What’s Changing in 2021

 

 

Medical

Premiums

2021 Medical Premiums.  All Neal Gerber Eisenberg (NGE) medical premiums will have a small increase for the 2021 plan year. 

Review your 2021 medical premiums in ADP or in CollaborateYou will receive an email with a link to view your 2021 personalized materials (premiums, medical plan scenarios, etc.) at the start of open enrollment. 

Why premiums are increasing / how we compare to other plans:  Our premiums are calculated based on the number and cost of NGE claims in the previous year ( also called our claims experience) and the trend (expected inflation and projected future claims).  The 2021 trend is slightly higher than previous years.  Medical trend is 5.3% and prescription is 8.9%. This year we saw higher overall utilization, but less than the national trend. 

 

Available Medical Plans

You can review details of each plan here.

 

Choose the best plan for you:

Choosing a medical plan is a personal decision, and there is not always a “right” choice.  The right medical plan for one person or family may be totally different for another.

The following scenarios have been created to help you think about selecting the right plan for you.  Please contact Alison Spring if you would like help determining which plan is right for you.

 

How to request an ID card:  Log into BCBS to request a new ID card or print a temporary ID card.  You may also download the BCBSIL app and show your card to your provider.  

If you are electing coverage for the first time, new cards will be mailed to you at the end of December.   

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Visit BCBS to learn more about in-network providers and your benefits. 

Questions?  Call BlueCross customer service: 800-828-3116.

 

 

HSA contribution limits

What’s changing:  2021 HSA contribution limits are increasing $50 for self only and $100 for family coverage. 

2021 contribution limit:  

  • $3,600 for self only
  • $7,200 for family coverage
  • $1,000 catch up contribution for participants age 55 or older.

What is a Health Savings Account (HSA): Health Savings Accounts (HSAs) are like personal savings accounts, the money is used to pay for health care expenses.  You own and control the money in your HSA (and not your employer or insurance company).  The money you deposit/contribute is not taxed. 

In order to be eligible to open and contribute to a HSA, you must be enrolled in a high deductible health plan. 

What are the benefits of a Health Savings Account (HSA):

Triple tax advantage:

  • All contributions are tax free.  Reduce your taxable income by contributing.
  • Income earned is tax-free.  Interest and earnings in your account accumulate tax free.
  • The money you spend is tax-free.  As long as you use the HSA funds for qualified medical expenses, you will not owe taxes on any withdrawals.

The firm allows you to select the financial institution that works best for you.  Once selected, you have flexibility in determining when and how much your HSA contribution will be. Any unused money at the end of the year stays in your account and is yours indefinitely. 

How you can make your HSA contributions: 

Select a contribution method that works for you and you can change it as often as you wish.

  • Make a one-time annual contribution.  You can make your deposit at the start of the year and fund your account in advance. You can also make your contribution at the end of the year to maximize your tax savings. 
  • Set up a recurring contribution.  Make a contribution directly from your paycheck by setting up direct deposit or set up a recurring transfer from your personal checking/savings account each month.

If things change, you can change your contribution any time during the year.

Who can participate in a Health Savings Account (HSA): 

You must be enrolled in NGE’s HD 1500 or HD 3000 medical plan (or another qualified high deductible health plan (HDHP)).

Important:  You may not contribute to a HSA if:

  • You are covered by another health plan that is not a high deductible health plan.
  • You are enrolled in Medicare Part A, B, and/or D.  Being eligible for Medicare does not change your eligibility to contribute to a HSA.
  • You are claimed as a dependent on another person’s tax return.

For more information about HSA plans, please refer to IRS publication 969 Health Savings Accounts.

 

 

401(k) Automatic Savings Increase – January 1, 2021

What’s changing in your 401(k):  Effective January 1, 2021, the 401(k) plan will automatically increase your contributions each year by 1% until you reach 15% contribution to help you save for retirement.

Studies have shown that savings rates need to be much higher than the traditional 3%.  When you save 15% or more, up to the IRS annual contribution limits, you are more likely to reach your retirement saving goals.

What’s happening: In November you will receive communication from Schwab reflecting your contribution increase.  You may change your contribution to any amount prior to January 1 If you do not take action, your contribution will be increased starting with the first check of 2021. 

