Transcript Lifespan Presents – Your Benefits

The Lifespan Benefits Department Presents Your
***LIFESPAN EMPLOYEE BENEFITS***
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Health – (Medical)
Dental
My Health Advocate
Working Healthy
Long Term Disability
Employee Life and AD&D
Insurance
• Spouse and Child Life
Insurance
• Flexible Spending
Accounts (FSA)
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- Medical and Dependent Care
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Legal
HIV Insurance
Long Term Care Insurance
Benefit Enrollment Process
Employee Assistance Services
Auto and Homeowners
Insurance
College Bound Fund
Universal Life Insurance
Employee Fund
403(b) Savings Plan
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Health and Dental Coverage Options
• Individual: Employee only
• Dual:
• Family:
Employee + 1 dependent
Employee + 2 or more dependents
• Qualified dependents include:
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(1)
(2)
Spouse
Child under age 19 (23 if a full-time student)
Common law spouse (1)
Same sex domestic partner (1) (2)
Please contact the Benefits Department at 4-5265 regarding eligibility
requirements.
Imputed income will be assessed.
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Health Coverage Choices
• Lifespan Blue (BCBS of RI)
• No Coverage (proof of other coverage is required)
– Full-time (standard hours of 35 or more per wk):
($38.46 per paycheck) cash in-lieu-of benefits*
*Cash in-lieu-of benefits is added to your gross pay and paid in equal installments throughout the
year (except during an unpaid leave of absence).
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Lifespan Blue Coverage Overview
• PCP REQUIRED
No
• OUT OF NETWORK
Reduced coverage
after deductible
COVERAGE
• PRE-EXISTING
CONDITION
LIMITATIONS
NOTE:
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None
Please refer to the Benefits Overview booklet in your benefits enrollment
package for details.
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Lifespan Blue Co-Payments
• OFFICE VISITS
$15
• PRESCRIPTIONS
1 month supply
$5 Generic
$20 Preferred
$35 Non Preferred
• PRESCRIPTIONS –MAIL ORDER
3 month supply
$5 Generic
$5 Preferred
$35 Non Preferred
• EMERGENCY ROOM VISIT
$50
• CHIROPRACTIC
$15 (12 visits per year)
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Dental Coverage Choices
•Delta Dental Premier Plan A (Single, Dual or Family
Coverage)
• Delta Dental Premier Plan B (Single, Dual or Family
Coverage)
• No Coverage
– Full-time (standard hours of 35 or more per wk):
($3.85 per paycheck) cash in-lieu-of benefits*
*Cash in-lieu-of benefits is added to your gross pay and paid in equal
installments throughout the year (except during an unpaid leave of absence)..
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Dental Coverage Comparison
CATEGORY
DELTA PLAN A
DELTA PLAN B
100%
100%
50% - max of $400 per
person per year
50%
Prosthodontics
No coverage
50%
Orthodontics
No coverage
50% to $1,200 lifetime
max. children to age 19;
no coverage for adults
$1,000
$1,200
80%
80%
Prevent/Diag., Minor &
Major
Periodontics
Annual Maximum
Out of Network
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My Health Advocate
Call the Helpline for questions regarding:
• Health insurance co-pays, deductibles, out-of-pocket
expenses and provider searches
• Dental insurance billing questions, orthodontics and
provider searches
• Pharmacy plan co-pays, mail order and specialty meds
• Health options in retirement
• Plan material requests
• Nursing home or assisted living facility options
Call (401) 467-3113 in RI – or - (800) 643-8028 out of state
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Working Healthy
• Health & Wellness Lecture Series
• Healthy Eating/Weight Management
• Lifespan’s Shape Up RI Challenge
• Physical Activity Programs
• Smoking Cessation Programs
• Stress Less Health Fairs
• Health Promotion Team at each site
For more information call (401) 793-3157.
Working Healthy – Recipients of the Well Workplace
and Fit Friendly Awards
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Long Term Disability Coverage
Your Coverage Options:
60% option (60% of your monthly base salary) Company Paid
70% option (70% of your monthly base salary) Employee pays
for the 10% difference in coverage.
