Please mark your calendars – the annual open enrollment period for Middlebury’s health and welfare benefit plans will be held from November 1^st through the 14^th.  All benefits-eligible employees are required to complete the on-line process during this window so please watch your email on November 1^st for instructions and benefit details.  If you will be out of town and will not have access to the internet during the open enrollment period please contact Human Resources at 802-443-5465 before November 1^st to make alternate enrollment arrangements.  Meanwhile, to reduce pressure on yourself during the open enrollment period consider beginning the process of estimating your flexible spending account elections now, so that you are ready to go when open enrollment starts.

–Cheryl Mullins

The following applies to all members of the Middlebury College Health Plan, employees and dependents alike.

We are pleased to announce that our prescription plan will cover flu vaccines at a $0 co-pay for employees enrolled in Middlebury College’s medical insurance plan.  To take advantage of this $0 co-pay program, employees can choose from any of the following options:

1. Visit any of the participating pharmacies in the Magellan network (here is a link to participating pharmacies in VT and CA), and present your CBA Blue ID Card to receive the vaccine for a $0 co-pay.
2. If you choose to visit a non-participating pharmacy, you can still receive the vaccine. You will be required to pay full cost at the time of administration; however, request an itemized receipt to submit the claim directly to CBA Blue for 100% reimbursement from the medical plan.
3. Visit a Blue Cross/Blue Shield doctor. The doctor’s office will submit the claim directly to CBA Blue, and the claim will be paid 100% from the medical plan.
4. If you choose to visit an out-of-network doctor, you can still receive the vaccine. You will be required to pay full cost at the time of administration; however, request an itemized receipt to submit the claim directly to CBA Blue for 100% reimbursement from the medical plan.

Since there are many convenient and free ways to get a flu shot, Middlebury will not be hosting on-site clinics for employees this year.  We encourage you to take advantage of the $0 co-pay program today.

Please feel free to contact Franklin Daniel fdaniel@middlebury.edu or Nancy Lindberg nlindberg@middlebury.edu at 802-443-3372 with any questions.

In November, Cigna will hold a series of open meetings (on each campus) in which they will present information on topics such as: how to access services, network coverage, switching mail order prescriptions, technology offerings, etc. Meetings will include ample time for questions from the audience. These group meetings will be offered at:

Reminder: One on One Meetings
Please keep in mind that representatives from Cigna will be visiting both the Middlebury and Monterey campuses several times through the Fall and Winter months. On-site visits are reserved for private, one-one-one meetings between employees and a Cigna representative.  If you have a question about your medical or dental benefits please make an appointment to speak with our local representative at:

Middlebury
http://www.signupgenius.com/go/4090e4cadac2babf49-cigna2

Monterey
http://www.signupgenius.com/go/4090e4cadac2babf49-cigna1

More one-on-one sessions with a Cigna representative are available in Middlebury through January 2017. Please make an appointment with a trained professional to get answers to your questions by visiting: http://www.signupgenius.com/go/4090e4cadac2babf49-cigna2

Monterey appointments are still available on: 10/12, 10/20 and 10/26. Please schedule a MIIS appointment at: http://www.signupgenius.com/go/4090e4cadac2babf49-cigna1

SAVE THE DATE: During November, Cigna will hold a series of open meetings (on each campus) in which they will present information on topics such as: how to access services, network coverage, switching mail order prescriptions, technology offerings, etc. Meetings will include ample time for questions from the audience. These group meetings will be offered at various times on November 1^st, 3^rd, 8^th, and 10^th; specific meeting times and room locations will be announced as we get closer to Open Enrollment.  We hope to see you there!

Below please find a link to the the Cigna version of Middlebury’s dental benefit plan summary. As you will see the covered services, both in- and out-of-network, are nearly identical to what we have now with CBA Blue.  However, there is one substantial difference.  On Cigna’s recommendation Middlebury has added an “Oral Health Integration Program” (2nd link).  This is a special, enhanced level of dental benefit for individuals with certain medical conditions, including: heart disease, diabetes, stroke, pregnancy, certain cancers, organ transplants and chronic kidney disease.  If you are interested in learning more about this program – for which there is no extra charge to participants – please read the program description below or make an appointment to see our Cigna representative during a campus visit (see article above for appointment information.)

Cigna Dental Benefit Summary, Middlebury College, 1/1/17

Cigna Dental Oral Health Program

-Human Resources

The holiday season is upon us, and you know what that means.  Shopping.  (And pumpkin spice lattes, of course.)  Before you buy gobs of candy for trick-or-treaters, plan your Thanksgiving feast and look for the perfect Christmas gift, remember this:  shopping can either hurt or help your credit.

Why is credit so important?

In the world of finances, your credit is your reputation.  It affects your chances of getting a loan with a good interest rate, acquiring certain job positions and even housing.  Your credit score is built upon several things, including types of credit used, credit history, credit limits and utilization, and payment history.

Today, we’re focusing on the two biggest influencers: payment history (35% of your credit score) and credit limits and utilization (30% of your credit score).

Payment history includes, among other things, your habits for paying back bills.  Constant late payments lead to negative payment history and consequently, bring down your credit score.

Credit limits and utilization revolve around how much credit you use.  If you have a credit card with a $3,000 limit, are you constantly using the full $3,000 (100% utilization)?  Maintaining a low usage rate is best – regardless of your actual credit limit.

What do pumpkins and mistletoe have to do with my credit score?

So maybe pumpkin spice lattes and new twinkle lights can’t literally hurt your credit, but the amount of money you spend on them can.  Your credit will take a major hit if you consistently spend more than your means and get behind on your bills.

