Open Enrollment is an annual process that provides you with the opportunity to enroll in new benefit plans or make changes to your existing coverage effective January 1, 2018. This year's Open Enrollment period will be from November 1 – 30, 2017.
If you are not changing your health benefits elections, you do not need to re-enroll, and your current 2017 health benefits will remain in effect through December 31, 2018 – except for Healthcare and Dependent Care Flexible Spending Account (FSA) plans, which you must re-enroll every plan year. You are able to roll over up to $500 each year in the Healthcare FSA, but any balance above $500 is subject to forfeit. For 2018, the Healthcare FSA limit is $2,650 as determined by the Internal Revenue Service.
All enrollments and/or changes for 2018 must be completed through the Benefits Service Center's web-based enrollment system by November 30, 2017. This enrollment system is accessed through DrexelOne.
To learn more about your benefits and how to use them effectively, please attend one of the Open Enrollment Benefit Fairs. These fairs will be held on all campuses and will include massage therapy, vision screenings, raffles and prizes. Representatives from Human Resources, benefit providers and the Drexel Recreation Center will be in attendance.
- Nov. 8: Queen Lane Campus, in the Atrium, 11:30 a.m. – 1 p.m.
- Nov. 9: University City Campus, in the Recreation Center lobby, 11:30 a.m – 1 p.m.
- Nov. 16: The Academy of Natural Sciences, in the Commons, 11:30 a.m. – 1 p.m.
- Nov. 17: Center City Campus, in the Geary Lobby, 11:30 a.m. – 1 p.m.
Human Resources will be hosting "2018 Benefit Highlights" sessions throughout the month of November. Join us to learn more about your short- and long-term disability plan options, your medical plan options – including the High Deductible Health Plan, Health Savings Accounts – and other benefit topics.
- Nov. 10: Center City Campus, in room 103-104 of the Bellet Building, 12 p.m. – 1 p.m.
- Nov. 13: Queen Lane Campus, in room A-7, 12 p.m – 1 p.m.
- Nov. 14: The Academy of Natural Sciences, in The Commons, 2:30 p.m. – 3:30 p.m.
- Nov. 15: University City, in Hill Conference Room (Lebow Engineering, Room 240), 2 p.m. – 3 p.m.
- Nov. 27: University City, in Hill Conference Room (Lebow Engineering, Room 240), 11 a.m. – 12 p.m.
Prescription Drug Coverage: Drexel University will be transitioning prescription coverage from Express Scripts to OptumRx effective January 1, 2018. Faculty and professional staff will continue to have access to the same wide network of pharmacies available today, and you will still be able to acquire a 90-day supply at your local pharmacy. There will be no changes to the prescription copays.
- New prescription identification cards will be mailed for January 1, 2018 use. OptumRx also allows members to print an ID card on their website and/or display their card through a mobile application.
- Home delivery of specialty medications will change from Accredo to BriovaRx. Members who use specialty medications will call BriovaRx or register online in January (1.855.4BRIOVA or briovarx.com/newpatient). A representative will then contact the physician and make all necessary arrangements. More information can be found in the Transitioning to OptumRx PDF document below.
- Transitioning to OptumRx [PDF]
- Welcome to OptumRx [PDF]
- OptumRx 2018 Formulary [PDF]
- OptumRx Mail Order Form [PDF]
Keystone POS and Personal Choice Medical Plans:
High-Deductible Health Plan (HDHP): The Drexel HDHP is a high-quality, low cost medical plan, with a higher deductible than the Keystone POS and Personal Choice plans and is offered in conjunction with a Health Savings Account (HSA).
An HSA is a tax-advantaged medical savings account owned by the faculty or professional staff member and designed to be used in conjunction with a federally qualified high deductible health insurance plan. Money contributed to the account is not subject to federal tax at the time of deposit (pre-tax dollars). Unlike amounts in flexible spending accounts that are forfeited if not used by the end of the year, unused HSA funds remain available for use in later years, are portable and can grow tax-free through investment earnings, just like an IRA.
HSA funds can be used to save for future medical expenses or help bridge the gap to benefits until the annual health plan deductible is met. The University will contribute up to $500 to each HSA account with individual coverage or $1,000 for those with family coverage based on the effective date of their enrollment.
|Effective Date of Coverage
||Employee Only Coverage
||Employee + Dependent Coverage
|January 1 – March 31
|April 1 – June 30
|July 1 – September 30
|October 1 – December 31
|* Employer funding will be credited in your HSA account after your first medical premium deduction.
Waiving Medical Coverage: Full-time benefit-eligible employees scheduled to work 40 hours per week, and who have coverage through a spouse or other source (other than Medicare), may elect to waive Medical/Rx coverage and receive a monthly waiver bonus. To receive the waiver credit, log in to the Drexel Benefits Service Center through DrexelOne, waive your medical coverage, and then submit the Medical Waiver (Opt-Out) Form (linked below) with a copy of the front and back of your current medical card. Employees that have waived their Medical/Rx coverage are required to submit a new waiver form each year.
Dental: Cigna remains our preferred dental carrier, and there are no plan changes but a slight rate increase in premiums for both employer and employee (as explained above). Coverage remains available for eligible dependents up to age 26.
Vision: Davis Vision remains our preferred vision carrier, and there are no plan design changes and no rate increases for 2018. Coverage remains available for eligible dependents up to age 26.
403(b) Retirement Program: Although changes can be made at any time, now is a good time to think about increasing your contribution to the 403(b) Plan and how your funds are invested. To increase your contribution, go to the Employees tab of DrexelOne and select the "403(b) Plan Management" link. To review your asset allocations and beneficiaries, contact your retirement plan provider directly. For more information, please see the Retirement Plan webpage.
Long Term Care Insurance: Learn more about Long Term Care Insurance at an educational webinar hosted by Genworth. View this PDF flyer for more details.