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Monthly base salary is hourly rate x standard hours x 52 weeks/12 (excluding
overtime pay, commissions, bonuses, premiums and shift differential).
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Maximum monthly benefit is $5,000.
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Benefits begin after 30 days of disability.
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LTD benefits coordinate with other disability payments and some other
sources of income (i.e. Social Security, TDI, Worker’s Compensation, other
employment).
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Employee paid premiums are payroll deducted before taxes.
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Employee Life and Accidental Death &
Dismemberment Insurance (AD&D)
• Basic Life Insurance = 2x annual base salary. Company Paid
• Supplemental Life Insurance = 1x to 3x annual base salary.
Employee Paid
• Type of coverage is group term life insurance
• Annual base salary is your hourly rate x standard hours (excluding
overtime pay, commissions, bonuses, premiums and shift differential).
• Employee paid premiums are payroll deducted before taxes.
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Beneficiary Designation
• Web based on-line process
• Minnesota Life web site
www.lifebenefits.com
• Access site 2 weeks following completion
of benefit enrollment material
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Imputed Income
• The IRS requires the value of your life insurance in excess
of $50,000 to be taxed.
• Imputed income is subject to federal, state and social
security taxes.
• Taxable income reported on W-2 is not actual coverage
amount but a smaller amount calculated under an IRS
formula based on age and amount of coverage over
$50,000.
• Listed on pay stub under “other benefits”. Not a
deduction from your pay.
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Will Preparation, Legal Services and
Travel Assistance
• Create simple wills, simple powers-of-attorney, testamentary trusts
and health directives on line at www.lifebenefits.com/travel
assistance or call 1-877-708-6992.
• No cost for initial 30-minute consultation with attorney.
• Travel assistance applies when traveling more than 100 miles from
home.
• Available 24 hours a day in more than 200 countries.
• Services include emergency medical assistance, emergency travel
arrangements and legal/final assistance. For more information, call
1-877-708-6992 or visit www.lifebenefits.com/travelassistance.
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Spouse Life Insurance
• Your Coverage Options:
$10,000, $25,000 or $50,000
• A spouse life coverage election of $10,000 or $25,000
requires no “Evidence of Insurability” application.
• A spouse life coverage election of $50,000 requires
completion of an “Evidence of Insurability” application.
Coverage is subject to insurance company approval.
• Ineligible dependent: your spouse if employed as benefit
eligible within the Lifespan system.
• Premiums are payroll deducted after taxes.
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Child Life Insurance
Your Coverage Options:
$5,000 or $10,000
• Child life does not require “Evidence of Insurability”.
• If both you and your spouse are employed within the
Lifespan system, only one person may elect child life
insurance.
• Coverage for children 14 days to six months of age is
$1,000.
• Premiums are payroll deducted after taxes.
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Flexible Spending Accounts
Your Options:
Health Care or Dependent Care
• You are not taxed on the monies you contribute to flexible
spending accounts.
• Your before tax contributions are used to reimburse
yourself for any out-of-pocket eligible expenses from date
of participation through the end of the calendar year
(providing you maintain benefits eligibility).
• Contributions not spent by the end of the year (2010) on
eligible expenses and claimed by March 31, 2011 are
forfeited, as required by Federal law.
PLAN CONTRIBUTIONS CAREFULLY!
Use it or Lose it
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Health Care
Flexible Spending Account
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$3,000 annual maximum contribution ($52 annual minimum)
Used for health, dental, hearing or vision care expenses (for you or eligible
dependents) which are not covered by a health or dental plan including:
– health deductibles/co-pays
– dental expenses over annual maximum
– orthodontics
– eye exams, glasses, contact lenses
– hearing exams, hearing aids
– certain eligible over-the-counter medications
You can be reimbursed up to your annual contribution at any time during the
year, provided you have made at least one payroll deduction contribution.
