2015 Open Enrollment for Drexel University Employees
Open Enrollment is an annual process that affords you the opportunity to enroll in new benefit plans or make changes to your existing coverage effective January 1. This year’s Open Enrollment period will be from November 1, 2014 through November 30, 2014. If you are not changing your elections, you do not need to re-enroll and your current 2014 benefits will remain in effect through December 31, 2015 – except for Healthcare and Dependent Care Flexible Spending Account (FSA) plans, which you must re-enroll in every plan year.
Open Enrollment Benefit Fairs
November 5, 2014: Queen Lane Campus (2900 Queen Lane), The Atrium, 11:30 am - 1:30 pm
November 6, 2014: University City Campus, Drexel Recreation Center (33rd and Market Sts), 1st Floor, 11:30am - 1:30 pm
November 11, 2014: The Academy of Natural Sciences, The Commons Room, 11:30am - 1:30 pm
November 14, 2014: Center City Campus, New College Building (245 N 15th St), Room 3506, 11:30am - 1:30 pm
2015 Plan Highlights
- New High Deductible Health Plan (HDHP): A new high-quality, low-cost medical plan, the Drexel HDHP through Independence Blue Cross, is available as a fourth medical plan option.
- The Drexel HDHP is a lower cost 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.
- To learn more about the new HDHP, please attend one of the HDHP seminars:
- Oct. 21 – University City Campus, 1-2 p.m., in the Sky View Conf Room, MacAlister Hall
- Oct. 22 – University City Campus, 1-2 p.m., in the Liberty View Conf Room, MacAlister Hall
- Oct. 23 – Queen Lane Campus, 2-3:30 p.m., in Classroom A-8
- Oct. 27 – Center City Campus, 1:30-3 p.m., in the DiPalma Conf Room (610-1) New College Bldg
- Oct. 28 – Academy of Natural Sciences, 1-3 p.m., in the Bird Classroom
- Keystone POS and Personal Choice Medical Plans: We’re pleased to announce that Drexel is able to hold our medical premium increase to an average of 2%, compared to the national average of 7%. This is the sixth consecutive year that medical increases have been well under national averages and in single digits. To search and view information on Drexel doctors, please visit the Drexel University College of Medicine website.
- Dental: There are no plan design changes and no rate increase. Coverage remains available for eligible dependents up to age 26.
- Prescription Drugs: Rates will increase by just 2%. Generic drugs continue to have only a $5 co-pay. A new feature allows employees to purchase a 90-day prescription supply, at mail-order prices, at participating pharmacies including Rite Aid, Walmart and Target.
- Vision: There are no plan design changes and no rate increase. Coverage remains with Davis Vision (IBC).
- Life and Disability Insurance Carrier: MetLife continues to provide our Voluntary Short Term Disability, Voluntary Life and Voluntary Personal Accident options and there are no plan design changes.
- Voluntary Benefits Enrollment Platform: Incredible savings on insurance and other benefits through one convenient payroll deduction. The online system provides easy access and enrollment, with hundreds of shopping discounts as well. Enroll at DrexelVoluntaryBenefits.com.
- Flexible Spending Accounts: To take advantage of the tax savings of Healthcare and Dependent care FSA plans, you must re-enroll each year.
- 403(b) Retirement Program: In an effort to design a plan that encourages adequate faculty and professional staff savings for a comfortable retirement, the 403(b) program for Drexel University and Drexel University College of Medicine employees has undergone changes, effective January 1, 2015. For more information, see the 403(b) Retirement Plan page.
- Eligible Dependents: Eligible dependents for healthcare coverage include your legally married spouse (same or opposite-sex) and your naturally born or adopted children or stepchildren up to age 26. Ineligible dependents include divorced spouses, grandchildren, nieces and nephews, and any other children you do not have legal custody of. Drexel has contracted with an outside firm to conduct a dependent eligibility audit at the conclusion of Open Enrollment. Drexel reserves the right to request proper documentation showing dependent status at any time and may conduct a dependent eligibility audit in the very near future. Open Enrollment is your opportunity to remove ineligible dependents from your coverage with no questions asked. If you have any questions on how to do so, please contact the Benefits Service Center at 888-971-0101.
2015 Rate Summaries