2020 OPEN ENROLLMENT Presented by: Associated Benefits and Risk

2020 OPEN ENROLLMENT Presented by: Associated Benefits and Risk Consulting 1

2020-21 BENEFITS COMMITTEE MEMBERS Christopher Atzinger – Faculty in Music Jacqueline Christensen – Human Resources Myron Engle – Information Technology Roseanne Galegher – AAA Mike Goodson – Human Resources Travis Grant – Human Resources Nancy Paddleford – Faculty in Music; Piano; Latin American Studies Jan Hanson – Finance Angie Matthews – Finance Mark Koktavy – Facilities Steve O’Neill – Boe Counseling Jeff Partington – Facilities Judy Tegtmeyer – Faculty in Recreation, Exercise Science and Athletics 2

HISTORY OF PREMIUM INCREASES AT ST. OLAF 2014-15 3.6% 2015-16 7.5% 2016-17 5% 2017-18 15% Core 0% HDHP 2018-19 0% Core 0% HDHP BCBS Recommended: 10% 17% 16% 17.8% 2019-20 Plan Year: BCBS Recommended: 10.8% Actual Overall Increase: 5.9% 1.1% 2020-21 Plan Year: 0% Core 0% HDHP Unusual COVID-19 Year!

TODAY’S AGENDA DENTAL PLAN MEDICAL 2020-21 Health Plan Options Health Savings Account (HSA) reminders Which plan is right for you? OTHER BENEFITS Flex plans Basic life, voluntary life, & disability plans Learn to Live Vision Legal/Identity Theft Open Enrollment reminders 4

DENTAL PLAN

DENTAL PLAN available through Delta Dental Plan of MN Change in Orthodontic Benefit Current Benefit: – Confusing and cumbersome for employees and providers – The 1,000 plan year maximum applies to dental services (like preventive care, fillings, etc.) and orthodontics – What does that mean? If you have a child in orthodontics, the entire plan year maximum could be used for orthodontics, leaving nothing for preventive care and other dental services. NEW Benefit: – Separate lifetime orthodontic benefit of 2,000 for children ages 8-18 – 1,000 annual plan year maximum for other dental services remains ALL employees will receive new ID cards effective Sept. 1, 2020 No change in employee premiums! – Single: 18.00 / Employee 1: 38.00 / Family: 57.00

2020 HEALTH INSURANCE RENEWAL Renewal Process St. Olaf went out to market this year – Marketing efforts started before the COVID-19 pandemic – Determined it was not the year for more change – We were able to use the bids from other carriers to negotiate a competitive renewal with Blue Cross What does that mean to you? – NO change in employee premiums! 7

2020 HEALTH INSURANCE RENEWAL Core Plan Premiums (Monthly) 2020-21 Rates ( 0.75 FTE), Employee Contribution Current Effective 9/1/20 Employee 194.00 194.00 Employee 1 500.00 500.00 Family 746.00 746.00 2020-21 Rates (0.50 to 0.749 FTE), Employee Contribution Current Effective 9/1/20 Employee 300.00 300.00 Employee 1 690.00 690.00 Family 1,032.00 1,032.00 8

2020 HEALTH INSURANCE RENEWAL HDHP/HSA Premiums (Monthly) 2020-21 Rates ( 0.75), Employee Contribution Current Effective 9/1/20 Employee 144.00 144.00 Employee 1 380.00 380.00 Family 570.00 570.00 2020-21 Rates (0.50 to 0.749 FTE), Employee Contribution Current Effective 9/1/20 Employee 144.00 144.00 Employee 1 590.00 590.00 Family 869.00 869.00 9

BENEFIT CHANGES AS OF SEPT. 1, 2020 Both Plans Core Health Plan - Insulin on the formulary drug list covered at 100% HDHP/HSA - Increased in-network deductible of 100/single and 200/family due to IRS regulation change (Tier 1 providers only) ALL employees will receive new ID cards effective Sept. 1, 2020 - Your member ID and Rx info will remain the same - Please begin using your new ID card as of Sept. 1 Reminder: COVID-19 testing and the associated office visit, urgent care visit or emergency visit is covered at 100% under both plans 10

CORE PLAN (IN-NETWORK) In-Network Tier 1 Tier 2 Deductible Single/Family 1,000/ 2,000 1,500/ 3,000 Coinsurance 25% 45% Out-of-Pocket Maximum Single/Family 3,500/ 7,000 4,500/ 9,000 Preventive Care You pay 0 You pay 0 Office Visits 25% after deductible 45% after deductible Convenience Care Urgent Care, Emergency 25% after deductible 45% after deductible Outpatient/Inpatient Hospital Care 25% after deductible 45% after deductible Prescription Drugs Generic/Brand/Non-Formulary Specialty Drugs Gen Rx 10/ 50/ 100 20% to a maximum of 200/script (Preferred) 40% up to Out-of-Pocket Maximum (Non-Preferred) 11

