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Faculty Benefits Overview. Heres what we will cover: UVA Health Plan (includes medical, pharmacy and dental benefits, as well as a vision discount program)

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Presentation on theme: "Faculty Benefits Overview. Heres what we will cover: UVA Health Plan (includes medical, pharmacy and dental benefits, as well as a vision discount program)"— Presentation transcript:

1 Faculty Benefits Overview

2 Heres what we will cover: UVA Health Plan (includes medical, pharmacy and dental benefits, as well as a vision discount program) Davis Vision Retirement System Life Insurance Disability Program Tax –Deferred Savings Plan Flexible Spending Accounts

3 The UVa Health Plan: Overview The UVA Health Plan is a self-funded plan Medical, Prescription, Dental and Vision discount are bundled Full-time employees: UVa pays a portion of the cost Part-time employees: May join plan at their cost Effective 1/1/2011, all new employees that do not elect or waive coverage within 60 days of hire are automatically enrolled in the low premium plan, employee only.

4 UVa Health Plan: Premiums 2011 Cost (per month): NO CHANGES FOR 2012 * Double State coverage is discounted family coverage offered when an employees spouse is also a state employee. Employee High Premium Employee Low Premium Employer Premium Single$49$12$396 EE + Child$171$47$710 EE + Spouse$199$54$712 Family$382$116$1043 Double State*$346$80$1079

5 Medical Coverage There are 2 programs offered; High Premium and Low Premium See the Medical Schedule of Benefits for a comparison between the High Premium and Low Premium Medical Claims Administrator: Aetna, , or to find an Aetna provider: Each employee/family will receive 2 cards (5 enrollees per card)

6 Medical Coverage Professional Services in Office or Outpatient Ambulance Transportation Preventive Care and Immunizations Mental Health and Substance Abuse Services Diagnostic Laboratory and X-ray Procedures Speech Therapy Urgent Care CenterPhysical / Occupational Therapy ER ServicesChiropractic Care Inpatient HospitalDurable Medical Equipment Outpatient HospitalHome Health Services Skilled Nursing FacilityPrescription Drugs

7 Quick Comparison- In Network Low Premium High Premium Primary Care Office Visits $20 Copayment Specialist Office Visits $40 Copayment Wellness Testing 100% with no limit Diagnostic lab and Xray services $350 Deductible + 20% co-insurance $100 Deductible + 10% co-insurance Emergency Room $350 Deductible + 20% co-insurance $125 Copayment $ 40 physician copay Outpatient Hosp. Procedures $350 Deductible + 20% co-insurance $125 Copayment Inpatient Hospitalization $350 Deductible + 20% co-insurance $300 copayment Medical Co-insurance Out-of-Pocket Limits $3500 per person $7000 per family $2500 per person $5000 per family

8 Prescription Drug Coverage Prescription drugs are the same for the High Premium and Low Premium programs Claims Administrator: CatalystRx, (877) , www. Catalystrx.com www. Catalystrx.com Employee ID card is valid for all eligible dependents.

9 Drugs can be filled at retail pharmacies (30-day supply) or through mail order program (90-day supply) Sample network pharmacies include: CVS, Wal-Mart, Giant, Kroger, Eckerd, and most local independent stores See the Medical Schedule of Benefits for detailed information on prescription drugs TierType of DrugRetail Co-pay (Up to a 30-day supply) Mail Order Co-pay (up to 90-day supply) Tier 1Most Generic Drugs$6$14 Tier 2Brand name drugs on the preferred list Deductible and 20% co-insurance $24 minimum $100 maximum 20% co-insurance $56 minimum $300 maximum Tier 3Mostly brand name drugs not on the preferred list Deductible and 20% co-insurance $48 minimum $100 maximum 20% co-insurance $112 minimum $300 maximum Tier 4- Specialty Drugs 30-day supply thru Walgreens Specialty Pharmacy or UVa Barringer Outpatient Pharmacy N/A20% co-insurance $50 minimum $100 maximum

10 There is a 5 th tier of prescription drugs which may provide discounts on otherwise uncovered medications These may include: Non-sedating antihistamines Vitamins Diet pills Nicotine gum Travel-related drugs Cosmetic drugs Infertility medication

11 Dental Coverage Dental insurance is the same for the High Premium and Low Premium health insurance programs Claims Administrator: United Concordia, (866) , Dental ID cards will be mailed to the employee for each covered life