  • If your contribution is 3–14%:  Your contribution will be increased 1% each year until you reach 15%.
  • If your contribution is 1–2% or you are not currently contributing:  Your contribution will be increased to 3%.
  • If your contribution is 15% or higher:  Your contribution will not change.
  • If you are contributing a flat dollar amount:  Your contribution will not change.
  • If you already have auto escalation set up to increase your contribution each year:  Your contribution will not increase in January (unless you elect to change the timing of your auto increase to January).
  • You have the option to opt out of these increases at any time.

Review your current elections or make changes:  www.schwabplan.com or call Schwab for assistance 800-782-1008.

How to learn more: 

Schwab will be hosting a program to discuss the importance of your savings rate during your career,  the automatic increase program, and how to use the advice program to select your contribution rate and select the investments that are most appropriate for you.

Tuesday, November 10: 1:30 pm – 2:30 pm

Thursday, November 12: 10:30 am – 11:30 am

Sign up for a session with Schwab here.

The program will be recorded and available here a week after the program. 

 

 

 

What's Staying the Same

Dental

What is Dental insurance: A form of health insurance that pays for costs associated with dental care for teeth and gums, including preventative care and cleanings.  Not all procedures are covered, for example cosmetic procedures such as whitening. 

The plan pays a portion of the cost for services such as fillings, root canal, crown, and orthodontics for children.  Cost varies by plan.

Available dental plans:  We offer a PPO and a DHMO plan.

 

For additional detail about the plans, review the PPO and DHMO plan highlights.

 

Which plan is right for you?

 

How to request an ID card:  Log into Delta Dental to request a duplicate card, print a copy from the site or download the Delta Dental app and show your card to your provider.

If you have DHMO coverage, you will receive a new card each time you select a new dentist.  Call Delta Dental at 800-942-3772 if you are changing providers. 

If you are electing coverage for the first time, new cards will be mailed to you at the end of December. 

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Visit Delta Dental to learn more about providers, your benefits and submitting out of network claims. 

Questions?  Call Delta Dental customer service 800-323-1743 (PPO members) 800-942-3772 (DHMO members).

 

 

Vision

What is Vision coverage: insurance that covers routine preventative eye exams and glasses or contacts lenses once every 12 months for each covered member. Co-pays and discounts apply to most services to reduce the cost.

Who provides our vision coverage:  EyeMed Vision insurance

What network does our plan use:  Insight Network

What to do when you are ready to get an eye exam or glasses/contacts:  To get the maximum benefit, confirm your provider accepts EyeMed.  No preauthorization is required.  There are no forms to fill out.  The provider will submit the information directly to EyeMed.  You only pay your portion of the bill.  If you choose a provider that is not in-network, some benefits are still available.

Do you need an ID card?:  Many providers are able to confirm your insurance coverage without an ID card.  It can be convenient to have a card to show a provider if you don’t remember who provides the insurance.

How to request an ID card:  Log into EyeMed to request a duplicate card, print a copy from the site or download the EyeMed app and show your card to your provider. 

If you are electing coverage for the first time, new cards will be mailed to you at the end of December. 

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

For additional detail about the plan: please review the EyeMed plan highlights.

Visit EyeMed to learn more about providers, your benefits and submitting out of network claims. 

Questions?  Call EyeMed customer service: 866-939-3633.

 

 

Life Insurance

Basic Life Insurance

(Partners have a separate life insurance policy.  Please contact Alison Spring with questions.)

What is life insurance: Life insurance pays a death benefit if you die from natural causes or an accident. *some exclusions may apply.

How much life insurance you have: The firm provides two (2) times your salary in life insurance up to a maximum of $700,000 of coverage.  The cost is shared by you (20%) and the firm (80%).  Any additional life insurance coverage you elect for yourself or your family is voluntary and you will pay the cost of that coverage.

How to designate or change who should receive your life insurance benefit (your beneficiary):  Your beneficiaries receive the proceeds if you die.  You may select or change your beneficiary elections in 2 ways. 

1.  Submit a beneficiary designation form at any time.  Completed forms should be returned to the Benefits Department

OR

2.  Enter or change your beneficiary election in ADP.

In the case of death, the most recent election on file is used. 

 

 

Basic Accidental Death & Dismemberment (AD&D) Insurance

What is accidental death and dismemberment AD&D: Accidental Death & Dismemberment is insurance.  Payments from this policy are made if you die from an accident or a smaller scheduled amount for an accidental dismemberment. 