Any questions regarding Flexible Spending Accounts should be directed to
ADP at 1-800-654-6695.
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Using the Debit Card is simple
because ….
• It’s automatic – the funds are immediately
transferred from your FSA at the time of purchase.
• It’s fast – a simple swipe of the card makes it
hassle-free!
• It improves your cash flow – you don’t have to
lay out cash at point of service and then wait for
reimbursement.
• It’s easy – in most cases, no claim forms to
complete and submit.
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Save Your Receipts
• Note:
While you have the convenience of a Debit
Card, many expenses will still require you
to submit receipts. Because the IRS
requires you to substantiate any claims paid
from your account, you may be asked to
submit receipts for eligible expenses paid
using your card.
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Dependent Care
Flexible Spending Account
• Annual contribution $52 - $5,000
• Eligibility: Should you and your spouse (if applicable) work or attend
school full-time and have expenses for children under age 13 or
persons over age 13 who are handicapped and spend at least 8 hours
per day in your home.
• Most types of day care services are covered including:
– day care centers
– day camps
- in home baby-sitters
- elder care centers
• You can only be reimbursed up to the balance in your account at any
time during the year.
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Illustration
Flexible Spending Accounts
• Without FSA
• With FSA
$25,000.00 (Annual salary)
$25,000.00 (Annual salary)
<$2,880.00> (Est. tax)
<$1,000.00> (FSA Contribution)
$22,120.00 (Adjusted Salary)
$24,000.00 (Income subject
<$1,000.00> (Dental expense)
$21,120.00 (Disposable Income)
to taxes)
<$2,692.00> (Est.
tax)
$21,308.00 (Disposable Income)
$188.00 additional pay
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Legal Services Insurance
• No waiting periods
• 19 services are covered in full including:
– Family law matters
– Will preparation
– Real Estate matters
• Unlimited access to a hotline 24 hrs/7days connecting you with a local
law firm for questions/advice - Website address is
www.araggroup.com and the telephone number is: 1-800-247-4184.
• Financial Planning and Tax Advice Services available
• Non-participating attorneys’ services paid in full up to plan maximums
• Premiums are payroll deducted after taxes.
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HIV Insurance
Your Coverage Options:
$25,000, $50,000, $100,000, $150,000 or $250,000
• Coverage elections require a confidential HIV test prior to
enrollment. HIV test must be administered by a lab
contracted with the insurance company (if coverage is elected,
you will be notified by the the insurance company regarding
scheduling of the test).
• Pays lump sum equal to the coverage option elected should
you test HIV positive while covered.
• Premiums are payroll deducted after taxes.
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Long Term Care Insurance
• Provides a cash benefit when you are no longer able to
take care of yourself.
• Covered services:
- Nursing home
- Assisted living care
- Hospice care
- Home care services
- Adult day care
- Adult foster care
• Eligible Participants
- employees, spouses, common law spouses and same sex
domestic partners
- parents, parents-in-law, grandparents, grandparents-inlaw
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Long Term Care Insurance (cont.)
• Participation requires “Evidence of Insurability” and is subject
to approval by the insurance company.
• Benefits begin after 90-day waiting period.
• For your convenience - Premiums for employee and/or spouse
coverage are paid through after tax payroll deductions.
Premiums for other eligible dependents are paid directly to the
insurer.
For further details or to enroll, contact CNA at 1-877-777-9072.
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Benefit Enrollment Process
• Complete and forward Benefit enrollment material by the
deadline specified on the enrollment form.
– NOTE: If you do not enroll in or waive coverage by the
deadline specified, you will be defaulted to the benefits
indicated with an arrow on your enrollment form.
• A confirmation statement will be mailed to your home.
Data entry errors should be reported to the Benefits
Department, 4-5265 ASAP.
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Making Changes
• During an annual open enrollment period (usually held in
October with a January 1 effective date) unless you have a midyear Qualified Family Status Change.
