The open enrollment period for benefits at Baylor is going on through Oct. 21. This is the opportunity for benefits-eligible employees, including resident trainees, to change benefit elections and enroll in options offered by the College. Open enrollment also is a good time to review beneficiary designations and retirement plan elections.
Here’s an overview of what’s new for benefits in 2020.
- Medical, pharmacy and dental plan designs will remain the same for 2020; however there will be premium increases to some plans.
- Medical premiums will increase by 4% for Premium PPO, Value EPO and Health&Savings PPO
- Medical premiums will increase by 1.4% for ResidentCare PPO
- Faculty/staff Dental PPO premiums will increase by 5.8%
- Vision Care premiums will remain the same, plus there is a new enhancement to the plan –Eyemed’s Freedom Pass allows you to get any frame, any brand for free at Sears or Target Optical.
- New financial counseling will be offered through Ayco, a Goldman Sachs company.
- This core benefit to faculty, staff, residents, clinical postdoctoral fellows and research postdoctoral associates will provide financial services and access to coaches to help employees develop a comprehensive financial plan.
- Ayco can assist with tax planning strategies, investment education, debt management and estate and retirement planning.
- In 2020, employees will have the option to make Roth contributions to their 403(b) plan.
- Current 403(b) contributions are pre-tax (traditional)
- Will have an additional option to make Roth (after-tax) contributions to the 403(b)
Another new benefit of note is a partnership with Bank of America that will offer no account fees, special mortgage discounts and more for those who set up a checking or savings account and direct deposit with Bank of America.
Learn more about all of the College’s benefits at Benefits Fairs, all from 10 a.m. – 2 p.m.
- Oct. 14, Rayzor Lounge at main Baylor
- Oct. 15, Baylor Medical Center – McNair Campus, conference rooms A/B
- Oct. 16, CNRC lobby
In addition, general meetings are scheduled where HR representatives will present an overview of 2020 benefits; BCM BeWell Vitality points are available for attending one of these meetings. See the full schedule of general benefits meeting.
Finally, get one-on-one assistance in 018D at main Baylor on Oct. 10, 11, 17, 18 and 21, 8 a.m. – 5 p.m.