How much AD&D you have:  The firm provides two (2) times your salary in AD&D insurance up to a maximum of $700,000 of coverage.  The cost is shared by you (20%) and the firm (80%).  Any additional AD&D insurance coverage you elect for yourself or your family is voluntary and you will pay for the cost of that coverage.

How to designate or change who should receive your AD&D insurance benefit (your beneficiary):  Your beneficiaries receive the proceeds if you die.  You may select or change your beneficiary elections in 2 ways.  In the case of a death, we use the most recent election. 

1.  Submit a beneficiary designation form at any time.  Completed forms should be returned to the Benefits Department

OR

2.  Enter or change your beneficiary election in ADP.

In the case of death, the most recent election on file is used. 

 

 

Voluntary Life Insurance (Coverage for employee, spouse and children)

(Partners have a separate life insurance policy.  Please contact Alison Spring with questions.)

What is voluntary life insurance:  In addition to the basic life insurance provided by the firm, you may elect to add additional life insurance for you and your family. 

How much life insurance coverage you can elect: 

  • Voluntary Employee Life Insurance:  Elect up to 5 times your base salary up to a maximum of $1,000,000. Coverage can be elected in increments of $10,000.* 
  • Voluntary Spouse Life Insurance:  Elect up to $500,000 of coverage in increments of $10,000.*
  • Voluntary Child Life Insurance:  Elect up to $16,000 of coverage in increments of $2,000. 

*Any increase in voluntary life insurance will require evidence of insurability before an increase in coverage is approved.

You must have voluntary employee life insurance for at least the same amount or more than the coverage you elect for your spouse or child(ren).  For example, if you elect $50,000 of spouse life insurance you must have $50,000 or more of employee voluntary life insurance.  Employee basic life insurance does not count toward this requirement. 

When can you elect or change your voluntary life insurance coverage:  Voluntary life insurance can only be increased, decreased and new coverage requested during open enrollment.  If you experience a qualified life event during the year (such as marriage, birth) you can make a change consistent with the event.  

*Any increase in voluntary life insurance will require evidence of insurability before an increase in coverage is approved.

What can you change during open enrollment:  You can add, increase, decrease, or remove coverage for you, your spouse and/or children. 

*Any increase in voluntary life insurance will require evidence of insurability before an increase in coverage is approved.

How much does it cost:  Voluntary life insurance for yourself and your spouse/domestic partner is based on age and the amount of coverage elected.  Review the cost of coverage in ADP

If either you or your spouse/domestic partner have moved into a new rate band, your rate will increase for the 2021 plan year.

How to designate or change who should receive your life insurance (your beneficiary):  Your beneficiaries receive the proceeds if you die.  You may select or change your beneficiary elections in 2 ways. 

1.  Submit a beneficiary designation form at any time.  Completed forms should be returned to the Benefits Department

OR

2.  Enter or change your beneficiary election in ADP.

In the case of death, the most recent election on file is used. 

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Questions?  Call UNUM customer service: 866-679-3054.

 

 

Voluntary Accidental Death & Dismemberment (AD&D) Insurance

(Coverage for employee, spouse and children)

What is voluntary Accidental death & dismemberment insurance:  In addition to the basic AD&D insurance provided by the firm, you may elect to add additional AD&D insurance for you and your family. 

How much AD&D coverage you can elect: 

  • Voluntary Employee AD&D Insurance:  Elect up to 10 times your base salary up to a maximum of $1,000,000. Coverage can be elected in increments of $10,000. 
  • Voluntary Spouse AD&D Insurance:  Elect up to $500,000 of coverage in increments of $10,000.
  • Voluntary Child AD&D Insurance:  Elect up to $16,000 of coverage in increments of $2,000. 

AD&D coverage does not require evidence of insurability.

You must have voluntary employee AD&D insurance for at least the same amount or more than the coverage you elect for your spouse or child(ren).  For example, if you elect $50,000 of spouse AD&D insurance you must have $50,000 or more of employee voluntary AD&D insurance.  Employee basic AD&D insurance does not count toward this requirement. 

When you can elect or change your voluntary coverage:  Voluntary AD&D insurance can be increased, decreased or new coverage requested only during open enrollment.  If you experience a qualified life event during the year (such as marriage, birth) you can make a change consistent with the event.  Changes are not allowed during the year.