• Qualified Family Status Changes include:
– Marriage, divorce, legal separation,
– Birth, adoption of a child,
– Death of a spouse or dependent,
– Gain or loss of spouse’s medical coverage,
– Change in hours for you or your spouse which effects benefits
eligibility.
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Making Changes (cont.)
• Complete and submit the Qualified Family Status
Change form to your HR Site Office or Benefits
Department within 31 days of the qualifying event.
• If you do not comply within 31 days you may not be
allowed to make a change in benefits until the open
enrollment period.
• Supporting documentation of your Qualified Family
Status Change must accompany the form.
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Resource International Employee
Assistance Services
Employee Assistance Services is:
• A confidential, professional resource for employees and
their family members who may need assistance with any
type of personal concern.
• Counselors are available 24 hours/day 365 days/year to
provide you with immediate services.
• Refers you to appropriate agencies or services if needed.
• These services are offered to you as a cost free employee
benefit.
• Call 1-800-445-1195 for assistance.
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Other Lifespan Benefits
• Auto and Homeowners Insurance
• Farmington Life Insurance
• College Bound Fund
• Employee Fund
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Don’t forget About Saving For Your
Retirement
The Employee 403(b) Plan Account
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You Have Two Investment Providers To
Save For Your Retirement
• Fidelity Investments
And/Or
• TIAA-CREF
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Employee 403(b) Plan Account
Immediately eligible to participate
• Contribute up to $16,500 of your pay.
• Age 50 and older – contribute an additional
$5,500.
• Contributions are payroll deducted on a
before tax basis.
• Loans and hardship withdrawals permitted.
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Employee 403(b) Plan Account (cont.)
Illustration of Pre tax savings
After Tax Savings
Pre tax Savings
$25,000* (Annual Salary)
$25,000* (Annual Salary)
<$2,880> (Est. Tax)
<$1,000> (4% contribution)
$22,120 (Adjusted Salary)
$24,000 (Income subject to taxes)
<$1,000> (After tax savings) <$2,615> (Est. Tax)
$21,120 (Disposable income) $21,385 (Disposable income)
$1,000 annual savings
$1,000 your savings
$265 est. tax savings
Pre-Tax Total Annual savings
$1,265/year
*Assumes filing single
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Employee 403(b) Plan Account (cont.)
• Investing your accounts
– Fidelity investment funds
– TIAA CREF investment Funds
– You can change investments any time.
• Future contributions
• Current account balance
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Accessing Your Fidelity 403(b) Plan
Account Information
• Call Fidelity at 800-343-0860 to obtain a Pin #,
then either
- speak with a Fidelity retirement specialist
Monday-Friday 8:00 a.m.-midnight or
- listen to account information any time by using
Fidelity’s automated system and following
prompts. You can access your account information
on line at www.fidelity.com/at work.
• Quarterly account statements
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Accessing Your TIAA CREF
403(b) Plan
Account Information
• Call TIAA CREF at 800-842-2776 to either
- speak with a TIAA CREF retirement specialist
or
- listen to account information any time by using
TIAA CREF’s automated system and following
prompts. You can access your account information
on line at www.tiaa-cref.org
• Quarterly account statements
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Rollovers
• Permitted for tax-qualified distributions
from prior employer’s plan(s).
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Other Benefits Offered
• Meal discounts
• Free parking
• Discounted movie tickets
• Special vendor discounts
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Lifespan Benefit Department Contacts
•
Nancy Chamberlin, Benefits Analyst, last name beginning A-F
([email protected])
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Linda Renard, Benefits Analyst, last name beginning G-N
([email protected])
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Ext. 4-3087
Gabe Shepherd, Pension Analyst, last name beginning I-Z
([email protected])
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Ext. 4-6885
Noreen Dallaire, Pension Analyst, last name beginning A-H
([email protected])
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Ext. 4-8915
Cynthia Gabriel, Benefits Analyst, last name beginning O-Z
([email protected])
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Ext. 4-5339
Ext. 4-6337
William Kirkwood, Benefits Director
([email protected])
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Ext. 4-4563
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