TO: Saint Joseph’s College Employees
DATE: September 30, 2013
FROM: Heidi Jacques, Assistant Director Human Resources
In 2014, the health care reform law creates a new type of online marketplace for purchasing health insurance coverage. This marketplace is referred to as a Health Insurance Marketplace, or an Exchange. You are not required to purchase insurance coverage through the Marketplace. Saint Joseph’s College is continuing to offer health coverage as explained below.
Saint Joseph’s College is providing this notice to help you understand your health insurance coverage options that will be available to you starting in 2014. This notice does not require action. Beginning October 1, 2013, you will be able to find and compare health insurance plans through the Marketplace and your coverage may start as early as Jan. 1, 2014.
If you purchase coverage through a Marketplace, you may be eligible for a federal subsidy that lowers your monthly premiums or reduces your cost sharing. However, to receive these federal savings, you cannot be eligible for health plan coverage through a company plan that is affordable and provides “minimum value.” The coverage through Saint Joseph’s College meets the minimum value standard.
The availability of coverage through the Marketplace does not affect your eligibility for coverage through the Saint Joseph’s College health plan. This link http://keoka.sjcme.edu/intranet/hr/ will provide information about the Saint Joseph’s College health plan as it exists today. Information on the Saint Joseph’s College health plan coverage for 2014 will be provided in connection with the plan’s upcoming open enrollment period. Please contact me at (207)893-7756 or email@example.com for additional information on our health plan’s coverage.
More information on the health care reform law and the Marketplace is available at www.healthcare.gov.
With the new myCigna Mobile App you'll find all kinds of things to be happy about: find a doc, access ID cards and plan info, compare drug prices and more.
This is a reminder that to be able to earn wellness incentive program points for 2014, you will need to have completed your health assessment in 2014.
As you may already know, the guidance for income levels and individual contributions to retirement plans such as the one we have at Saint Joseph's College are indexed and increased periodically.
Effective for the tax year beginning January 1, 2013, individuals may contribute up to $17,500 in pretax contributions per year to their qualified 403(b) retirement account. Individuals 50 years of age and above may contribute an additional $5,500 in pre-tax funds for a total of $23,000 per year.
Many financial planners suggest that contributing to your retirement account at work is a good way to save for retirement because your contributions go in before taxes and grow tax-free. You may want to check with your financial planner to see if you should take advantage of this opportunity.
Heidi Jacques in the Human Resources Office has the Salary Reduction Agreements that must be completed in order to take advantage of this retirement savings opportunity. If you want to start contributing or change your contributions please stop by the office and Heidi or any one of us will be glad to assist you. You may also find the Salary Reduction form on our website under Forms.
Human Resources in partnership with our retirement vendors would like to provide you with retirement planning and investing information during these volatile times.
We recommend you peruse the websites of both our pension vendors for valuable information and investing options.
If you would like to have a discussion about your retirement portfolio, please contact TIAA-CREF at (888)842-7782 or Stephen Barnes of VALIC at (207)892-6064. Their representatives will be happy to help you.