12 Dental Coverage Maximum annual benefit: $1,500 per covered life Type A, Preventative: 100% Type B, Restorative: 80% Type C, Complex Restorative: 50% Orthodontia: $1000 lifetime $50 annual deductible See the Dental Schedule of Benefits for detailed information

13 Discount Vision Program Discount vision program is the same for the High Premium and Low Premium programs Program Administrator: EyeBenefits, (800) , 2 ID cards will be mailed to the employee household All family members living in your household are eligible for membership benefits

14 Discount Vision Program No claims to file: Present your vision card at the time of service and receive a discount for the service provided Exams 5% to 20% off Frames 20% to 50% off Lenses 20% to 25% off CRT 15% to 25% off LASIK 15% to 25% off Online Contact Lenses: Close to Wholesale Pricing

15 Davis Vision Insurance Fully-insured, employee paid vision insurance program includes: Eye examination Spectacle lenses and frames Contact lenses Monthly Premiums for Services Employee$5.66 Employee plus child$9.91 Employee plus spouse$10.20 Family$15.86

16 Davis Vision Insurance Davis Vision is actively recruiting vision providers in the Charlottesville/Albemarle area. Check their website at for the most current provider information (UVA Control Code 4680).www.davisvision.com Enrollment in the Davis Vision plan is separate from the UVA Health Plan.

17 Virginia Retirement System Defined Benefit plan Monthly benefit at retirement based on years of service, age, and highest average annual salary paid during 60 consecutive months Plan Administrator: Virginia Retirement System, (888) , Employees contribute the 5 percent member contribution on a pre-tax salary reduction basis.

18 Virginia Retirement System: Features Provides retirement benefits as early as age 60 with at least 5 years of service Full, unreduced benefit available at normal Social Security retirement age with at least 5 years of service credit or when age and service equal 90 (e.g. age 60 with 30 years of service credit). Plan 2 Fully vested in the Plan after 5 years of service See the Virginia Retirement System Member Handbook for detailed information at

19 VRS Life Insurance Coverage level: 2 times your annual salary Employer paid, no employee cost Policy underwritten by: Minnesota Life, (800) ,

20 VRS Life Insurance: Optional Coverage See the Optional Group Life booklet for detailed information Optional Insurance Amounts OptionEmployeeSpouseChild(ren) 11x Salary.5 x Salary$10,000 22x Salary1x Salary$10,000 33x Salary1.5x Salary$20,000 44x Salary2x Salary$30,000

21 VSDP – Overview Sick Leave Family and Personal Leave Short Term Disability Long Term Disability Long Term Care Insurance See the VSDP handbook for detailed information at

22 VSDP – Sick Leave First year of employment: Based on status and first date of employment Subsequent years: hours of sick leave credited each January 10 based on your service and employment status Unused sick leave may not be carried forward from one calendar year to the next, nor will you be paid for any unused sick leave when you terminate Employment Begin Date Full-Time Hours of Sick Leave Part-Time Hours Of Sick Leave Pay period that includes Jan. 1-Jul July 10 –Last day of pay period prior to pay period that includes Jan

23 VSDP – Family and Personal Leave First year of employment: Based on first date of employment Subsequent years: 32 hours of family leave credited each January 10 Unused family and personal leave may not be carried forward from one calendar year to the next, nor will you be paid for any unused family and personal leave when you terminate Employment Begin DateFamily and Personal Leave Hours Jan. 10 – July 932 July 10 – Jan. 916

24 VSDP – Short Term Disability (STD) Eligible after one year of continuous employment Income replacement benefit for the first 5 years is 60% of pre-disability income Plan Administrator: Unum, (800) Authorizations must be obtained from Unum in order to get income replaced

25 VSDP – Long Term Disability (LTD) Provides income replacement if you are unable to return to work after 180 calendar days of STD 60% of your pre-disability income 80% of your pre-disability income for catastrophic conditions Return to your pre-disability position is not guaranteed after you begin LTD

26 VSDP – Long Term Care Insurance (LTC) Long term care (LTC) provides a $96 basic daily benefit Plan Administrator: VRS, (888) Additional coverage, including coverage for spouse, parents and in-laws, is available by contacting Genworth, (866)

27 Optional Retirement Plan (ORP) Defined Contribution plan Employees hired 7/1/10 or after contribute the 5 percent member contribution on a pre-tax salary basis. These employees also receive a fixed employer-paid contribution at a rate currently set at 8.9 per cent; grandfathered employees receive an employer contribution of 10.4% You direct the investment of your account and retirement benefits are based on market value of your account at the time of your retirement. Immediately 100% vested. Investment options are available through Fidelity Investments, or TIAA-CREF Enrollment in ORP also means participation in the Standard Group Term Life Insurance, Long-Term Disability Insurance, and optional Personal Accident Insurance.

