Benefits Enrollment for Dow Corning Retirees. October 2015

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1 Benefits Enrollment for Dow Corning Retirees October 2015

2 Challenges 2

3 Challenges in Retiree Benefits Costs continue to increase at a rate greater than inflation Government has reduced subsidies to employers while increasing subsidies to individuals Dow Corning is making some changes to benefits to ensure healthcare coverage is affordable to our retirees What is not changing: - Dow Corning s commitment to providing sustainable quality healthcare coverage that is affordable for our Retirees - Dow Corning subsidy toward the cost of retiree medical coverage 3

4 Pre-65 Retiree Benefits 4

5 Solutions Benefits Prior to Age 65 Retirees who retired with 85 points, 30 years of service or age 60 w/10 years Maximum company subsidy of $6,000 for single, $12,000 for couple Retiree premium is the difference between the cost of the plan and the company subsidy Retirees who retired early with a reduction Company subsidy is pro-rated based on the number of years of service over 30 years Example: if someone worked 20 years, they would receive 2/3 of the subsidy or $4,000 for single and $8,000 for couple Retiree premium is the difference between the cost of the plan and the pro-rated company subsidy 5

6 Retiree and/or Spouse is less than age 65 - Will continue to be eligible for the PPO and CDHP To mitigate the increase in cost to the retiree, Dow Corning s employer contribution to the retiree s HSA will be reduced - $325/single - $650/family Solutions Benefits Prior to Age 65 Those funds will be reallocated to offset the increase to the retiree s medical plan contribution in 2015 Retirees could choose to contribute additional into their HSA and gain the additional tax advantage 6

7 IRS Contribution Limit Updates IRS changes to contribution limits for Health Savings Accounts (HSAs), Dependent Care Flexible Spending Accounts (DCFSAs) and Health Care Flexible Spending Accounts (HCFSAs) are as follows: Contribution Types 2014 Contributions 2015 Contributions Limits Limits Health Savings Account Individual $3,300 $3,350 Family $6,550 $6,650 Catch-Up* $1,000 $1,000 Dependent Care FSA+ $5,000 $5,000 Health Care FSA $2,500 $2,500 *Persons over age 55 may make this additional annual contribution + Married spouse s combined contributions cannot exceed $5000 7

8 2015 Pre-65 Retiree Annual Premium Costs Pricetags CDHP Annual Premium PPO Annual Premium Delta Dental - Retiree Only $ 7,366 $ 9,039 $ Retiree + 1 / DP + 1 $ 14,731 $ 18,078 $1,237 - Retiree + 2 / DP + 2 $ 21,772 $ 27,117 $1,856 Credits - Retiree Only $ 6,000 $ 6,000 $ 0 - Retiree + 1 / DP + 1 $ 12,000 $ 12,000 $ 0 - Retiree + 2 / DP + 2 $ 18,000 $ 18,000 $ 0 Premium* - Retiree Only $ 1,366 $ 3,039 $ Retiree + 1 / DP + 1 $ 2,731 $ 6,078 $1,237 - Retiree + 2 / DP + 2 $ 3,772 $ 9,117 $1,856 * Some rounding occurs and for illustration purposes premiums shown in full dollars. (no cents).. 8

9 2015 Pre-65 Retiree Monthly Premium Costs CDHP PPO Delta Dental Premium - Retiree Only $ 114 $ 253 $52 - Retiree + 1 / DP + 1 $ 228 $ 507 $103 - Retiree + 2 / DP + 2 $ 314 $ 760 $155 Increase (0ver 2013) - Retiree Only $ 22 $ 5 $ 2 - Retiree + 1 / DP Retiree + 2 / DP + 2 $ 44 $ 11 $ 4 $ 40 $ 16 $ 6 * Some rounding occurs and for illustration purposes premiums shown in full dollars. (no cents). 9

10 Turning Age 65 in 2015 Medical Medicare becomes your primary insurance on the 1st of the month you turn age 65; will transition to the Aon Hewitt Retiree Health Exchange (if you and enrolled dependents are age 65) If enrolled for CDHP, Dow Corning will contribute to your HSA in However, if you turn age 65 in 2015; your Dow Corning contribution will be prorated. For example, if your birthday is in August, you will receive 7/12th of the 2015 employer contribution Dental/Vision Eligibility ends on the first day of the month you turn Age 65. Can continue coverage (COBRA) for maximum 18 months Legal Eligibility ends on the last day of the month you turn age 65. Can convert coverage to individual policy Life Insurance (Optional, Dependent and AD&D) Eligibility ends at the time you turn age 65. Can convert coverage to individual policy. Basic Life continues; decreases 20% until age 70 ($5,000) 10/31/2014

11 11 Post-65 Retiree Benefits Retired January 1, 1995 or Later

12 Solutions Benefits at Age 65 Retired January 1, 1995 or later Retirees receive benefits via Aon Retiree Health Exchange - A network of healthcare plans from which you choose medical and prescription drug coverage - Licensed advisors to assist you in choosing the plan that best fits your needs - Dow Corning funds Health Reimbursement Account (HRA) $2000 in 2015; annual inflation increases to $ Life-time advocacy - Enrollment October December 2014 Public Exchange 12

13 Solutions Benefits Provided After Age 65 Participants Retired After to January 1, 1995 The Aon Retiree Health Exchange will provide retirees with many choices to tailor coverage to their individual needs 16 retiree meetings have been held over the past several weeks Information and Enrollment kits sent 90 days prior to retirees turning age 65 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $1,295 Current Program +$464 +$313 $1,759 $2, $777 increase DC Cost Retiree Contribution Note: Medicare Supplement plan premiums based on a male nonsmoker retiree aged 70 in Midland, MI Medicare Supplement & PDP $4,000 $3,000 $2,000 $1,000 $0 $4,000 $3,000 $2,000 $1,000 $0 $1,295 $0 $ $1,295 $1,370 $1,

14 14 Questions? Contact the HR Service Center or G1HRSC or

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