Benefit Open Enrollment Now Open

Open enrollment is your opportunity to assess your individual and family needs and make changes to your benefit package selections. This would include changing health plans, adding/removing a dependent, electing to contribute to a health savings account or flexible spending account or changing any other benefits such as life or disability benefits. If you want to continue your current elections in 2015, you do not need to take any action.

Here is a brief summary of 2015 benefits:

  • There is no change in retirement benefits for 2015; Michigan Tech will continue to match up to 7.5% of your salary that you decide to save for retirement. Tax deferred as well as Roth options for 403b and 457b plans are also available without a match should you wish to save more for retirement. Keep in mind there are IRS maximums you are allowed to contribute.
  • There is no change in life insurance, dependent life insurance, voluntary accidental death and disability, short term disability and long term disability.
  • Tech will continue to offer both the PPO and HDHP health insurance plans. For the PPO plan, the premium will increase from $112 to $114 per person per month.
  • The HDHP will continue with no monthly premium, but you will need to decide what amount if any, you put in your tax sheltered Health Savings Account to cover health care deductibles and co-pays. Keep in mind that any amount you save in your HSA that is not used, is carried over to future years, even into retirement.
  • Eyecare and Dental coverage remains unchanged.

Please plan to explore and evaluate your benefit options and cost during at an Open Enrollment educational session.