Did you know that over $600 billion was spent during the winter holidays last year, with the average American spending over $700 for food, gifts, and decor?¹

Everyone wants to make the holidays festive, entertain family and friends with the best food and fun, and show generosity with gifts for all.  Which is well and good, don’t get us wrong.  We love and look forward to holiday cheer as much as the next person.

What we don’t want is that holiday cheer ending when you get the bills.  Unfortunately, bills don’t take a winter break (Wouldn’t that be awesome?!), and credit card companies still expect payments.

How do I improve my credit and my holiday cheer?

With attention and planning, this winter could provide an incredible chance to improve your credit by being diligent with finances.  What’s more is it’ll help you stay calm amidst the shopping frenzy, and when you find that perfect gift for your loved one, you don’t have to worry about straining your wallet.

Here are five steps to get you started:

1.  Know your credit limits

Before you join the mob of people enjoying Black Friday specials, jot down all your credit cards and their respective limits, as well as their current balances (if any).

2.  Calculate a utilization limit

Now that you know the limit for each credit card, calculate how much you can spend with each card while still maintaining a positive utilization rate.  Exceeding even 30% of your available credit can be damaging, so leave yourself some wiggle room.  A good place to start is only using 25% or less of your credit limit.  For example, if you have an $8,000 line of credit, then you would try to keep the credit card balance under $2,000 at all times.

As you shop around, keep track of which card you use and how much you’re charging to that card, so you can better gauge how close you are to the utilization limit – and refrain from going over it.

3.  Stick to a budget

Just because you have a credit card with an $8,000 credit limit doesn’t necessarily mean you should spend $8,000 on holiday gifts.  And calculating a $2,000 utilization limit doesn’t necessarily mean that you can spend $2,000 without consequence either.

The spending calculation you should adhere to is the dollar amount that fits your budget.  As the holidays approach, think about all the purchases you want to make (candy, decorations, gifts, donations, etc.) and how much money you can afford to put towards those purchases while still meeting your other expenses (like rent and utilities).

Living within your means by sticking to a realistic budget will help you stay on track with credit usage and make it easier to pay off your bills on time.

4.  Set up bill alerts

Sometimes, people miss a bill payment simply due to distractions.  You see the familiar envelope with the monthly bill, and you toss it aside because you’d rather make some hot chocolate, but putting off the sweets for just a minute and making a point of paying your credit card bill is a small step that makes a huge difference.

Always making late payments influences your credit score and losing track of payments during the holidays are a sure fire way to get behind and stay behind.  So… set up alerts on your phone for when a bill arrives and when it’s due.  Unless you pay your bill the moment it becomes available, insert periodic reminders into your calendar so you don’t find yourself waiting until the last minute and increase your chances of incurring a late fee.

5.  Pay bills in full

Paying bills on time and in full are equally important.  Why?  When you only pay the minimum, you actually increase the amount of debt you carry, and you increase the amount you have to pay for your credit card purchases because of interest.

For example, let’s say you make a $10,000 purchase (a bit excessive but works well for this demonstration).  You use a credit card with 15% interest to make the purchase.  You make no other purchases with the card, and the minimum monthly payment required is 2.5% of the balance.  If you only pay the minimum each month, it will take 23 years to pay off, and you will pay an additional $9,637 in interest.

Carrying around that kind of debt and paying off so much interest is certainly enough to kill the holiday mood.

How can I keep track of everything?

So keeping track of credit card usage and bill payments will help you build and maintain good credit, but that’s a lot to remember, especially when you’d rather focus on finding a great Christmas tree.

With Wallet, you can squeeze all your financial information into your pocket for easy access.  Wallet is an online money management tool that allows you to see all your accounts in one place, track your spending (credit card transactions, cash and more), and even set alerts so you never miss a bill or go over budget.

You can also keep your credit in tip-top shape (or learn more ways to repair it) by working with a Money Coach.  All of our money coaches are Certified Credit Counselors who have years of experience in financial services and are familiar with the Fair Credit Reporting Act, and many have additional accreditations like Certified Credit Report Reviewer – CCRR®.

A Money Coach can help you keep the holidays bright while integrating smart financial practices into your daily life.  You can talk about everything from budgeting, bills and credit cards, to mortgages, retirement and investments.  And, of course, how holiday spending can boost your financial wellness.

Call 888-724-2326 to get started.

Please keep in mind that representatives from Cigna will be visiting both the Middlebury and Monterey campuses several times through the fall months. The September and October site visits are reserved for private, one-one-one meetings between employees and a Cigna representative.

A Cigna Rep will be on the Middlebury campus on: 9/21, 10/4, 10/ 12, 10/20, 10/26, 12/14 and 1/11/17. If you are interested in having an individual meeting on the Middlebury campus please schedule your appointment at:

Middlebury Campus:

http://www.signupgenius.com/go/4090e4cadac2babf49-cigna

The representative will be available on the MIIS campus on 9/28, 9/29, 10/4, 10/12, 10/20, 12/14 and 1/11/17. If that would like to schedule at:

Monterey Campus:

http://www.signupgenius.com/go/4090e4cadac2babf49-cigna1

During November Cigna will hold a series of open meetings (on each campus) in which they will present information about: how to access services, network coverage, switching mail order prescriptions, technology offerings, etc. There will also be ample time for questions from the audience. Open meetings will be offered at various times on November 1^st, 3^rd, 8^th, and 10^th; specific meeting times and room locations will be announced as we get closer to November.