Employee Benefits Open Enrollment 2014

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1 Employee Benefits Open Enrollment 2014 Enroll November 10 to November 21

2 The Enrollment Process This year we are conducting a PASSIVE enrollment which means that eligible employees who choose not to change current benefit elections or dependent options are not required to complete the on-line medical/dental/vision enrollment process. The following circumstances will require you to log onto the enrollment site: - changes or additions to current benefit elections and/or covered dependents. - If you wish to participate in a Medical and/or Dependent Care Spending Accounts (FSA). - If you wish to contribute to the Health Savings Account (HSA). - Employees enrolled in Employee + Spouse/Domestic Partner and Family tiers are required to log into Workday to clarify their spouse/domestic partners working status. All Employees enroll in benefits within Workday. NOTE: If you do not have access to a computer, you may call the HR Service Center for assistance at You have until Friday, November 21 st to enroll for 2015 benefits. At the conclusion of your enrollment process ensure you review your selections for accuracy before finalizing and submitting! Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 2

3 Working Spouse/Domestic Partner Surcharge Beginning in 2015, coverage specifically for spouses/domestic partners who are working elsewhere AND who have access to medical coverage elsewhere will be charged an additional $45 per pay period if they are enrolled on the Navient Medical Plan. We encourage you to take a moment during this open enrollment season to evaluate covering your spouse/domestic partner via the medical plan offered by the spouse s/domestic partner s employer, instead of Navient s plan. NOTE: The $45 surcharge for spouse/domestic partner coverage ONLY applies to the MEDICAL PLAN and is not applicable if the spouse/domestic partner is not working. Impacted employees are encouraged to review the FAQ on NavientBenefits. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 3

4 Healthcare Options Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 4

5 Medical Plans Navient will continue to offer competitive benefits that allow each of you to select plans that best meet your needs while promoting wellness and healthcare consumerism. There will be no cost increase to you for our dental and vision plans, and our goal in designing our medical plan offerings for 2015 is to minimize any increase that you experience. Navient will continue to pay the majority of the cost. We will continue to offer Anthem Blue Cross and Blue Shield with their National Blue Card Program as our Medical Carrier. We will continue to offer two medical plans in High Deductible Health Plan (HDHP); includes a Health Savings Account Preferred Provider Organization (PPO) Plan; includes a Health Reimbursement Account Benefit HDHP with HSA In-Network PPO with HRA In-Network Individual Deductible $1,300 (Net $800) $800 (Net $550) Family Deductible $2,600 (Net $1,600) $1,600 (Net $1,100) HSA/HRA Company Funding Funded in January $500 Employee Only $1,000 Family $250 Employee Only $500 Family Individual Out-of-Pocket Max $3,500 $2,700 Family Out-of-Pocket Max $8,750 $8,100 Co-Insurance 80% 80% Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 5

6 HSA and HRA Plan Overview Feature Health Savings Account (HSA)** Health Reimbursement Account (HRA) Compatible with? High Deductible Health Plan (HDHP) PPO Plan Who contributes? Both you and Navient Only Navient Interest/ Investment potential Reimbursement method Earns interest or investment potential You decide when to use funds No interest or investment potential Automatic payment from account Qualified expenses medical, dental, and vision medical and prescription only Portability You own the account and will take the money with you if you leave Navient Forfeit balance if you leave Navient Administrator BenefitWallet Anthem BCBS Contribution Limits 2015 contribution limits: $3,350 Employee Only Coverage $6,650 Family Coverage $1,000 Catch-up age 55 & older No employee contributions allowed ** Those Employees who are on Medicare or a Veteran are not permitted to participate in an HSA; however, Navient will provide you a lump sum payment in your paycheck for the Employer contribution Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 6

7 HSA and HRA Plan Overview Continued Employees pay this amount before the health plan begins to pay for eligible expenses that are subject to the deductible. Once the employee meets the deductible, the health plan pays a larger percentage of eligible costs while the employee pays a smaller percentage. Navient s Contribution Helps employee pay for eligible out-of-pocket Medical expenses Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 7

8 HSA and HRA Plan Overview Continued When making your plan decision, don t forget to factor in how much you ll be paying out of your paycheck in premiums. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 8

