Health Benefits & Retirement Other Retirement Insurance - - PowerPoint PPT Presentation

Health Benefits & Retirement

Waiting Period Enrollment Windows Health Insurance & Summer Premiums Other Insurance Options Getting Enrolled & Travel Benefits Retirement Plans

New employees are eligible for employer contribution toward the cost of their insurance premiums on the first day of the month after first day of the month after a 60 a 60

• day waiting period.

day waiting period.

Example: Hire date of 9/10; Employer contribution begins 12/1.

* $30 benefit credit is applied to these amounts automatically for the first year.

Insurance start dates: Insurance start dates: 1) Your hire date – must choose within 7 days of hire 2) First day of the following month 3) On your employer contribution eligibility date

A&M Care-E/O First 60 days

$623.77*

A&M Care-E/O First of the month after 60 days

$30/month*

60-Day Waiting Period

• 45-day enrollment window
• Guaranteed issue amounts
• DEFAULT health coverage

DEFAULT health coverage

Initial Enrollment Initial Enrollment

• Requires applicable IRS
• approved change in status
• Must be made within 60 days of status change

Mid Mid-Year Changes Year Changes

• Entire month of July
• Changes effective September 1st

Open Enrollment Open Enrollment

Enrollment Windows Enrollment Windows

Health Dental Vision Life/Dependent Life AD&D AD&D Long Long

• Term Disability

Term Disability Flexible Spending Accounts Flexible Spending Accounts

Insurance Options

Health Insurance 101

A&M Care Plan/J Plan

Blue Cross Blue Shield

Cost: In-Network Provider Cost: Out-of-Network Provider Deductible $400/person; $1,200 max/family $800/person; $2,400 max/family Out-Of-Pocket Max $5,000/person $10,000 max/family + deductible $10,000/person; $20,000 max/family + deductible Copays $20 office visit; $30 specialist BVN: $5 office visit; $15 specialist 50% coinsurance after deductible Coinsurance 20% after deductible BVN: 10% coinsurance 50% after deductible Preventative Care No charge Not covered

Drug Type In-network cost: Retail (30-day supply) In-network cost: Mail (90-day supply) Generic $10 copay after $50 deductible $20 copay after $50 deductible Preferred brand- name $35 copay after $50 deductible $70 copay after $50 deductible Non-preferred brand-name $60 copay after $50 deductible $120 copay after $50 deductible

Prescription Drugs

Express Scripts

Coverage included with health plan.

Full-Time Employees (75% to 100% effort) Employee Monthly Cost Employer Monthly Contribution Employee-Only $0 $593.77 Employee + Spouse* $341.05 $874.83 Employee + Child(ren)* $225.25 $789.02 Employee + Family* $455.47 $989.24 Part-Time Employees (50%-74% effort) Employee Monthly Cost Employer Monthly Contribution Employee-Only $330.18 $294.77 Employee + Spouse* $781.76 $435.30 Employee + Child(ren)* $623.05 $392.40 Employee + Family* $953.38 $492.51

A&M Care (FY19) Monthly Premiums

(After 60

• Day Waiting Period)

Dependent children may remain covered on health, dental, vision and dependent life plans through age 26.

Employees and covered spouses who meet their wellness incentive will each receive a $30 credit

Find a Provider

www.bcbstx.com/tamus/

• 12 months of insurance premiums deducted over 9 months
• Full-time, monthly-paid employees holding less than 12

month appointments will participate in the 12 over 9 program.

• New employees holding less than 12 month appointments:

If insurance coverage begins after September 1st, participation in 12 over 9 begins the following fiscal year. 4 months of insurance premiums (May-August) will be deducted from June 1st paycheck the first year.

