myHR: News from Penn's Division of Human Resources

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myHR: March 30, 2011

Is the New High Deductible Health Plan for You?

There’s a lot to consider when choosing the right healthcare plan for you and your family. What doctors will I be able to use? How much will it cost? What services are covered? With so many decisions to make, it can be difficult finding a plan that gives you the flexibility you need. That’s why Penn is offering new medical plan options during this year’s Open Enrollment period, including the Aetna High Deductible Health Plan (HDHP) with a Health Savings Account (HSA).

This new plan is designed to give you more choice and control when it comes to your healthcare. Here are some basic features of the HDHP:

  • You don’t need to pre-select a primary care provider or get referrals to specialists when you use this plan.
  • You can use any doctor you’d like at any time, but your out-of-pocket costs are based on whether your provider is in-network or out-of-network.
  • As the name implies, this plan carries a high deductible ($1,500 for individual coverage and $3,000 for family coverage), and you need to meet that deductible before the plan begins paying benefits—except for in-network preventive care, which is covered at 100% with no deductible.
  • It includes the lowest payroll deductions of all the medical plans Penn offers.

When you enroll in the HDHP, you have the option of contributing to a new type of pre-tax savings account known as a Health Savings Account (HSA). This tax savings vehicle can help you pay for eligible medical expenses for you and your family. What’s more, Penn will also contribute money to the HSA on your behalf—$500 for individual coverage or $1,000 if you cover any dependents. Once money is in your account, it’s yours to keep. Whatever you don’t use simply rolls over to the following year. You can even invest the money or take it with you if you leave Penn or retire.

We’re holding a number of information sessions on the new High Deductible Health Plan so you can learn more about it and decide whether it’s right for you. Click here to register, or read the 2011-2012 Open Enrollment Guide to learn more.

Polish Your Work Performance

Performance appraisals are an ideal way to enhance your job performance. Whether you’re a veteran employee or new to the workforce, an effective performance appraisal opens the lines of communication and gives you valuable feedback about your work. That’s why you should make the process as useful as it can be—and we’ll show you how through two upcoming workshops.

On April 14, Preparing for Your Performance Appraisal will teach you how to make the most of the appraisal process. This workshop will give you tools for effective communication that’ll help you discuss your work, set goals and strengthen your relationship with your manager. Click here to register.

If you’re a supervisor, join us on April 20 for Care and Candor: Making Performance Appraisals Work. This workshop will show you the ABCs of conducting effective appraisals with your staff. We’ll teach you how to use performance appraisals to help your staff learn, grow and be more productive. Discover how a caring attitude and honest feedback make the performance appraisal process a win-win situation for everyone. Click here to register.

Keep in mind that performance appraisals for all regular staff members are due by June 1. You can learn more about the performance appraisal process by visiting the Human Resources website, or contact Human Resources at 215-898-6093 for assistance and training.

Get Money Smart

Being money smart is more important than ever. From budgeting wisely to saving for the future, we could all benefit from advice on how best to tackle our finances and save more for the future. Want to learn how?

Join us on April 27 as we celebrate Administrative Professionals Day and learn the ins and outs of smart money management. You’ll learn simple strategies to help you live within your means and save for the future. By the end of this workshop, you’ll have a better sense of where your money goes, how you can cut spending and ways to reduce your debt.

Don’t miss this terrific opportunity to network with your fellow administrative colleagues. Click here for more details and to register.

Shut the Door on Stress

Life can be overwhelming sometimes, especially when it’s jam-packed with multiple responsibilities. Whether it’s balancing your job, your family or your relationships, there are plenty of ways for stress to creep into your daily routine. But we can help you take control of stress before it takes control of you.

Join us on April 20 for Stress Management, a free lunchtime workshop that’ll help you conquer the harmful effects of stress. You’ll learn simple relaxation techniques to help you balance your responsibilities and minimize sources of stress in your life. Discover the road to a healthy, happy and stress-free lifestyle.

You’re welcome to bring a brown bag lunch to this session. For more details and to register, click here.