Retirement Calculator


Frequently Asked Questions

Below are some questions and answers that were from the informational meetings.  To help sort through the questions, they have been divided up into groups:

 

Medical

  1. Is the HRA leaving?
    1. As of 01/01/09, contributions to the Health Reimbursement Account will no longer be made.  Remaining balances may either be drawn down to pay for weekly medical premiums or continue to be used for qualified medical expenses.  Employees with remaining balances will make a choice to determine which option they prefer.

     

  1. Which plan is most comparable to the plan we have today?
    1. The plan that is most comparable is the Healthcare Essentials, which is our baseline plan and most utilized.  However, it does not include an HRA account.

     

  1. Do all three BCBS plans have the same coverage?
    1. Yes, the items and procedures that are covered are similar, however, each plan offers a different coinsurance, deductible, or out-of-pocket maximum.  Please see the benefits summary for a brief review.

     

  1. If the HCA account max is $1500 what happens if you don’t use it?  Can you accrue more than the $1500?  Who provides this money and administers it?
    1. Vought provides $500 per benefit plan year to assist with the first $500 of medical claims.  The remaining balance carries over each year until a maximum of $1500, which covers the first $500 plus your deductible ($1000).  Blue Cross Blue Shield administers this account and automatically deducts from this account. 

     

  1. If I switch plans can I use the HCA money in my new plan?
    1. No, the Health Contribution Account (HCA) only applies to the BCBS Blue Edge PPO.

     

  1. How often can you switch plans?
    1. You can only switch plans during open enrollment in the fall.  You may, however, change your coverage level (i.e. employee only to employee + spouse or employee + spouse to employee + family, etc) with a qualified life status event, such as a marriage, birth or adoption of a child, divorce, etc. 

     

  1. If I have a large amount in my HRA can I use both methods to deplete the account (pay premiums and file claims)?
    1. No, you need to elect 1 method during annual enrollment, but may change at the next annual enrollment if a balance remains. 

     

  1. If you opt out of medical can you still get glasses?
    1. No, the vision, hearing, and wellness coverage only applies if you have medical coverage.

     

  1. What is the dependent coverage age maximum?  When does coverage officially terminate?
    1. Dependent age max for medical is an unmarried under 19 or under 25,and a full-time student.  Coverage officially terminates at midnight the morning of the 19th birthday, 25th birthday, or marriage.

     

  1. Are there any pre-existing condition limitations?
    1. No

     

  1. What happens if my wellness exam goes over the $500 maximum?
    1. Anything over $500 will be the patient’s responsibility.  Please make sure the doctor is coding the procedures correctly.

     

  1. What happens if you elect Cigna and have an emergency situation out-of-town and there are no in-network providers available?
    1. Fortunately, Cigna is a national network and has many providers throughtout the country.  However, if you are in an emergency situation and are being treated out-of-network you will be covered

     

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Eligibility

  1. If an employee enrolls in single coverage here and spouse enrolls under his or her plan there is no fallback or secondary coverage automatically correct?
    1. Correct, secondary coverage is not automatic.  The spouse would have to have been enrolled in the plan during annual enrollment or a qualifying life status event

     

  1. What happens if my spouse fails to sign up for healthcare coverage with his/her employer and he/she meets the four requirements under the working spouse rule?
    1. Your spouse will have to wait until next annual enrollment, unless there is a qualifying life status event.

     

  1. If my spouse loses coverage mid-plan year is this a qualifying event?
    1. Yes, you will need to provide proof of their loss of coverage within 30 days of the date of the event.  Once proven, their coverage will be retro active back to the effective date.

     

  1. Can you cover dependents if you have legal conservatorship?
    1. Yes, you will need to provide the proper documentation.

     

  1. Who is required to cover the children when the working spouse rule applies?
    1. The working spouse rule only applies to a spouse and does not include children. 

     

  1. If my spouse and I both work at Vought do each of us have to enroll as individuals under medical or can we enroll as family or employee & spouse?  If we both enroll under one plan can the other person receive the $16/medical and $4/dental waiver credit?
    1. One thing to consider first is an employee of the CBU may have different options available than someone from the Non-CBU.  If you and your spouse both work at Vought and are salaried employees, the spouse with the lower salary should enroll both participants.  The employee designated as the “spouse” on the plan will not receive the waiver credit on their paycheck.

