Transcript 2010facultyon-boardingpresentation

The University of Mississippi Medical Center
FACULTY BENEFITS OVERVIEW
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ENROLLMENT
Within
31 days of
EMPLOYMENT
**Benefit payroll deductions are
made a month in advance
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ENROLLMENT
Pre-Tax Benefits (20+ hours per
week)
 Flexible Spending Accounts
– Medical Reimbursement Account
– Dependent Care Reimbursement Account
 State Employee’s Health Insurance Plan
– Base Plan (High Deductible)
– Select Coverage (Legacy/Horizon)
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ENROLLMENT
Pre-Tax Benefits (20+ hours per
week)
 Dental
– Orthodontia
– Vision
 Hospital Indemnity Insurance
– Helps pay both in and outpatient medical expenses based on
a scheduled amount or percentage
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ENROLLMENT
Pre-Tax Benefits (20+ hours per
week)
 Cancer, Intensive Care, Dread Disease
– Coverage for Cancer with additional options available for 30
Dread Diseases and Intensive Care
 Accidental Death and Dismemberment
– Up to $300,000 or 10 times annual base salary (whichever is
less) due to an accident
– Hospital confinement for accidents included
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ENROLLMENT
Pre-Tax Benefits (20+ hours per
week)
 State Group Term Life Insurance
– Coverage equal to 2 times annual base (rounded to highest
$1,000)
– Minimum - $30,000
– Maximum - $100,000
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ENROLLMENT
Post-Tax Benefits (20+ hours per
week)
 Supplemental Term Life Insurance
– Coverage equal 1 to 6 times annual base (rounded to highest
$1,000)
– Maximum - $600,000
– Available to Employees working 20+ hours per week
– Dependents coverage available (limited)
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ENROLLMENT
Post-Tax Benefits (20+ hours per
week)
 Burial Insurance
– Coverage varies
– Available for Employee, Spouse, Children and Grandchildren
 Short Term Disability
– Income replacement at 60% up to $3,000/ month
– Commences the 31st day of disability for up to 12 months
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ENROLLMENT
Post-Tax Benefits (20+ hours per week)
• Long Term Disability
– Available for : Executive, Administrative, Managerial,
Faculty, Supervisory, CRNA, NP, PA, and Pharmacists
– Income replacement at 60% up to $6,000/ month
– Commences the 91st day of total disability and continuing up
to age 65
– Superwrap option for Private Practice Income is available
• United Sates Savings Bonds (All Employees)
– Payroll deduction for purchase at one-half face value
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ENROLLMENT
Tax-Deferred Benefits (20+ hours per
week)
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Public Employees’ Retirement System (PERS)
Optional Retirement Plan (ORP)
Tax Sheltered Annuities (403b)
Deferred Compensation Plan (457)
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Benefit Details
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The Benefit of Pre-Tax (Example)
Per check
Gross Pay
$1,000
Taxes (10%)
$100
Total
$900
Insurance
$100
Take Home
$800
Per Check
(Pre-Tax Benefits)
Gross Pay $1,000
Insurance* $100
Total
$900
Taxes (10%)
$90
Take Home $810
* Qualified Insurance
Deductions
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Flexible Benefits Plan
• Medical Reimbursement ($5,000)
– Full Amount is immediately available
– Still incur previous year expenses through March 15th
– Grace Period for filing: April 15th
• Dependent Care Reimbursement ($5,000)
– Reimbursement $$ are available once incurred
– Grace Period for filing: April 15th
** New election form must be completed each year
** Use-It-Or-Lose-It – Must use the funds during the plan
year
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State Health Plan - Select
LEGACY EMPLOYEE
First eligible for State’s Health Plan prior to
1/1/06
HORIZON EMPLOYEE
First eligible for State’s Health Plan on or after
1/1/06
State Health Plan - Select
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$1,000 Employee Deductible or $2,000 Employee + Dependent(s)
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AFTER the calendar year deductible, a majority of your out-of-pocket
(coinsurance) expense is 20% In Network and 35-40+% Out-of-Network
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AFTER you have paid $2,500 ($1,000 deductible + 20% out-of-pocket)
then in-network coverage is paid at 100%
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$50 prescription drug calendar year deductible per covered insured.