9 High Deductible Health Plan (HDHP) with HSA Fund Hospitalization Claim Example Employee is enrolled as Single Coverage in the HDHP Plan with HSA Fund HSA Balance: $500 $500 Preventive Care 100% In-Network Expenses related to Hospital Stay after all applicable Blue Cross network discounts are applied : $10,000 Employee's Individual Deductible $1,300 Paid from HSA $500 Navient $500 HSA Contribution HSA Balance $0 Plan Pays 80% Coinsurance after Deductible : $10,000 (Hospital Bill after discounts) - $1,300 (Employee Deductible) = $8,700 Balance Blue Cross pays 80% of the $8,700 = $6,960 $6,960 Annual Individual Deductible $1,300 ($500 May be paid from HSA) Associate Pays 20% Coinsurance after Deductible $1,740 Total out-of-pocket for the Associate is $1,300 (deductible) + $1,740 (20% coinsurance) for a total of $3,040 - $500 HSA Fund = $2,540. $2,540 In-Network Coinsurance 80% Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 9

10 Preferred Provider Organization (PPO) Plan with HRA Fund Hospitalization Claim Example Employee is enrolled as Single Coverage in the PPO Plan with HRA Fund HRA Balance: $250 $250 Preventive Care 100% In-Network Expenses related to Hospital Stay after all applicable Blue Cross network discounts are applied : $10,000 Employee's Individual Deductible $800 Paid from HRA $250 Navient $250 HRA Contribution HRA Balance $0 Plan Pays 80% Coinsurance after Deductible : $10,000 (Hospital Bill after discounts) - $800 (Employee Deductible) = $9,200 Balance Blue Cross pays 80% of the $9,200 = $7,360 $7,360 Annual Individual Deductible $800 ($250 may be paid from HRA) Associate Pays 20% Coinsurance after Deductible $1,840 Total out-of-pocket for the Associate is $800 (deductible) + $1,840 (20% coinsurance) for a total of $2,640 - $250 HRA Fund = $2,390. $2,390 In-Network Coinsurance 80% Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 10

11 How do I decide? How do you use the plan? Do you utilize the insurance on a regular basis? Are you aware of a potential hospitalization in 2015? Would you rather have less deducted from your paycheck and pay more at the time of service or pay more through payroll deduction and less when you use services? Plan Employee Premiums Out-of-Pocket Expenses Potential to Save for Future Healthcare Costs HDHP with HSA $ $$ $$ PPO with HRA $$ $ Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 11

12 Live Health Online A new benefit we are excited to be offering is a product called Live Health Online with Anthem; also referred to as Telemedicine What is it? Allows you to talk face-to-face with a doctor through your mobile device or a computer with a webcam. No appointments, no driving and no waiting at an urgent care center. Use LiveHealth Online for common health concerns like colds, the flu, fevers, rashes, infections, allergies and more! When applicable and allowed by state law, the doctor may even prescribe to a local pharmacy (FAQ). Why offer this benefit? Allows employees and family members access to a physician at any time of day, providing convenient and efficient healthcare access for employees. What is the cost? The fee is $49 per consultation; which is similar (or less than) a regular doctor visit. The Plan s applicable cost sharing is applied (deductible, outof-pocket) and employee pays via Visa, MasterCard and Discover. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 12

13 Dental Benefits Delta Dental No change in premiums or plan design *Not subject to deductible; however, the amount is applied towards you Annual Benefit Maximum Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 13

14 Vision Benefits: United Health Care No change in premiums or plan design Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 14

15 Flexible Spending Accounts (FSA) Utilize PRE-TAX dollars to pay for: Out-of-pocket Healthcare expenses Dependent Care expenses The Healthcare and Limited Use Healthcare FSA maximum annual election for 2015 is $2,500 New this Year! You may rollover up to $500 into the next year if not utilized in 2015 The Dependent Care Account. A Dependent Care FSA provides you with the ability to set aside money on a pre-tax basis for day care expenses for your child or disabled parent or spouse. maximum annual election is $5,000 and does not have a rollover feature The Dependent Care Account may NOT be used to cover medical expenses related to your dependent! Plan year is January 1, 2015 to December 31, Claims must be incurred during the plan year and submitted for reimbursement no later than March 31, Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 15

16 Dependent(s) You May Cover Spouse or Domestic Partner - Declaration of Domestic Partnership required - After-tax deductions; imputed earnings Eligible Children to age 26 (regardless of student status, financial dependence, martial status or residence) - Adopted or placed for adoption - Stepchild - Domestic partner s child - Legal guardianship child Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 16