28 Life Insurance – ORP The Standard Group Term Life Insurance Coverage level: $75,000 of coverage for each participant until age 65 when coverage reduces by 35 % and at age 70 reduces by 50%. Participants may purchase supplemental insurance based on a multiple of salary (1 to 4 times salary) up to the maximum benefit of $1,000,000. Additional coverage is also available for spouse (maximum benefit of $100,000) and/or dependents (maximum benefit of $10,000). Upon retirement, ORP members receive $10,000 of life insurance.

29 ORP Personal Accident Insurance If you elect the ORP, optional Personal Accident Insurance is available Additional coverage is available for employee or employee plus family Long Term Care Insurance (LTC) Coverage, including coverage for spouse, parents and in-laws, is available by contacting Genworth, (866)

30 Short-term disability is generally described as a type of "sick" leave for absences of more than five days, including maternity leave. Faculty employees will retain the 100% salary continuation for the approved leave period with no waiting period. Eligible for 6 months To initiate a claim call The Standards Disability Claim Reporting Service at ORP – Short-Term Disability Leave

31 ORP - Long-Term Disability The Standard Group Long-Term Disability Program 66 2/3% income replacement when unable to perform own occupation (2 years) or any occupation (until Normal Social Security Retirement Age (1/1/12) after a six-month waiting period. During the waiting period, members will continue to receive 100% of income. During disability, Standard will provide contributions to your retirement account on your behalf.

32 403(b): Features You choose: How much money to invest A vendor: Fidelity, (800) , TIAA-CREF(800) , Contributions can be made to both vendors Funds Fund information can be obtained from the Benefits Office, the vendor website or by calling the vendor directly

33 457 Plan: Features Investment vendor: ING, (877) , You choose: How much money to invest Funds Fund information can be obtained by calling ING or visiting the website:

34 Flexible Spending Accounts - (FSA) Pre-tax deductions, up to $5,000 per calendar year for each plan, can be used to reimburse you for healthcare and dependent care expenses Each pay period, money will be deducted in a pre-tax basis in equal increments and contributed to your health and/or dependent care spending account All monies in your account at the end of the plan years grace period will be forfeited Plan Administrator: Chard Snyder, (800) ,

35 Flexible Spending Accounts - (FSA) All members will receive a pre-paid benefits debit card that will provide an automatic way to pay for qualified expenses. It is still important to keep ALL receipts. Claim forms (if needed) as well as account balance, reimbursement and plan information are available on Chard Snyders website There is a $2.75 per month administration fee deducted from your paycheck Paper claims must be direct deposited into your bank account Each year you must re-enroll during Open Enrollment

36 Flexible Spending Accounts – Dependent Care FSA Minimum: $240, Maximum: Depends on tax status Used for children under 13 who qualify as dependents on your federal tax return Can be used for: Before & after school programs Nursery school, preschool, in-home care Summer camp (not overnight) Adult daycare

37 Flexible Spending Accounts – Dependent Care FSA Can not be used for: Child support payments Educational supplies or activity fees Private school tuition (after preschool) Overnight camps Funds for dependent care are available only after the money has been deducted from your paycheck and you have incurred the dependent care expense

38 Flexible Spending Accounts – Health Care FSA Minimum: $240, Maximum:$5000 Will reimburse you for a variety of healthcare expenses not reimbursed by the healthcare plan See Chard-Snyder website for eligible and ineligible expenses All funds for healthcare expenses are available after your first payroll deduction

39 Backup Care Options All employees eligible for 10 days of care per calendar year for self, children or family members Co-pay applies when care is used: - Center based care:$15/day per child - In-Home care:$30/day – up to 3 dependents You can pre-register at Bright Horizons–

40 Education Benefits Full and Part-time employees with one year of benefits-eligible service are eligible for centrally- funded benefit up to $2,000 per year Education benefits may be used for academic degrees or courses at UVA and other accredited institutions, and non-credit courses, certificates and licenses at UVA and other education providers


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