HDHP/HSA (IN-NETWORK) In-Network Tier 1 Tier 2 Deductible Single/Family 2,800/ 5,600 3,000/ 6,000 Coinsurance 20% 40% Out-of-Pocket Maximum Single/Family 3,500/ 7,000 4,500/ 9,000 Preventive Care You pay 0 You pay 0 Office Visits 20% after deductible 40% after deductible Convenience Care Urgent Care, Emergency 20% after deductible 40% after deductible Outpatient/Inpatient Hospital Care 20% after deductible 40% after deductible Prescription Drugs Preventive Drugs Generic/Brand/Non-Formulary Specialty Drugs Gen Rx You pay 0 20% after deductible up to Out-of-Pocket Maximum 20% after deductible up to Out-of-Pocket Maximum 12

IMPORTANT REMINDER! Preventive Rx (applies to HDHP/HSA plan only) Specific preventive prescription drugs paid at 100% Includes preferred generic and brand name drugs Treat conditions such as: – High blood pressure – High cholesterol – Diabetes – Asthma – Contraceptives – Breast cancer prevention – And more! 13

ADDITIONAL SERVICES Doctors on Demand Access a board-certified doctor, psychiatrist or psychologist from your phone or computer from 7 a.m.-11p.m., 365 days/year. Affordable and convenient! – Can treat cold/flu, allergies, skin issues/rashes, sports injuries and much more. Cost starting at 50/visit. – Visits with psychologists and psychiatrists are available for help with depression, anxiety, addictions, etc. Cost varies, as low as 66/psychology visit, 266 for initial psychiatry visit/ 115 for follow up – Want the app? Search Doctor On Demand in the app store. Blue Cross Member Portal Find an in-network provider, help in finding out what your plan covers, review explanation of benefits, health and wellbeing support and much more! – Want the app? Search BlueCrossMN in the app store.

WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)?

WHAT IS A HSA? Administered by Further A health savings account (HSA) is an account that you can use to pay medical expenses. Must be in conjunction with a high-deductible health plan (HDHP) Tax-advantages: contribute pre-tax money, funds accrue tax-free and withdraw funds tax-free (if used for eligible medical expenses) You are not eligible for a HSA if you’re: Not covered by a HDHP Enrolled in Medicare A, B or D Covered under other health insurance (including a spouse’s full flex plan) Another person’s dependent for tax purposes You own the account even if you separate service or retire 16

HSA CONTRIBUTIONS

ST. OLAF HSA CONTRIBUTION St. Olaf will continue to contribute to the HSA for those enrolled in the HDHP Tier of coverage 2020-21 Employee 1,000 Employee 1 1,500 Family 2,000 Contributions paid in two installments; Sept. 1 and Jan. 1 18

HSA CONTRIBUTION LIMITS Each year, the IRS sets contribution limits. The 2020 limits are: 3,550 for individual coverage 7,100 for family coverage 2020 IRS Max Contribution St. Olaf Contribution Your Max Annual Contribution Employee only 3,550 1,000 2,550 Employee 1 7,100 1,500 5,600 Family 7,100 2,000 5,100 Age 55 Additional 1,000 catch-up contribution You elect how much to contribute and can change election monthly Elections do roll over from one year to the next Don’t forget! Investment options available if you have a balance of 1,000 19

HSA DISTRIBUTION RULES

HSA DISTRIBUTION RULES Distributions from your HSA are tax-free if they are taken for “qualified medical expenses.” Qualified medical expenses include: Medical care subject to your deductible / coinsurance, Rx copays Over-the-counter drugs, no prescription needed, effective 1/1/20 Menstrual hygiene products, effective 1/1/20 Dental & vision services Non-qualified expenses include cosmetic surgery, teeth whitening, personal use items, etc. HSA distributions can be taken for qualified medical expenses for the following people: If you use HSA funds for non-eligible expenses, you will be subject to income tax on the distribution and an additional 20% penalty. The account holder (person covered by the HDHP) If age 65 , will not incur the penalty but will pay taxes. Spouse of that individual (even if not covered by the HDHP) Tax dependent children of that individual (even if not covered by the HDHP) Select insurance premiums (COBRA, long term care, Medicare, etc.) 21

DID YOU KNOW? More employees are now covered under the HDHP/HSA than the Core Plan More than half of those covered under the Core Plan did not meet their annual deductible More than 85% of those covered under the Core Plan did not meet their out-ofpocket maximum 22

EMPLOYEE ONLY Example Employee Only Coverage Core Plan Tier 1 HDHP/HSA Tier 1 Difference Annual Premium 2,328 1,728 600 Annual out-of-pocket maximum 3,500 3,500 0 Annual Premium Out-of-Pocket 5,828 5,228 HSA Contribution 0 - ( 1,000) 1,000 Total Cost 5,828 4,228 1,600 23

