Who is Eligible? GME Medical Residents and Fellows ‘Fellows’ means GME Resident and Fellow appointees with taxed compensation. (Residents paid through training grants (non-taxed) on the first of the month are not eligible for pre-tax employee benefits.) Benefits are based on FTE status Full-time (100% FTE): eligible for all benefits Part-time (50% - 99% FTE): eligible for all benefits except: TSB pre-tax spending account and Personal Accident Insurance
Who Pays for Benefits? Benefit plans fully paid by affiliated hospitals through the GME office: Resident-paid through pre-tax payroll deductions: Pre-tax benefits are based on the tax year (not the academic year) Medical, Dental, and Vision Life and Disability Fee Courtesy Physician Assistance TSB pre-tax spending account Retirement plans Personal Accident Insurance
Time-sensitive Enrollments Enroll within 30 days or wait until next year Medical with Vision Dental Personal Accident Insurance Tax Saver Benefit (pretax flexible spending account) Automatic Enrollment GME Disability GME Life Insurance IU Tax Deferred Account (TDA) Plan (403b) Enroll any time IU Retirement Savings Plan (457b)
Changes in Enrollment Enrollment changes in medical, dental, TSB, and PAI benefits after initial enrollment are limited to: 30 days after an IRS-qualified life event (e.g., marriage, divorce, or newborn) Or during Open Enrollment in November for a January 1 st effective date
IU Retirement Plans Two plans available for employee voluntary contributions: Opportunity to save for retirement Defer income taxes on current income and earnings Contributions made via salary deferral IU Tax Deferred Account 403b IU Retirement Savings Plan 457b
IU Retirement Plans IU TDA Plan 403(b) IU Retirement Savings Plan 457(b) Enrollment Automatic Enrollment or Waive out Must elect participation Investment CompaniesTIAA-CREF & Fidelity Investments Withdrawals / Distributions Separation from IU or attainment of age 59½ Separation from IU Penalty Tax 10% tax penalty for withdrawals generally before age 59½ No early withdrawal tax penalty
Flexible, Easy, Convenient Participant determines percent amount to save Salary Deferral Agreement is open-ended 100% vested all contributions and earnings Ability to start or stop at any time Ability to change investment funds or companies at any time
IU Retirement Plans How to participate in the plans: 1.Choose a plan. 2.Choose an investment company. 3.Complete online application with investment company. 4.Decide how much of salary (must be a percentage) to direct to the plan. You can enroll and stop participation any time during the calendar year.
Resources University HR Website: www.hr.iu.edu IU Retirement Savings Plan http://www.hr.iu.edu/benefits/457b.html TDA Plan http://www.hr.iu.edu/benefits/tda.html University Retirement Program Services : email@example.com
Resources Investment counseling provided by TIAA-CREF and Fidelity: 1. Phone Consultants 2. On campus Consultants (all IU campuses) 3. Online tools Contact Information: Fidelity 1-800-343-0860; http://plan.fidelity.com/indianahttp://plan.fidelity.com/indiana TIAA-CREF 1-800-842-2273; http://www1.tiaa-cref.org/tcm/indiana/http://www1.tiaa-cref.org/tcm/indiana/
Medical Plan Highlights Comprehensive coverage through Anthem PPO network (full benefits in-network; partial benefit out-of-network) Deductible: $350 individual ($1,050 family) Office visit copays: $25/$40 (primary/specialty) Urgent/Emergency care: $75/$150 Other services 20% copay after deductible Prescription through Express Scripts network Retail 30-day supply: $10/$25/$75 (generic, preferred and non-preferred) Mail 90-day supply: $25/$60/$180 (generic, preferred and non-preferred)
Medical Plan Highlights Preventive services covered at 100% -Routine annual exams -Well baby and child visits -Immunizations -Women’s contraceptive services and prescriptions Mental Health covered the same as any other medical service
Medical Plan Highlights No pre-existing conditions Worldwide coverage – international claims are covered at the in-network rate Blue View Vision Plan – coverage for vision exams and vision wear using the Anthem vision network
