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The University of Mississippi Medical Center FACULTY BENEFITS OVERVIEW FACULTY BENEFITS OVERVIEW.

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Presentation on theme: "The University of Mississippi Medical Center FACULTY BENEFITS OVERVIEW FACULTY BENEFITS OVERVIEW."— Presentation transcript:

1 The University of Mississippi Medical Center FACULTY BENEFITS OVERVIEW FACULTY BENEFITS OVERVIEW

2 Section name hereENROLLMENT Within 31 days of EMPLOYMENT **Benefit payroll deductions are made a month in advance

3 Section name hereENROLLMENT 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)

4 Section name hereENROLLMENT 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

5 Section name hereENROLLMENT 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

6 Section name hereENROLLMENT 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

7 Section name hereENROLLMENT 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)

8 Section name hereENROLLMENT 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 31 st day of disability for up to 12 months

9 Section name hereENROLLMENT 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 91 st 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

10 Section name hereENROLLMENT Tax-Deferred Benefits (20+ hours per week)  Public Employees’ Retirement System (PERS)  Optional Retirement Plan (ORP)  Tax Sheltered Annuities (403b)  Deferred Compensation Plan (457)

11 Section name here Benefit Details

12 Section name here 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

13 Section name here Flexible Benefits Plan Medical Reimbursement ($5,000) – Full Amount is immediately available – Still incur previous year expenses through March 15 th – Grace Period for filing: April 15 th Dependent Care Reimbursement ($5,000) – Reimbursement $$ are available once incurred – Grace Period for filing: April 15 th ** New election form must be completed each year ** Use-It-Or-Lose-It – Must use the funds during the plan year

14 Section name here 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

15 Section name here State Health Plan - Select  $1,000 Employee Deductible or $2,000 Employee + Dependent(s)  AFTER the calendar year deductible, a majority of your out-of-pocket (coinsurance) expense is 20% In Network and % Out-of-Network  AFTER you have paid $2,500 ($1,000 deductible + 20% out-of-pocket) then in-network coverage is paid at 100%  $50 prescription drug calendar year deductible per covered insured.  PHARMACY CO-PAYMENT for 30-day supply ($12 generic/ $40 preferred / $65 non-preferred)  MAIL ORDER SERVICE program through WALGREENS provides a 90-day supply for a 60-day price

16 Section name here State Health Plan - Base  $1,800 Employee Deductible or $3,000 Employee + Dependent(s)  AFTER the calendar year deductible, a majority of your out-of-pocket (coinsurance) expense is 20% In Network and % Out-of-Network  AFTER you have paid $3,550 ($1,200 deductible + 20% out-of-pocket) then in-network coverage is paid at 100%  Must meet calendar year deductible before pharmacy co-payments apply.  PHARMACY CO-PAYMENT for 30-day supply ($12 generic/ $40 preferred / $65 non-preferred)  MAIL ORDER SERVICE program through WALGREENS provides a 90-day supply for a 60-day price

17 Section name here 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

18 Section name here 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 :  HealthQuotient ℠ (HQ) is available at :

19 Section name here Dental Insurance  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

20 Section name here Retirement and Savings PERS - 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

21 Section name here Retirement and Savings 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

22 Section name here Retirement and Savings  457 Deferred Compensation (2010 Limits) $16,500 Annual Deferral $5, “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

23 Section name here Retirement and Savings  403(b) Tax Sheltered Annuity (2010 Limits) $16,500 Annual Deferral $5, “Catch-up provision $3, 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

24 Section name here Personal Leave Time  Employees working 20+ hours per week  May use after the 90 th day of employment  12 to 18 hours accrued per month – Based on years of service – Time accrual increases with years of service

25 Section name here Medical Leave Time  Employees working 20+ hours per week  May use after the 90 th 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

26 Section name here Websites of Interest  Employee Self Service  UMC Intranet  HR Website  UMC Yellowpages

27 Section name here REMINDER REMINDER - ENROLLMENT Within 31 days of EMPLOYMENT **Benefit payroll deductions are made a month in advance

28 Section name here Benefits Division Team Scott Stanford Director, Comp and Benefits Office Mobile Yolanda Townsend Insurance/COBRA Tracy Chambliss Insurance/Cafeteria Plan Xue Jiang Payroll Deductions Mamie Henderson ID Badges/Exit Interview Jackie Harris Verification of Employment and Service Pins Angela Jones Manager/Retirement


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