EMPLOYEE 1 Example Employee 1 Coverage Core Plan Tier 1 HDHP/HSA Tier 1 Difference Annual Premium 6,000 4,560 1,440 Annual out-of-pocket maximum 7,000 7,000 0 Annual Premium Out-of-Pocket 13,828 11,560 HSA Contribution 0 - ( 1,500) 1,500 Total Cost 13,828 10,060 3,268 24

FAMILY Example Family Coverage Core Plan Tier 1 HDHP/HSA Tier 1 Difference Annual Premium 8,952 6,840 2,112 Annual out-of-pocket maximum 7,000 7,000 0 Total Cost 15,952 13,840 HSA Contribution 0 - ( 2,000) 2,000 Total Cost 15,952 11,840 4,112 25

YOUR FURTHER ACCOUNT HSA Administrator Debit Card Beneficiary You will automatically receive a debit card from Further. It is important to assign a beneficiary who will receive your account at the time of your death. – Once activated, your HSA debit card can be used for eligible expenses up to your available HSA balance. – Existing debit cards will still apply if you switch from Core to HDHP You can view account balances online, use our online planning tools, and view your past card transactions at www.hellofurther.com. Questions about your account call: 1-800-859-2144 Failure to name a beneficiary means: – The assets in your account will be distributed to your estate, and – Included on your final tax return 26

MOBILE APP Features Fingerprint unlock Snap and save document photos Barcode scanner to check eligibility Mobile access to all primary actions – View activity – Pay bills – Make deposits – Get reimbursed 27

WHICH PLAN IS RIGHT FOR YOU?

PLAN CONSIDERATIONS Which medical plan option is best for you? Compare Deductibles (Tier 1) Core option - 1,000 single / 2,000 family HDHP/HSA option - 2,800 single / 5,600 family Compare out-of-pocket maximums (Tier 1) Core option - 3,500 single/ 7,000 family HSA option - 3,500 single/ 7,000 family 2,550 Employee Only, 5,600 Employee 1 and 5,100 Family when you factor in the St. Olaf HSA contribution Prescription drug coverage Core plan has Rx copays HSA plan subject to deductible with the exception of preventive drugs Employee premium contribution Calculate by adding your costs and out of pocket maximum

HEALTH PLAN COMPARISON TOOL Which medical plan option is best for you? Health Plan Selector Tool Online Cost Calculator Model your estimated health care expenses Analyze your net out-of-pocket costs St. Olaf’s health plan options and premiums have been pre-loaded with Tier 1 benefits as well as premiums for FT employees Instructions Go to www.AssociatedBRC.com Username: stolaf Password: Benefits2020! Security question response: stolaf Please see step-by-step for additional instructions! Want help with this tool? Schedule an appointment during Open Enrollment!

FLEXIBLE SPENDING ACCOUNTS

FLEXIBLE SPENDING ACCOUNTS (FSA) General Purpose (Full) FSA Limited Purpose FSA Both FSA’s Available to those enrolled in the Core Plan Available to those enrolled in the HDHP/HSA 2,750 maximum contribution Deduct money pre-tax to pay for eligible medical expenses not covered by the medical plan such as deductible, coinsurance, prescription drug copays, dental and vision expenses Deduct money pre-tax to pay for eligible dental and vision expenses only until deductible is met, then can also be used for medical expenses from that date forward. Plan year is 9/1 through 8/31 Use it or lose it You must elect to participate in the plan. Elections do not roll over from one year to the next. Over-the-counter drugs no prescription needed, effective 1/1/20 Menstrual hygiene products effective 1/1/20 32

FLEXIBLE SPENDING ACCOUNTS (FSA) Dependent Care FSA Available to any eligible employee with an FTE of .50 or more regardless of health plan election Deduct money pre-tax to pay for dependent care expenses 5,000 maximum contribution Plan year runs 9/1 through 8/31 Use it or lose it You must elect to participate in the plan. Elections do not roll over from one year to the next. 33

VOLUNTARY VISION INSURANCE

VISION BENEFIT SUMMARY VSP No change in benefits or premiums Benefit In-Network Benefit VSP Choice Network Frequency Eye Exam 10 copay Every 12 months Prescription Glasses Frames 25 copay 130 allowance 150 allowance for featured frames 20% savings over allowance Every 24 months Lenses Single, bifocal, lined trifocal Every 12 months Lens enhancements 0, Standard Progressive 95- 105, Premium Progressive 150- 175, Custom Progressive Every 12 months Contacts (instead of glasses) 130 allowance; copay does not apply Every 12 months 20% savings on additional glasses and sunglasses No more than a 39 screening as an enhancement to a Eye Exam Laser Vision Correction: 15% discount on regular price or 5% discount on promotional price 35

