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BENEFITS PowerPoint PPT Presentation

BENEFITS TAX SAVINGS PROGRAM : Elected premiums will be sheltered on a before-tax basis under Section 125 of the IRS Tax Code You have thirty (30) days from your hire date to elect these pre-tax benefits (excludes 403b) or you must wait until open enrollment

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BENEFITS

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BENEFITS

  • TAX SAVINGS PROGRAM: Elected premiums will be sheltered on a before-tax basis under Section 125 of the IRS Tax Code

  • You have thirty (30) days from your hire date to elect these pre-tax benefits (excludes 403b) or you must wait until open enrollment

  • Open Enrollment is once a year. You can make changes to your pre-tax benefits for the following year

  • Coverage is locked for calendar year unless there is a qualified status change. You must make changes to benefits within thirty (30) days of the status change.

  • ELIGIBLE DEPENDENTS: Include your spouse, domestic partner, dependent child(ren), and domestic partner dependent child(ren)


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30 DAYS FROM HIRE

NEW HIRE TAX SAVINGS PROGRAM ELECTION FORM

For January 1 - December 31, 2003

ANY APPLICABLE ENROLLMENT FORMS

Health

Dental – Premium/PPO and Indemnity

Voluntary Life Insurance

Cancer Insurance

Heart Care Insurance

Vision

Long Term Care Insurance


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HEALTH INSURANCE

  • Independent College and University Benefits Association (ICUBA) Three CIGNA PPO’s

    800-244-6224 www.cigna.com

  • College currently subsidizes 63% of the total premium for employee and eligible dependents

  • Health Insurance Premiums

  • Declining Insurance Now

  • Pre-existing conditions- Need proof of prior coverage to waive


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HEALTH INSURANCE

GoldSilverBronze

Office Visits GP $10 $15$20

Specialist $15$20$25

Deductible (Ind/Family) $ 0$

Hospital Inpatient $200 co-pay90% after ded80% after ded

100%

Outpatient $50 co-pay$75 co-pay$100 co-pay

Procedure

ER/Urgent Care $50 $75$100

RX (1 month) $10/$25/$40

Mail Order (3 month) $20/$50/$80

In Net Max Out of Pocket $2,000/$4,000$2,500/$5,000$3,000/$6,000

Out of Network 70% after ded70% after ded60% after ded

Out of Network Ded $500/$1,000 $500/$1,000$1,000/$2,000


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DENTAL INSURANCE

  • Paragon Dental Insurance - three plans to chose from

    • Indemnity Plan - Any dentist

    • Preferred PPO Plan – In Network or Out of Network Providers

    • Premium Plan – Network Providers only (except Preventative)

  • Deductible and Maximum

  • Orthodontia – 25% Discount

  • Preventative services 100% UCR (average)

  • Premium Plan = small scheduled amount paid on basic and major

  • Preferred PPO/Indemnity Plan= 50%-80% UCR for basic and major

  • All employees on Premium Plan at no Cost

  • www.paragondental.com or 877-760-2247

  • Claims go to Paragon; Shenandoah and Reliastar/Group Link process claims


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FLEXIBLE SPENDING ACCOUNTS

  • Flexible Spending Reimbursement Form

  • Pre-tax dollars to pay for qualified health and/or dependent care expenses

  • Two types: Health and Dependent Care

  • Minimum and Maximum

  • Use it or lose it provision

  • Examples of eligible expenses for health account:

    • Co-pays- office visits and Rx

    • Deductible on PPO and dental

    • Eye care Costs


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LIFE INSURANCE

COLLEGE PROVIDED – Jefferson Pilot Financial

  • 2x annual base salary

  • Excess Life Tax

  • Convertible

    VOLUNTARY – Jefferson Pilot Financial

  • Employee, Spouse and Child(ren) available

  • $10,000-$500,000 employee; up to $100,000 spouse

  • Guaranteed Issue

  • Portable

  • See Rate Sheet for rate per $1,000 per month


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CANCER & HEARTCARE & VISION

Cancer & Heart Care

  • Supplemental- in addition to health insurance

  • Portable

  • Contact Agent Jan Hunt for details-407-677-8448

  • Cancer: $16.98 individual $30.32 family

  • Heart Care: $23.46 individual$45.64 family

  • Enrollment Form

    Vision – 20/20 Eyecare Plan

    Network Providers

  • Eye exam & lenses every 12 months

  • $4 co-pay exam & $10 co-pay for supplies In Network

  • $85.00 Frame Allowance

  • $119 Contact Lenses Allowance in Lieu of Eyeglasses

  • Premiums: $5.75 single $10.38 Two Person $17.10 family

  • Small out of network reimbursement

  • Enrollment Form


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LONG TERM CARE INSURANCE

  • Nursing home, home health, caregiver, adult day care

  • Employee, spouse, parents, grandparents

  • Premiums are after tax and do not increase with age

  • Three levels of benefits- DNB & Lifetime Max

  • Two plans- Non-Forfeiture Benefit Account

  • Life insurance built in

  • Guaranteed benefit increase option

  • Guaranteed Issue

  • Portable

  • See Rate Sheet for rates per month


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30 DAYS FROM HIRE

  • HEALTH

  • DENTAL

  • FLEXIBLE SPENDING ACCOUNTS

  • VOLUNTARY LIFE INSURANCE

  • CANCER

  • HEART CARE

  • VISION

  • LONG TERM CARE INSURANCE

    Return New Hire Tax Savings Form & all applicable enrollment forms


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403b RETIREMENT PLAN

  • Voluntary Pre-tax contributions allowed anytime

  • Matching from College after 1 year of service & 21 yrs old

  • Possibly waive 1 year if from another college or university

  • Two core companies: TIAA/CREF & Fidelity

  • American Century & TIAA/CREF SRA for employee voluntary only

  • 100% Vested

  • Employee maximum for 2003: $12,000

  • Catch up provisions

  • Complete Salary Reduction Agreement & Account Application(s)

  • Sign up anytime and make changes anytime


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ADDITIONAL COLLEGE PROVIDED BENEFITS

Long Term Disability

Travel Accident Insurance

Vision Discounts: Outlook Vision Services, FOCUS


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