Brian N. Berryman, MBA Assistant Director, Benefits UF College of - - PowerPoint PPT Presentation

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Brian N. Berryman, MBA Assistant Director, Benefits UF College of - - PowerPoint PPT Presentation

Oct 12, 2023 224 likes •507 views

Brian N. Berryman, MBA Assistant Director, Benefits UF College of Medicine (352) 273-5077 phone bnberryman@ufl.edu TODAYS OBJECTIVES Understanding the differences between the College of Medicine, University of Florida and State of

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Brian N. Berryman, MBA Assistant Director, Benefits UF College of Medicine (352) 273-5077 phone bnberryman@ufl.edu

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TODAY’S OBJECTIVES

  • Understanding the differences between the College of Medicine,

University of Florida and State of Florida benefit offerings

  • Awareness of retirement plan contribution opportunities and

available provider companies

  • Knowing your available resources for finding additional

information – both online and by phone / in‐person

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COLLEGE OF MEDICINE PLANS COLLEGE OF MEDICINE PLANS

  • GatorCare Health Insurance
  • $500K Life Insurance / $150K AD&D
  • Long‐Term Disability Insurance
  • Helpful Points of Contact:
  • Brian N. Berryman, bnberryman@ufl.edu
  • Sarah Thompson, sarahthompson@ufl.edu
  • Phone: 352‐273‐5077
  • Fax: 352‐273‐5335
  • Website: http://adminaffairs.med.ufl.edu/fringe‐benefits/

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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS.

  • GatorCare Health Insurance
  • Available to clinical faculty appointed at 0.50 FTE and higher
  • Monthly premiums paid by department
  • Eligible Dependents include spouse or domestic partners

(same sex or opposite), and children up to age 26 (end of calendar year)

  • No additional monthly cost to add eligible dependents
  • Two Plans Available
  • Premium (recommended)
  • https://ufh‐gatorcare.sites.medinfo.ufl.edu/files/2016/10/Premium_Final_400.pdf
  • Prime Plus
  • https://ufh‐gatorcare.sites.medinfo.ufl.edu/files/2016/10/Prime‐Plus_Final_400.pdf

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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS.

Premium Plan (recommended)

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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS.

Prime Plus Plan

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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS.

2017 Changes for both GatorCare Premium and Prime Plus Plans

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  • Wellness Website at gatorcare.org/wellness
  • Media Library
  • Health Resources
  • Calendar of Events
  • Wellness Email List
  • Health Coaching and Seminars
  • Health Fairs and Screenings
  • Walking and Exercise Groups
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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – LIFE INS. IFE INS.

  • $500K Life Insurance / $150K AD&D
  • Available to clinical faculty appointed at 0.75 FTE and higher
  • Monthly premiums paid by department
  • For clinical faculty appointed between 0.5 and 0.74 FTE,

coverage decreases to $100K Life and $50K AD&D

  • http://adminaffairs.med.ufl.edu/files/2013/01/Standard‐

Life‐Policy.pdf

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UPDATING LIFE INSURANCE BENEFICIARIES

  • Can be done at any time throughout the year
  • Always name a contingent, or secondary, beneficiary just in case you
  • utlive your first beneficiary.
  • Select a specific beneficiary
  • Otherwise, proceeds of your life insurance are paid to your estate.
  • One of the great advantages of life insurance is that it can be paid to

your family immediately.

  • If it is payable to your estate, however, it will have to go through

probate with the rest of your assets.

  • Be very specific in wording beneficiary designations.
  • Saying “wife of the insured” could result in an ex‐spouse getting the

proceeds.

  • Naming specific children may exclude those born later.

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UPDATING LIFE INSURANCE BENEFICIARIES

  • Minor Children as beneficiaries.
  • While you may name your minor children as your designated

beneficiary, The Standard will be unable to pay the life insurance proceeds to your children until the earlier of:

  • The date that your children reach the age of majority (usually

age 18 or 21, depending on applicable state law).

  • Trust as beneficiary.
  • If you name a trust as beneficiary, a valid, legal trust must

exist at the time of your death.