17 Dependent Verification Navient will be engaging a vendor to conduct an audit of all dependents enrolled in Navient Health Care Plans in early We encourage you to review all dependent(s) you have enrolled and ensure they are eligible dependent(s). During the audit you will be asked to verify your dependents eligibility status by providing documentation; which includes but is not limited to: Marriage licenses/certificates Birth certificate Page 1 of your tax return listing your dependent(s) If you are enrolling dependent(s) during Open Enrollment, ensure your dependent(s) is eligible. If you are mistakenly covering a person(s) who is not eligible, please be sure you remove that individual(s). Examples of ineligible dependent(s) are: Your parent, dependent(s) who are over age 26, sibling, grandchild, niece/nephew, for whom you are not the legal guardian. Domestic Partners are eligible upon completion of Declaration of Domestic Partnership Form. Navient has the right to take corrective measures if ineligible dependents are discovered. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 17

18 Affordable Care Act Marketplace Notice On NavientBenefits.com there is a notice about the Marketplace; if you decide to price health insurance options available in your state, you will need to have a copy of this notice handy. Here are some key points to keep in mind about the Marketplace: If you go without health insurance a tax penalty may apply Most Navient Employees will not qualify for a subsidy in the Marketplace If you do not elect Navient medical coverage during Open Enrollment, your next opportunity for coverage is in 2016 Navient s employer cost sharing is lost if you purchase coverage through the Marketplace Medical premiums through the marketplace are paid on an after-tax basis. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 18

19 Financial Benefits Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 19

20 401(k) Savings Plan 401(k) Savings Plan Eligibility Company Contributions Example - $30,000 Earnings 1% Core Contribution Vested after 1 year of service 1 Month of Service 1% of Eligible Earnings Navient Contributes 1% = $300 4% Company Matching Contribution Immediate vesting 6 Months of Service 100% of the first 3%, plus 50% of the next 2% Employee contributes 3% = $900 Navient matches the 3% = $900 Employee contributes 2% more = $600 Navient matches 50% = $300 Total Employee Contribution = $1,500 Total Navient Core and Match = $1,500 TOTAL RETIREMENT SAVINGS AFTER ONE YEAR = $3,000 Enroll today at or call Fidelity at Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 20

21 Additional Benefits Life, AD&D, and Business Travel Insurance with Reliance Standard No Change in Coverage No change in premiums for your current voluntary life elections Increases in current coverage will require evidence of insurability Disability Insurance with Reliance Standard No change in Short-Term Disability No change in Long-Term Disability Long Term Care Insurance through C N A Insurance Company Subject to evidence of insurability after initial eligibility You own the policy Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 21

22 Petplan Voluntary Pet Insurance Discount insurance program available for four-legged family members Customize your policy - Pick your deductible: $50, $100, $200 - Pick your reimbursement: 80%, 90%, 100% Quotes and Enrollment - Obtain an instant quote and enroll for coverage anytime year-round via Petplan s website - Navient employees will receive a 15% premium discount when enrolling online (10% if enrolling over the phone). - To receive the premium discount, enter promotional code EBPNAV when enrolling online. - Annual, quarterly and monthly payment options are available; payment is made via credit card. or Call Toll Free (800) Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 22

23 Legal & Identity Theft Voluntary Insurance Legal Services LegalShield provides you the power to talk to an attorney about any personal legal issue. Your membership allows you to seek assistance on things you may have never even thought you needed an attorney - from real estate to traffic tickets, from warranty disputes to being sued, and beyond. Identity Theft LegalShield Identity Theft Plan provides identity monitoring and Comprehensive Identity Restoration from Kroll. In the unfortunate event something does happen to your identity, you ll have professional help in getting your identity restored to what it was before the fraud occurred. Obtain an quote and enroll for coverage anytime year-round at Legal Services = 20% premium discount Identity Theft = 22% premium discount Both plans = 31% premium discount Payment is made via credit card. or Call Toll Free (800) Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 23

24 Work/Life Benefits Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 24

25 Navient Wellness Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 25

26 Navient Wellness Empowers you to make healthy choices to improve your health habits and improve your overall well-being through the various tools and resources available. Complete activities from the expanded activities listed below to earn the medical premium credit for 2015 Log onto Asset Health before December 12, 2014 to meet the requirements to receive your 2015 wellness credit!!! Complete four activities* to be eligible for year-end raffle prizes Wellness Activity Health Risk Assessment Individual Fitness Challenge Fitness Team Challenge Flu Vaccination Complete three (3) Online Courses on Asset Health Tobacco Cessation Coaching through Guidance Resources *may be less based on hire date Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 26