Learn to Live St. Olaf will continue to offer an online therapy program through Learn to Live to all employees and their dependents. Learn to Live provides online programs and clinical assessments for you and your family members (age 13 or older) struggling with stress, depression or social anxiety. Programs are based on the proven principles of Cognitive Behavioral Therapy 100% private and confidential Based on clinical studies over 10 years No cost to you or your family Coaching available Immediate, 24/7 access Current programs: Depression Stress, Anxiety & Worry Social Anxiety Insomnia Substance Use – NEW! 1. Hedman, Erik, et al. "Cognitive behavior therapy via the Internet: a systematic review of applications, clinical efficacy and cost-effectiveness." Expert Review of Pharmacoeconomics & Outcomes Research 12.6 (2012) Confidential 36

VOLUNTARY LEGAL AND IDENTITY THEFT PROTECTION

LEGALSHIELD AND IDSHIELD No change in benefits or premiums LegalShield IDShield Consultation and advice on personal legal matters Monitor information Legal document review and preparation Comprehensive Source Monitoring Dedicated law firm Letter/phone calls made on your behalf Speeding ticket assistance Will preparation 24/7 emergency access LegalShield app Privacy and Security Monitoring Unlimited Consultation Identity Restoration Enhanced Protection – Cyberbullying – Online Privacy – Reputation Management A recent reason to consider this benefit is Unemployment Fraud! 38

OTHER CHANGES

VEBA PLAN CHANGE EMERITI RETIREMENT HEALTH ACCOUNT Current Plan: – St. Olaf contributes 104 / month until employment ends – Contributions begin at age 39 – 3 year service vesting required after 1/1/2018 New Plan: Effective July 1, 2020 – St. Olaf contributes 104 / month until employment ends – Contributions begin at age 40 (Those who are age 39 prior to 7/1/2020 will continue to receive contributions) – 3 year service vesting required after 1/1/2018 – St. Olaf contributions continue for a maximum of 25 years or until separation of employment, whichever is less

LIFE & LTD Life Long Term Disability Employer Paid Life/AD&D St. Olaf college pays the premium on your behalf Benefit will remain unchanged - 2x annual earnings up to 600,000 or limit it to 50,000 Voluntary Life & AD&D This coverage has been increased! You may purchase up to 200,000 for your spouse, based upon 50% of the employee’s voluntary life coverage amount Completion of a health questionnaire will be required for any increase in coverage for approval by CIGNA Elect YES if you want to pay the small tax on the premiums, allowing any benefit to be paid tax-free Elect NO if you do not want to pay the tax on the premiums, allowing any benefit to be taxed. You can make this change only during open enrollment No other changes 41

OPEN ENROLLMENT REMINDERS Changes must be made within 30 days of a qualifying event! This is your open enrollment opportunity Employees and their eligible dependents can come on and/or off the St. Olaf plans during this time Can I make changes after open enrollment? Not without a qualifying event such as: Marriage Divorce Birth or adoption of a child Change in employment status which causes a change in eligibility Spouse’s open enrollment Enrollment in Medicare Part B 42

QUESTIONS Open Enrollment: July 20th at noon to August 7th at noon! Benefit Information Sessions Session 1: June 24 at 9 a.m. This session will be recorded and linked on the Human Resources website. Session 2: July 21 at 2:30 p.m. Online Enrollment Help Sessions July 21 at 3:30 p.m.* (immediately following the Information Session) More Enrollment Help Sessions will be offered and announced before Open Enrollment begins. * Indicates assistance available in navigating Blue Cross’ website and the health plan comparison tool offered through Associated Benefits and Risk Consulting. 43 * Indicates assistance available in navigating the health plan comparison tool offered through Associated Benefits and Risk Consulting.

IMPORTANT DISCLOSURES Investments, securities and insurance products: Insurance products are offered by licensed agents of Associated Financial Group, LLC (d/b/a Associated BRC Insurance Solutions in California). The financial consultants at Associated Financial Group are registered representatives with, and securities and advisory services are offered through LPL Financial “LPL”, a registered investment advisor and member FINRA/SIPC. Associated Financial Group uses Associated Benefits and Risk Consulting (“ABRC”) as a marketing name. ABRC is a wholly-owned subsidiary of Associated Bank, N.A. (“AB”). AB is a wholly-owned subsidiary of Associated Banc-Corp (“AB-C”). LPL is NOT an affiliate of either AB or AB-C. AB-C and its subsidiaries do not provide tax, legal, or accounting advice. Please consult with your tax, legal, or accounting advisors regarding your individual situation. ABRC’s standard of care and legal duty to the insured in providing insurance products and services is to follow the instructions of the insured, in good faith. Copyright 2019 Associated Financial Group, LLC. 44