Benefits Connect

As an extension of Mayo Clinic Human Resources, Benefits Connect brings together benefits experts, plan members, and those who are curious about benefits to share their experiences and knowledge. Each new post is designed to go beyond simple resource information to practical advice on the best strategy to get the most out of the industry-leading benefits at Mayo Clinic. Join the conversation by commenting on posts and replying to comments.

PUBLIC PAGE
Oct 15, 2020

Ready for Open Enrollment?

By Robert McGriff, @m039153

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Mayo Clinic provides a competitive benefits program designed to meet your changing needs. Each year, benefits offerings are reviewed to determine changes for the following year.

During open enrollment, Nov. 1–16, benefits-eligible staff can make changes to their benefits elections for the following year.

What are the benefits changes for 2021?

The benefits changes for 2021 are:

Mayo Medical Plan

There will be modest monthly premium increases to the two highest coverage options ― Mayo Premier and Mayo Select. The 2021 premiums are:

Click the table to view a larger version.

Mayo Basic monthly premiums will remain the same.

Health Care Flexible Spending Account

The annual contribution limit will increase to $2,750 per staff member.

Health Savings Account (available with Mayo Basic only)

The annual contribution limits will increase to $3,600 for individual coverage and $7,200 for all other coverage levels.

Learn more

Review the Open Enrollment 2021 Guide to learn more about your benefits and compare plan options.

Also consider these options to learn more:

This is a lot of great information @m039153 thank you. I understand the line of thinking behind Premier is generally better if you expect to have higher medical expenses and Basic is generally better if you are healthy and want to take advantage of lower premiums and the HSA. However, this philosophy doesn't appear to hold true for employees that are part time (.5-.74 FTE) and are on the family plan for 2021 (unless I am missing something). If we run the numbers on a possible total annual maximum out of pocket costs for this scenario:

Premier: $1000 deductible + $4000 OOP Max + $6300 premiums = $11,300
Basic: $4000 deductible + $6,000 OOP Max + $840 premiums = $10,840

Of course a best case scenario is no medical expenses and only paying premiums, in which case Premier costs $6,300 and Basic costs only $840 for the year.

So a best case scenario Basic saves $5,460, and even a worse case scenario Basic still saves $460 over Premier. On top of all this, Basic has the added benefit of access to the triple-tax advantaged HSA. Given all this, does it ever make sense to enroll in Premier if you are on the family plan and a part time employee, or am I missing something? (Note for all the other plan scenarios, Premier has a lower total annual max cost than Basic which makes sense. This anomaly only holds true for part time + family plan due to the extremely high $525 monthly premium.)

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