  • If the trust was never established, is not in existence, or has

been revoked by the time you die, then The Standard cannot honor that beneficiary designation

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UPDATING LIFE INSURANCE BENEFICIARIES

  • If you do not name one or more beneficiaries, the payout will go to

the first surviving class in the following order:

  • Your spouse;
  • Your children;
  • Your parents;
  • Your brothers and sisters; and
  • Your estate.

http://training.hr.ufl.edu/instructionguides/benefits_guides/benefi tssummarybeneficiaries.pdf http://training.hr.ufl.edu/instructionguides/benefits_guides/selecti ngatrustasabeneficiary.pdf

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COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – LTD INS. TD INS.

  • Long‐Term Disability Insurance
  • Available to both basic science and clinical faculty appointed

at 0.75 FTE and higher

  • Monthly premiums paid by department
  • Tax‐Free Benefit
  • 60% of monthly salary (max of $15,000 / month)
  • 180‐day elimination period
  • Definition of disability is specialty‐specific
  • https://com‐dean‐

adminaffairs.sites.medinfo.ufl.edu/files/2012/05/649343_LT _B_C2‐Class‐1‐Faculty.pdf

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STATE HEALTH INSURANCE PLAN

  • Available as an alternative (not in addition) to GatorCare
  • Active Employee Costs (Pre‐Tax)
  • Individual Coverage – $50/month
  • Family Coverage – $180/month
  • Retiree Costs
  • Individual Coverage – $359.61/month
  • Family Coverage –
  • $1036.90 if at least one member under Medicare age
  • $719.22 if all participants Medicare‐eligible
  • Deductible Levels
  • $250 for Individual / $500 for Family (in‐network)
  • $500 for Individual / $1000 for Family (out‐of‐network)

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STATE HEALTH INSURANCE – PPO VS. HMO

  • PPO – Advantages
  • Coverage both in‐ and out‐of‐network
  • Ability to see specialists for lower costs and without first

scheduling an appointment with PCP

  • HMO – Advantages
  • $0 deductible (but must stay in‐network)
  • Visits to PCPs generally at a lower cost
  • High Deductible Options for either PPO or HMO
  • Lower Bi‐Monthly Costs
  • HSA Contribution from State ($500 for individual; $1000 for

family)

  • Employee may contribute additional pre‐tax contributions

toward HSA

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STATE HEALTH INSURANCE – RX BENEFITS

  • CVS / Caremark
  • Can be filled at retail or mail‐order pharmacies
  • Out‐of‐Pocket Costs
  • Generic: $7 for 30‐day supply / $14 for 90‐day supply
  • Preferred Brand: $30 (30‐day) / $60 (90‐day)
  • Non‐Preferred Brand: $50 (30‐day) / $100 (90‐day)
  • Additional Information –
  • http://mybenefits.myflorida.com/health/health_insurance_pl

ans

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SUPPLEMENT SUPPLEMENTAL INSURANCE PLANS AL INSURANCE PLANS

  • All monthly premiums are employee‐paid
  • UF Select
  • Plans begin on Date of Hire
  • Dental, Vision, Life, Legal and even Pet Insurance!
  • http://hr.ufl.edu/benefits/supplemental‐health/
  • http://hr.ufl.edu/benefits/income‐protection/
  • State of Florida / PeopleFirst
  • Plans begin 1 ‐ 2 months after Date of Hire
  • Dental, Vision, Life Insurance
  • Pre‐Tax Medical and Dependent Care Accounts
  • http://mybenefits.myflorida.com/health/forms_and_resources/forms_and_pu

blications/supplemental_insurance_publications

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DENTAL INSURANCE

  • Dental Insurance
  • Available both through UF and State of Florida (PeopleFirst)
  • Usually “What you pay is what you get”
  • Limited and Unlimited Network Plans available
  • Max benefits typically between $1000 ‐ $1500 per year per

individual covered under the plan

  • Employee Costs (Per Month)
  • UF Select (Eagles Dental) Plan – Post‐Tax
  • Individual Coverage ‐ $37.50
  • Family Coverage ‐ $122.75
  • State of Florida Plans – Pre‐Tax
  • Individual Coverage ‐ $10 ‐ $43.50
  • Family Coverage ‐ $33 ‐ $130

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VISION INSURANCE

  • Vision Insurance
  • Available both through UF and State of Florida (PeopleFirst)
  • Both Plans Utilize Humana Networks which include all major
  • ptical providers
  • Each covered member can select either contacts or glasses

per year

  • Employee Costs (Per Month)
  • UF Select Vision Plan – Post‐Tax
  • Individual Coverage ‐ $6.50
  • Family Coverage ‐ $20
  • State of Florida Plans – Pre‐Tax
  • Individual Coverage ‐ $6.25
  • Family Coverage ‐ $20

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WHEN CAN I MAKE CHANGES?