     

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Prescriptions

  1. What’s the difference in preferred brand and non-preferred brand?  What happens if there is no generic equivalent?
    1. A preferred brand drug is a term for a particular drug that is listed with Medco where they have a contracted price with the manufacturers.  If there is no generic equivalent, you will either pay the preferred or non-preferred price.

     

  1. Are there different prescription co pays for each plan?
    1. The only plan that is different from the rest is the BCBS Blue Edge PPO that is administered by BCBS.  Please see the benefits summary for clarification.

     

  1. Does Cigna have the same prescription plan as the BCBS plans?
    1. Yes, Cigna Open Access Plus, BCBS Healthcare Essentials PPO, & BCBS Premium PPO all have the same plan administered by Medco

     

  1. If I get a prescription and my Dr. writes “no substitute” do I have to pay the higher drug cost whether it is preferred or non-preferred?
    1. Yes.

     

  1. Will my current mail order prescriptions still be honored when the plans switch over 1/1/09?
    1. The prescription will still be honored.

     

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Dental

  1. Does the working spouse rule apply to dental?
    1. No, the working spouse rule only applies to medical.

     

  1. Can you elect dental coverage without medical coverage?
    1. Yes, they are stand-alone options.

     

  1. If I have already depleted my $1000 Orthodontic lifetime maximum will I start over 1/1/09 with a new $2000 balance on Orthodontia or will I only have $1000 remaining if I elect that plan?
    1. You will start over with a new $2000 lifetime maximum.

     

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Flexible Spending Accounts

  1. Is FSA use it or lose it?
    1. Yes, we suggest planning properly.  We recommend budgeting for known expenses (recurring monthly prescriptions, annual deductibles, physician office visits, disposable contacts, glasses, or frames).  Your benefits re may be able to help you with this process.

     

  1. Can the Dependant Care Flexible Spending Account be used for foster children? 
    1. Yes

     

  1. Can you use FSA debit card to pay for office visits?  Will you have to file paper claims if you use the debit card?
    1. Yes, you can use the FSA debit card to pay for office visits or any other qualified medical expense.  Please go to www.payflex.com/mypayflex/eligibleExpenseItems.htm for a list of eligible expense items.  You will not have to file paper claims if you use the debit, however, you will need to file a paper claim if you choose not to use the debit card.

     

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Vacation/Sick

  1. What is the vacation carryover maximum? 
    1. You can only have a maximum of 2X your annual accrual.  Please see VWI 1.2.015H

     

  1. With the vacation schedule changing if I am currently accruing over 20 days will I lose that time?  Do you see the company-wide schedule changing in the future?
    1. You will receive the greater of your accrual rate or the Vought Salaried Vacation schedule as of 12/31/08 until you reach the next stage in the Vought Salaried Schedule.  Like all policies, the vacation schedule is always subject to change or modification.

     

  1. Can you bank vacation time?
    1. Yes, you can hold a maximum of 2X your annual accrual.

     

  1. Can you sell vacation back to Vought?
    1. No

     

  1. How is casual overtime used in conjuction with sick days?  How much casual time can you bank?
    1. Casual overtime can be used to offset previously incurred sick time or personal business with the approval of your manager.  You have 13 weeks in which to make up the hours missed.  Casual time incurred prior to the sick or personal incidents can not be used to offset the hours missed.  The time must be made up after the incident.

     

  1. How do you pay for purchased vacation? 
    1. Purchased vacation is deducted from your paycheck on a weekly basis.

     

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Signature LegalCare

  1. How can we see the Attorneys available with Signature Legal?
    1. Please go to www.signaturelegalcare.com and choose Vought Aircraft from the drop down menu.  Our password is:  43178.  This will bring you website explaining the coverage and allow you to find an attorney in your area.

     

  1. Are the legal benefits paid in full with the $2.61/weekly premium?
    1. Most of the benefits are paid in full, but not all.  Please visit www.signaturelegalcare.com to review the benefits and coverage levels.

     

Life Insurance

  1. If I am a private licensed pilot or in the military am I excluded from the AD&D and Life insurance?
    1. Yes

     

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