It is time to start thinking about your 2016 choices for medical, dental, and other insurance benefits. You will make these choices during MIT’s Benefits Open Enrollment from Monday, October 26, 2015 through Friday, November 6, 2015 on .
For 2016, there are no increases in employee premiums for MIT’s medical, vision, and supplemental life insurance plans. In addition, there will be expanded supplemental life insurance options. Employee dental premiums will increase slightly as a result of plan improvements.
Highlights for 2016
- Medical Plan Premiums: While rising medical costs have continued to be a concern in Massachusetts and nationwide, MIT will be able to keep 2016 employee premiums for the Traditional and Choice medical plans at their 2015 levels.
- Medical Plan Copayments: Copayments for medical visits will remain the same, and copayments for prescription drugs will remain the same for the majority of medications. A small number of brand name medications will have higher copayments as they move from the “preferred brand” category (Tier 2) to the “non-preferred brand” category (Tier 3). In addition, the list of drugs covered by MIT’s medical plans will be modified slightly in 2016 to exclude selected high-cost drugs if there are equally effective and less costly options available.
- Dental Plans: In response to community feedback, there will be enhancements to the dental plans in 2016. Specifically, the Basic and Comprehensive dental plans will now cover sealants through age 19 and white fillings for all teeth. In addition, for participants in the Comprehensive Plan, coverage of implants will expand. Premium increases for 2016 will be small: $1 or less per month for the Basic Plan and $2 to $5 per month for the Comprehensive Plan.
- Vision Plan: There will be no increases in employee premiums in 2016, but there will be an improvement in the plan’s coverage. Starting next year, eye frames will be covered up to $150, both in-network and out-of-network.
- Supplemental Life Insurance: There will be no increases in employee premiums in 2016, but you will have expanded options. Maximum supplemental life insurance will increase from 5 to 7 times your base annual earnings, up to $2 million. In addition, if you already have supplemental life insurance coverage, you will be able to increase it one level without filling out a full statement of health, only during this Open Enrollment.
- Flexible Spending Accounts (FSAs): The maximum annual Health Care FSA contribution will increase from $2,500 to $2,550, which is now the maximum permitted by law. The maximum annual Dependent Care FSA contribution will remain the same at $5,000. Also, please note that WageWorks, a leading administrator of FSAs, has acquired Crosby Benefit Systems. Effective January 1, 2016, WageWorks will administer MIT’s FSAs, and a new and improved web site will be available to you for managing your FSA.
For complete details on benefits plans, rates, and other changes for 2016, please visit the Benefits Open Enrollment website. This is also a good time to review your beneficiary designations for life insurance, pension and 401(k) benefits.