum (if paired with an HSA): $6,900 for individual coverage and $13,800 for family coverage
- HSA maximum contribution: $3,550 for individual accounts and $7,100 for family accounts
- HSA catch-up contribution for individuals age 55 or older: $1,000
- Health or limited-use flexible spending accounts maximum contribution: $2,700 for individual contributions and $5,000 combined for individual and co-op contributions
Submit changes and confirmations by the deadline
You must send changes for, or confirm all of, the plans—medical with prescription drug, vision, dental, disability and, life insurance—for each subgroup you administer online by the September 27 annual renewal deadline. Your annual benefits renewal is not complete until all changes and confirmations for all of your subgroup’s plans are sent to NRECA.
Completing your annual renewal on time ensures that you receive your summary of benefits and coverage (SBC) documents in time to distribute them for employee annual enrollment (as required by the Affordable Care Act) and that all screens for online annual enrollment display the correct information.
And, remember, it’s even better to submit your renewal early to avoid the last-minute rush!
For renewal questions, contact your field representative directly or the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop.
1Plans with 100% in-network coinsurance have out-of-pocket limits of $7,150 for individual coverage and $14,300 for family coverage.