It’s time to start reviewing the benefits plan changes for 2012, assess your coverage needs and decide which plans are right for you in 2012. Open Enrollment for 2012 benefits elections will begin on Friday, October 14 and close on Monday, October 31 at midnight.
Join us at the HR Fair on October 25 from 10:30 a.m. – 1:30 p.m. to visit with SMU’s Benefit Vendors in order to ask questions and receive the information you’ll need in order to make best decisions for your 2012 elections.
For your convenience, the following options are available to review 2012 changes to the SMU Health & Wellness Plans:
Deductible Options for 2012
As previously announced, the $500 deductible Medical option will no longer be available in 2012. If you are currently enrolled in this option you are required to change your Medical election for 2012, during the October Open Enrollment period. If you don’t change your election you will be defaulted to the $1,000 deductible option.
Factors to Consider When Making Your Decisions
Be sure to review the 2012 premium rates and the coverage information in the Benefits Guide so you can determine which Medical option is best for you. It is important that you carefully consider several factors – anticipated medical needs, and the deductible, out-of-pocket maximum, and premiums rates (i.e., the amount that will be deducted from your paycheck) for the various options.
Flexible Spending Accounts (FSA) and Health Saving Accounts (HSA)
If you are not currently enrolled in a Healthcare Flexible Spending Account (available with the $1,000 and $2,000 deductible Medical options) or a Health Savings Account (available with the $2,500 deductible option), you should consider doing so for 2012. These accounts enable you to pay for out-of-pocket medical expenses with pre-tax payroll deductions.Â
Even if you were enrolled in one of these accounts in 2011, you MUST RE-ENROLL for the account for 2012.
To make your 2012 Benefit elections, visit:
Access.SMU>Self Service>Benefits>Benefits Enrollment.
SMU Department of Human Resources                               Â
benefitsu@smu.edu
214-768-3311