12 Over 9 Program

Dental Plans

Delta Dental

Vision

Superior V ision

In-Network Cost Out-of-Network Reimbursement Exam w/Dilation

as Necessary

$10 Copay Up to $50 Frames $150 Allowance, 20% off balance over $150 Up to $90 Lenses

Standard Plastic: $15 copay Standard Progressive: $15 copay Premium Progressive: Usually $35-$60 copay

$50-$100, depending on lens type Lens Fit

Standard: $0 copay and 2 follow-up visits Premium: $0 copay, 10% off retail + $40 allowance

Up to $40 Contact Lenses

Conventional: $150 allowance, 20% off balance Disposable: $150 allowance, 10% off balance Medically necessary: Paid in full

$150-$210, depending on lens type LASIK 15%-50% off retail or 5% off promotional price N/A Frequency

Once every 12 months

N/A

Dental & Vision Premiums

Long

• Term D

isability

• Provides salary supplement in event of temporary
• r permanent disability
• Provides 65% of base pay
• Max of $8000/month
• 90-day elimination period from onset of continuous

disability

• Premiums based on monthly salary and tobacco

use status

Life Insurance Options

Employee Basic Life

• $7,500 life/$5,000 AD&D
• Included with TAMUS health plan

Employee Optional Life

• Multiples of salary up to 6X
• Guaranteed 3x salary during initial

enrollment

• Additional amounts require evidence of

good health

Employee Alternate Basic Life

• $50,000
• Must decline TAMUS health coverage

Dependent Life-Plan B

• $5,000 for each dependent
• $1.37/month

Dependent Life-Plan A

• Requires OL enrollment
• Spouse: $25K increments up to $200K;

$50K guaranteed without evidence of insurability

• Children: $10,000 each

Dependent Life-Plan C

• Requires ABL enrollment
• Spouse: 50% of ABL coverage
• Children: 10% of ABL coverage

Accidental Death & Accidental Death & Dismemberment Dismemberment

• Pays benefits for death or dismemberment due

to an accident

• Available in $10K increments up to 10x salary or

$800,000, whichever is less.

• Employee-only coverage: $0.14/$10,000
• Employee & family coverage: $0.24/$10,000

Flexible Spending Accounts Flexible Spending Accounts

• Pre-tax money to

use toward health

• r daycare

expenses.

• Must re-enroll

each year.

• “Use it or lose it”

plans

• 2.5 month grace

period to spend funds after year- end

Healthcare Spending Account

Max contribution $2,650/year Debit card at no cost Annual total available right away

Daycare Spending Account

Max contribution $5,000/year Dependents 12 or younger or disabled Reimbursed after account funded

https://www.naviabenefits.com/

Benefits Coordination

I have m edical coverage elsew here. Can I use em ployer contribution tow ard other benefits? Yes! If you certify that you have other medical coverage, you can use ½ state contribution toward Dental, Vision, Alternate Basic Life, AD&D, and Long-Term Disability plans. My spouse also w orks for the TAMU System . How do w e coordinate our benefits? You may each enroll in separate insurance plans, or you can cover one another as dependents. You’ll need to figure out what is most cost effective each year. HR can help!

Enrolling D ependents

Receive benefit enrollment task through Workday during Onboarding Add dependent records and upload dependent verification documents Dependent documents are approved by Engineering HR Enroll in benefits through Workday for you and your family.

Common Dependent Verification Documents

Spouse: A) Your most recent tax return showing you are married (filed jointly or separately); OR B) Marriage certificate AND proof of joint ownership (e.g. bank statement, lease agreement, car insurance document, etc.) Biological Child: A) Birth certificate; OR B) Documentation on hospital letterhead indicating birth date if child under 6 months old Adopted Child: A) Official court/agency placement papers (initial stage); OR B) Official Court Adoption Agreement (mid-stage)

Retirement Plans

Mandatory Retirement Plans

ORP Vendors

○AIG Retirement (VALIC) ○Fidelity Investments ○Voya ○Lincoln Financial Group ○Pentegra ○TIAA-CREF

Supplemental Retirement Plans Supplemental Retirement Plans

Tax Deferred Account (TDA); 403(b)

• Roth & Traditional
• ptions
• $25 min; $19,000 max
• 6 vendor choices
• Enroll through

Workday

• $6,000 over age 50

catch-up limit Texa$aver Deferred

• Comp. Plan (DCP); 457
• Roth & Traditional
• ptions
• $20 min; $19,000 max
• 3rd party vendor
• Enroll through

www.Texasaver.com

• $6,000 over age 50

catch-up limit

Benefits Office Hours

Tuesday/Friday Tuesday/Friday 8:30am 8:30am-11:30am 11:30am Mechanical Engineering Office Building Mechanical Engineering Office Building (MEOB) Room 532 (MEOB) Room 532

Questions? Email engrbenefits@tamu.edu Phone 979-458-7643

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