benefits road shows - conocophillipshrcpdocctr.conocophillips.com/documents/2017_annual... · 2017....
TRANSCRIPT
Benefits Road Shows2017 Annual Benefits Enrollment begins Oct. 21 and ends at
midnight Central time Nov. 11, 2016
2017 Annual Benefits Enrollment
Agenda
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Focus on your benefits:• Are you missing out?
• Medical options – what’s new & changing
Take Action:Making good health care choices
Health Savings Account (HSA)
Retirement & Savings
Global Value Proposition
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Personal – Professional – Financial
G l o b a l V a l u e P r o p o s i t i o n
Engaging Culture
Career Development
Health & Wellness
Competitive Compensation &
Benefits
Financial Security
Living our SPIRIT Values,
Rewarding Performance &
Recognizing Contributions
Innovative Talent Management,
Technical Training, Supervisor
Development &Modeling
Leadership Behaviors
Comprehensive Medical,
Wellness & Employee Assistance Programs
Salary, VCIP, Company Stock Plans, Flexible
Schedules, Paid Time Off &
Compassionate Leaves
Retirement & Savings,Income
Protection,Life Insurance
Fortune 500 Average
Petroleum & PipelinesIndustry Average
Average of COPIndependent Peers (APA,
APC, DVN, MRO, OXY)
Average of COP IntegratedPeers (BP, CVX, RDS, XOM)
ConocoPhillips
Active Medical Retirement Plan Savings Plan Vacation & Holiday
Committed to Competitive Benefits
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How Do We Stack Up?
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10% 4%Investing Registered
HSA WellMatch
4%Participating
Dependent Day Care
FSATeladoc
10%Registered
Savings (401k)
12%Advice services
LTD
57%Enrolled
Tax Free Growth
Tax Savings Income Protection
Time & Money
Health Care Savings
Higher Returns
Are you missing out?
How Claims are Paid
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You seek care They bill Aetna or CVS Caremark
Aetna & CVS Caremark process claims
You & ConocoPhillips
pay for the claim
$104MM2017 Medical Budget
2017 Medical Option Comparisons
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Network features HDHP Base HDHP PPOAnnual cost*You Only / You + Family Coverage $0 / $540 $600 / $1,968 $1,740 / $6,012
Annual deductibleYou Only / Other coverage levels $3,000 / $6,000 $1,400 / $2,800 $1,000 / $2,000
Annual out-of-pocket maximum –Includes medical and prescriptionYou Only / Other coverage levels
$6,000 / $12,000 $4,000 / $8,000 $6,000 / $12,000
Health Savings Account (HSA) company contributionYou Only / Other coverage levels
$250 / $375
Eligible for HSA 100% generic preventive prescription drug coverage Office visit copays Office visit deductible/coinsurance
* Assumes all incentives Changes for 2017 shown in bold
See handout pages 1 - 3 for more details
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Changes to Medical Options
• Prescription drugs available over-the-counter will no longer be covered
Prescription Drugs – All Medical Options
See handout page 4
• Monthly premium increase of $0, $4 or $11
• Company Health Savings Account (HSA) contribution reduced to $250 for You Only coverage & $375 for other coverage levels.
• Phased out in 2018.
• Generic preventive prescription drug coverage – 100%, no maximum (previously $1,500 per person per year)
• Increase to non-network out-of-pocket maximum
HDHP
HDHP Base and PPO• Increase to network & non-network deductibles & out-of-pocket maximums
Focus on Making Good Health Care Choices – Have a Plan
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Emergency Rooms• Critical when you need them;
expensive when you don’t
• 1/3 of COP emergency room visits are for non-urgent needs
What you can do• Know your options
• Have a plan
Urgent Care
ER
$175
$40
$1,300+
See Focus Card on page 5 of handout and Take Action
Focus on Making Good Health Care Choices – Shopping Around
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WellMatch• Register & research how much prices can vary
See Focus Card on page 5 of handout and Take Action
Prices for common procedures vary dramatically
CT Scan
Katy, TX
$325 $2,981
Dental & Vision
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Dental Plan• Preventive Dental option eliminated
• MUST enroll in CP Dental if you’d like to continue coverage
Vision Plan• No changes for 2017
See handout pages 6 & 7 for more details
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• The Hartford to replace MetLife
• No change in your benefits or cost
• No action needed
What’s New
Life Insurance
Long-Term Disability• Monthly premiums decreasing 12%
• You may enroll regardless of health status in Basic Coverage (50% income replacement, non-taxable)
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Contact Aetna or CVS CaremarkReview if your claim can be reprocessed
Contact The Benefits CenterTo work with a benefits specialist
Request Additional AdvocacyAsk to speak to someone at ConocoPhillips
Advocacy Process
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Retirement & Savings
Distributions+/- EarningsContributions
Retirement Savings Vehicles
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Roth 401(k)
Pre-Tax 401(k)
Health Savings Account (HSA)
Invest your HSA• Similar to a 401(k)
(without the TAX!)
• The choice is yours• Cash account –
0.1% to 0.4%• Investments –
Market returns
Distributions+/- EarningsContributions
Distributions+/- EarningsContributions
Focus on Your Health Savings Account (HSA)
• Check your account balance
• Consider investing HSA dollars above $1,000
• Increase your contribution
• Update your beneficiaries to preserve tax benefits
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See Focus Card on page 8 of handout and Take Action
Focus on Your Retirement and Savings
• Vanguard
Retirement Income Calculator
• Personal Online Advisor (FREE!)
• Vanguard Managed Account Service (fee if you enroll)
• Talk to a Certified Financial Planner (FREE if over age 50 or $500K in Vanguard assets)
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Earn/Start• Competitive
Retirement and Savings Plans
Save• Am I
contributing enough?
Grow• Do I have the
right mix of investments?
Preserve• Am I ready for
retirement?
See Focus Card on page 9 of handout and Take Action
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Go to hr.conocophillips.com
When you’re ready to enroll, click on the Enroll Now button to go to Your Benefits Resources (YBR)
Certify Tobacco Free statusConfirm your personal information and beneficiariesEnroll in CP Dental to continue dental coverageReview, print and save your enrollment confirmation page
Focus on your benefits and Take Action:Making good health care choices with Teladoc & WellMatchHealth Savings AccountRetirement and Savings
Action Checklist
See handout page 10 for these important steps
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Go to hr.conocophillips.com
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Enroll now – Go to YBR
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Annual Benefits Enrollment – Research and Enroll
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Tobacco Free Attestation & Benefits Enrollment
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Review, print & save confirmation
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This presentation is intended to be accurate, but if there is any discrepancy between these materials or the presentation and the terms of the official plan documents, the official plan documents will control.
In addition, although ConocoPhillips intends to continue these benefit plans, the company reserves the right to amend, change or terminate any of these benefit plans or provisions at any time.
The Medical Plan is committed to helping you achieve your best health status. Incentives for participating in the U.S. Health Improvement Incentive Program are available to all eligible employees. If you think you might be unable to meet a standard for an incentive under this program, you might qualify for an opportunity to earn the same incentive by a different means. Contact the Benefits Center and we will work with you to find a wellness program with the same incentive that is right for you in light of your health status.
Stuff we have to say
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competitivew
elfa
re Questions?savings + retirement
medical
dent
al
vision benefitsfinancial protection tim
e off
wealth accumulation
2017 Annual Benefits Enrollment is Oct. 21 – Nov. 11, 2016
flexible