  • Open Enrollment (October 17 – November 4, 2016)
  • Changes can be made for any reason
  • Plan changes take effect January 1, 2017
  • QSC’s (Qualified Status Changes)
  • Changes made throughout the year for qualified events
  • Marriage, Divorce, Child Birth/Adoption, Loss of

Spouse/Partner Benefits

  • Changes must be made within 60 days of event

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HOW CAN I MAKE CHANGES?

  • GatorCare and UF Select Supplemental Plans
  • Changes can be made within the myUFL portal
  • http://my.ufl.edu
  • Main Menu > My Self Service > Benefits > Benefits Enrollment
  • Instruction Guide – http://hr.ufl.edu/wp‐

content/uploads/instructionguides/EnrollmentIG.pdf

  • State of Florida Benefits (PeopleFirst)
  • Changes made by calling 866‐663‐4735 or online
  • http://peoplefirst.myflorida.com
  • Instruction Guide –

http://training.hr.ufl.edu/instructionguides/benefits_guides/ pf_enrollmentguide.pdf

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403(B) AND 457 RETIREMENT PLANS

403(b) Plan

  • Employer contributes 5.14% automatically on the first $265K of

base salary

  • Mandatory Employee‐Paid 3% Pre‐Tax Contribution on the first

$265K of base salary

  • “Base Salary” includes UF and AEF (Academic Enrichment Fund)

salary sources. It does not include VA salary.

  • Voluntary employee contributions can be made on a pre‐ or

post‐tax “Roth” basis

  • up to $18K (under 50 years old)
  • $24K (50+) annual limit

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403(B) AND 457 RETIREMENT PLANS

403(b) Plan

  • Plan administrators include AXA, Fidelity, Met Life, TIAA‐CREF,

Valic and Voya (formerly ING)

  • Representative lists and contact information can be found at the

following links:

  • http://adminaffairs.med.ufl.edu/fringe‐benefits/faculty‐

benefits/college‐of‐medicine‐retirement‐plans/faculty‐403b‐ retirement‐plans/

  • http://hr.ufl.edu/benefits/retirement/voluntary‐savings‐

plans/investment‐provider‐companies/

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403(B) AND 457 RETIREMENT PLANS

457 Plan

  • No employer contributions
  • Voluntary employee contributions can be made on a pre‐tax

basis only

  • up to $18K (under 50 years old)
  • $24K (50+) annual limit
  • Contributions are made in addition to 403(b) contributions
  • For employees close to retirement, you can inquire about the

“Standard Catch‐Up” provision that allows contributions to increase to $36K / year for a three‐year period

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403(B) AND 457 RETIREMENT PLANS

457 Plan

  • Plan administrators include Charles Schwab, Empower,

Nationwide, T. Rowe Price, Valic and Voya

  • Representative lists and contact information can be found at the

following links:

  • https://www.myfloridadeferredcomp.com/SOFWeb/default.a

spx

  • http://hr.ufl.edu/benefits/retirement/voluntary‐savings‐

plans/investment‐provider‐companies/

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LEAVE BENEFITS

Vacation Leave

  • Accrued bi‐weekly at the rate 6.769 hours (~22 days/year)
  • Hours roll over at the end of each calendar year
  • Maximum accrual is 352 hours
  • Upon separation, employees may cash out up to 200 hours

Sick Leave

  • Accrued bi‐weekly at the rate 4.00 hours (~13 days/year)
  • Hours roll over at the end of each calendar year
  • Maximum accrual is unlimited
  • Upon separation, employees do not receive a cash out

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An Any Questions? y Questions?

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