What you can change during open enrollment:  You can add, increase/decrease, or remove coverage for yourself, your spouse and/or children. 

No medical questions are required to add or increase coverage.

How much does it cost:  Voluntary AD&D insurance is based on amount of coverage you elect.  Review the cost of coverage in ADP

How to designate or change who should receive your AD&D insurance (your beneficiary):  Your beneficiaries receive the proceeds if you die.  You may select or change your beneficiary elections in 2 ways.  In the case of a death, we use the most recent election. 

1.  Submit a beneficiary designation form at any time.  Completed forms should be returned to the Benefits Department

OR

2.  Enter or change your beneficiary election in ADP.

In the case of death, the most recent election on file is used. 

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Questions?  Call UNUM customer service: 866-679-3054.

  

 

Short & Long Term Disability Coverage

What is disability coverage: Disability insurance (short term disability and long term disability) are insurance policies that provides income replacement for covered individuals if they become unable to work due to an illness. 

Short term disability is income replacement for short term illness or injuries, typically longer than a week. Short term disability coverage at NGE lasts for up to 180 days (6 months).  Common reasons for a short term disability leave include birth of a child, hospitalization, or recovery from an injury. An administrator will make a determination looking at your medical provider statement and medical records to approve your time off.  NGE will pay you once your leave has been approved.

Long term disability is income replacement for longer term illness, lasting more than 180 days.  Common reasons include stroke, cancer treatment and long term health conditions that leave the person unable to work. Long term disability payments are 60% of regular earnings. Long term disability payments generally end when you recover, reach the normal social security retirement age, or death.

NGE’s short term disability (STD) is automatically provided to benefit eligible employees and attorneys. There is no premium paid by employees or attorneys for this plan.  Salary replacement income is paid by NGE.  Medical determinations are made by our administrator, UNUM. 

NGE’s long term disability (LTD) coverage is automatically provided to benefit eligible employees and attorneys.  If you have an LTD claim, the benefits paid are tax free.  Enrollment in the LTD policy is not optional.  UNUM is the insurance provider for this coverage.

 

 

Health Care Flexible Spending Account (FSA)

(Contribution limits – include call out about changes to what you can reimburse, tax savings)

Health Care FSA contribution limit:  The 2021 FSA annual contribution limit is $2,750.

What is a Health Care Flexible Spending Account (FSA): Set aside a portion of your paycheck in a separate account before taxes for eligible out-of-pocket healthcare expenses. 

What is the benefit of using a FSA account: As a FSA account holder you are able to pay for many of your medical, dental and vision expenses with pre-tax funds.  You will have access to your funds at the start of the year. 

Calculate your tax savings here.

When can you change your election?:  Once you make your 2021 Healthcare FSA election, it can’t be changed during the year unless you experience a qualified life event. 

What can you spend your FSA funds on: A variety of items like medical, dental and vision  co-pays, deductible, co-insurance you pay to providers (doctors, lab tests, hospital stay).  Review a detailed list of eligible expenses.

Who can participate in an FSA?:  You must be enrolled in the NGE PPO 1200 medical plan OR covered by a plan outside of NGE in order to participate in the NGE Health Care FSA.

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Questions?  Call Discovery Benefits customer service: 866-451-3399.

 

 

Dependent Care Flexible Spending Account (DCFSA)

What is a Dependent Care Flexible Spending Account (DCFSA):  Allows you to put aside a portion of your paycheck into a separate account before taxes for eligible dependent care expenses each year.

How much you can contribute:  The Dependent Care FSA contribution limit is $5,000 per household; $2,500 per person (if married and filing separately).

What is the benefit of using a Dependent Care FSA account: You are able to pay for eligible dependent care expenses with pre-tax funds. 

What type of expenses are eligible:  The list includes things like childcare centers, babysitter, summer day camp, and elder care.  Review a detailed list of eligible expenses here

Who can participate in a Dependent Care FSA?:  All benefit eligible employees and non-partner attorneys can participate.  Partners are not eligible. 

When can you change your election?:  Once you make your 2021 Dependent Care FSA election, it can’t be changed during the year unless you experience a qualified life event. 

How to enroll or change your coverage:  Make your election changes in ADP by the end of open enrollment, Tuesday, November 17.  Your changes will be effective January 1, 2021.

Questions?  Call Discovery Benefits customer service: 866-451-3399.