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PHARMACY CO-PAYMENT for 30-day supply ($12 generic/ $40
preferred / $65 non-preferred)
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MAIL ORDER SERVICE program through WALGREENS provides a 90-day
supply for a 60-day price
State Health Plan - Base
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$1,800 Employee Deductible or $3,000 Employee + Dependent(s)
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AFTER the calendar year deductible, a majority of your out-of-pocket
(coinsurance) expense is 20% In Network and 35-40+% Out-of-Network
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AFTER you have paid $3,550 ($1,200 deductible + 20% out-of-pocket)
then in-network coverage is paid at 100%
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Must meet calendar year deductible before pharmacy co-payments
apply.
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PHARMACY CO-PAYMENT for 30-day supply ($12 generic/ $40 preferred /
$65 non-preferred)
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MAIL ORDER SERVICE program through WALGREENS provides a 90-day
supply for a 60-day price
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Well Child Care for both Select and Base
Plans
 Children from birth to 18 years of age
 Coverage only provided through a NETWORK
provider and deductible is waived!
- 100% Well-newborn nursery care
- 100% Well-child physician office visits
- 100% Specified routine tests
- 80% Childhood routine immunizations
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Adult Wellness / Preventive Coverage
for both Select and Base Plans
 Benefits will be provided at 100% of the allowable charge for
up to two (2) office visits and certain diagnostic tests (based
on participant’s age and gender)
 Services are not subject to calendar year deductibles
 Participant must complete a HealthQuotient℠ (HQ) health risk
assessment each year prior to receiving services
 Covered wellness/preventive tests are available at :
http://knowyourbenefits.dfa.state.ms.us
 HealthQuotient℠ (HQ) is available at :
http://webmdhealth.com/mississippi
Dental Insurance
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Type A: Preventative Care
Type B: Basic Restorative
Type C: Major Restorative
Type D: OPTIONAL Orthodontic Rider
OPTIONAL Vision Rider
 $50 calendar year deductible Type B & C combined
 $1,200 calendar year maximum Type A B & C
 $150 maximum in any 24 consecutive month period
Vision Rider
Retirement and Savings
PERS
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Public Employees’ Retirement System
• 7.25% Employee Contribution
• 12.00% Employer Contribution
• 4* or 8 year vesting
Retire at age 60 or any age with 25 years of
service
* 4 year vesting IF the employee is a Legacy employee AND still
had money in the system upon returning
Retirement and Savings
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ORP – Optional Retirement Plan
• 7.25% Employee Contribution
• 9.40% Employer Contribution
• Immediate vesting
Retire at any age but distributions before age 59½ will
result in government penalties
Approved Providers:
• VALIC
• ING
• TIAA-CREF
Retirement and Savings
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 457 Deferred Compensation (2010 Limits)
• $16,500 Annual Deferral
• $5,500 - 50+ “Catch-up provision
• $16,500 Retirement “Catch-up” provision
– IF employee is within 3 years of retirement AND has not
contributed at the maximum limit in previous years (3
year limit)
** Employee cannot use both “Catch-up” provisions during
the same year
Retirement and Savings
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 403(b) Tax Sheltered Annuity (2010 Limits)
• $16,500 Annual Deferral
• $5,500 - 50+ “Catch-up provision
• $3,000 15 Years of Service “Catch-up” provision
– IF employee is within 3 years of retirement AND has not
contributed at the maximum limit in previous years (3
year limit)
** Both “Catch-up” provisions CAN be utilized in the same
year
Personal Leave Time
 Employees working 20+ hours per week
 May use after the 90th day of employment
 12 to 18 hours accrued per month
– Based on years of service
– Time accrual increases with years of service
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Medical Leave Time
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 Employees working 20+ hours per week
 May use after the 90th day of employment
– Exception: Bereavement Leave is immediately available
 5 to 8 hours accrued per month
– Based on years of service
– Time accrual increases with years of service
Websites of Interest
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 Employee Self Service
http://my.umc.edu
 UMC Intranet
http://www.umc.edu/intranet/index.php
 HR Website
http://hr.umc.edu/
 UMC Yellowpages
http://yellowpages.umc.edu/intranet/index.html
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REMINDER - ENROLLMENT
Within 31 days of
EMPLOYMENT
**Benefit payroll deductions are made a month
in advance
Benefits Division Team
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•
Yolanda Townsend
Insurance/COBRA
601-984-1138
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Tracy Chambliss
Insurance/Cafeteria Plan
601-984-1128
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Xue Jiang
Payroll Deductions
601-815-5182
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Angela Jones
Manager/Retirement
601-984-1137
•
Jackie Harris
Verification of Employment
and Service Pins
601-984-1133
•
Mamie Henderson
ID Badges/Exit Interview
601-984-1949
•
Scott Stanford
Director, Comp and
Benefits
Office 601-815-5183
Mobile 769-233-3669