27 Navient Wellness Financial incentives wellness incentive credit towards medical plan premiums Coverage Level Credit Per Pay Period Annual Savings Employee Only $24.00 $624 Employee + Child(ren) $35.50 $923 Employee + Spouse/Domestic Partner $40.50 $1,053 Family $55.00 $1,430 Weight Watchers Corporate Discount! Navient subsidy for participating in Weight Watchers Monthly Pass or Online program Wellness Program Changes to come in 2015! Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 27

28 Resources & Decisions Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 28

29 Decisions You Need to Make If you do nothing, all benefit elections continue from 2015 except FSA and HSA elections. Review your Open Enrollment Event and current elections within Workday: Medical: Choose the Plan that best meets your needs If applicable, clarify the working status of your Spouse/Domestic Partner Dental: Choose the Plan that best meets your needs Vision: Voluntary plan Health Savings Account (HSA) contributions: Must re-enroll New Enrollees: Activate your HSA by November 30 Health Care FSA: Must re-enroll Dependent Care FSA: Must re-enroll Voluntary Life Insurance: Review your needs Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 29

30 Benefits Salary Tiers and Coverage Levels Salary Tiers for Medical and Dental Coverage Base Annual Rate as of 10/1 - Under $30,000 - $30,000 - $50,000 - $50,000 - $100,000 - Over $100,000 - Part-time Medical, Dental and Vision Coverage Level - Employee Only - Employee + Child(ren) - Employee + Spouse/Domestic Partner - Employee + Spouse/Domestic Partner + Child(ren) Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 30

31 2015 Bi-Weekly Medical Plan Rates Salary Tier - <$30,000 **When Applicable - $45 Spouse Surcharge will be added to Employee & Spouse/Domestic Partner or Family Tiers Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 31

32 2015 Bi-Weekly Medical Plan Rates Salary Tier - $30,001 - $50,000 **When Applicable - $45 Spouse Surcharge will be added to Employee & Spouse/Domestic Partner or Family Tiers Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 32

33 2015 Bi-Weekly Medical Plan Rates Salary Tier - $50,001 - $100,000 **When Applicable - $45 Spouse Surcharge will be added to Employee & Spouse/Domestic Partner or Family Tiers Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 33

34 2015 Bi-Weekly Medical Plan Rates Salary Tier - >$100,000 & Part Time **When Applicable - $45 Spouse Surcharge will be added to Employee & Spouse/Domestic Partner or Family Tiers Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 34

35 Making Changes to Your Benefits You may not change your enrollment until the next Open Enrollment unless you have an IRS approved life event. Qualifying Life Events - Child s birth, adoption, placement for adoption, or legal guardianship - Dependent child loses eligibility - Marriage / Domestic Partnership, Divorce, annulment, dissolution of domestic partnership, legal separation - Eligible for Medicaid or Medicare - Spouse/Domestic Partner gains/loses coverage through his/her employer - Loss of other coverage Remember: 31 days for Qualifying Events! Make changes through Workday Must submit proper documentation Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 35

36 Questions NavientBenefits.com Q&A Conference Calls November Dates and times to be shared via from the HR Service Center Human Resources Services Center , Option #1-9 am 6 pm Eastern, Monday Friday ID cards will not be reissued unless you change coverage! We hope you ve enjoyed this brief presentation and have learned a little more about your benefit choices for next year. Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 36

37 Don t forget November 10 to 21 Dates for enrolling November 30 Open your HSA if enrolling for the first time Redeem your Flu Care Card December 12 Complete Wellness activities Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 37

38 Important Information This presentation provides highlights of The Navient Employees Comprehensive Welfare Benefits Plan, The Navient 401(k) Savings Plan and other Plans as discussed. A complete description of each benefit plan may be found in the plan document, Summary Plan Descriptions and contracts. While every effort has been made to provide an accurate summary of the plans, the information contained in this presentation does not replace or change the meaning of any Navient employer sponsored benefit(s) plan documents, SPDs and contracts; the plan documents and contracts are controlling in the event of any discrepancy. Navient reserves the right to terminate or amend these employer-sponsored plans at any time, in whole or in part, for any reason. Any such amendment or termination may apply to current and future participants, covered spouses, domestic partners, beneficiaries and dependents. 10/23/14 Confidential and proprietary information 2014 Navient Solutions, Inc. All rights reserved. 38

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