Dental Plan Highlights – Dental PPO or HMO PPO (highest level of benefit through network dentists) Plan year maximum benefit: $500 Annual Deductible: $50 individual/$150 family Preventive services: no member cost Basic restorative services (e.g., fillings): 20% copay Major restorative services (e.g., crowns, bridges): 50% copay HMO (limited network; no out-of-network benefits) No deductible No maximum benefit Preventive services: no member cost Other services: have fixed dollar copays
Personal Accident Insurance (PAI) Voluntary, employee paid through pre-tax payroll deduction Accidental death, loss of limbs, sight, hearing, etc. Choice of Single or Family coverage Choice of several coverage amounts from $30,000 to $500,000 Premiums from $0.48 to $13.00 per month Includes travel protections, such as repatriation and medical evacuation
IU Tax Saver Benefit Plan (TSB) Employee can set aside pre-tax payroll contributions for IRS- qualified expenses: –Health care expenses up to $2,500 and/or –Qualified dependent care (adult/child) up to $5,000 The money contributed to TSB reimbursement accounts is not subject to federal, state, local, or FICA taxes. Employees do not have to be enrolled in an IU-sponsored medical plan to take advantage of these savings.
Examples of IRS-allowed expenses Health: Health expenses for you and your tax dependents Deductibles and copays Prescriptions Dental Vision IRS-defined medical equipment and supplies Dependent care: Daycare expenses that allow you to work or attend school Care for your children under age 13 Adult care for a tax dependent Not allowed to be used for kindergarten, overnight camp
IU Tax Saver Benefit Plan (TSB) You pledge an annual (calendar year) dollar amount from your paycheck, on a pre-tax basis. An account is opened in your name with the plan administrator, Nyhart. The entire election amount is available on your effective date, even though you haven’t had the entire amount deducted through payroll. When you incur eligible expenses, you use the funds in your Nyhart account. Use a debit card at the time of services for health expenses. Submit paper or online claims for reimbursement of health or dependent care expenses.
TSB Governed by IRS Code Funds can be used for expenses as defined by the IRS Unused contributions do not roll over – “use it or lose it” Eligible expenses must be incurred (received) during the tax year: Health Reimbursement has a 2-month grace period to incur expenses, i.e., January and February Plan elections cannot be changed during the year except under certain IRS family status changes. Rely on your tax advisor or Nyhart for questions about your individual situation.
Your Initial Enrollment Pledge based on tax (calendar) year Pledge divided evenly over remaining tax year paychecks Entire pledge available “immediately” after enrolling Eligible expenses can be incurred appointment date through: Health: February 28 th Dependent care: December 31 st All claims must be submitted by the tax deadline Unclaimed amounts after the tax deadline are forfeited
The TSB Flex Card Option You have two options for accessing your TSB health care account: 1.Fax, mail, or submit receipts online to Nyhart for reimbursement. 2.Pay for eligible expenses at the point of purchase using the IU TSB Flex Card. (Keep your receipts) Elect the card during online enrollment
TSB Online Account Access Visit the Nyhart website at iutsb.nyhart.com to: –Track balances –Submit claims online –Download forms –Check list of eligible items
COBRA Coverage If you terminate your residency, you are entitled to continue your health plan coverage for up to 18 months. Dependent children that age-off and divorced spouses can continue up to 36 months. You pay the full cost of continuation coverage.
Additional Benefits 24-hour Nurseline -Provides professional help when day-to-day activities are interrupted by stress. IUEAP services are confidential and voluntary. IU Employee Assistance Program (EAP) -Provides professional help when day-to-day activities are interrupted by stress. IUEAP services are confidential and voluntary. IU Staff and Faculty Clinic -Same-day access to primary care at IU Health University Hospital Castlight’s Transparency Tool -Helps employees find in-network medical services based on price, quality of care, and more
Resources University Human Resources: Web: http://hr.iu.edu/benefits/index.htmlhttp://hr.iu.edu/benefits/index.html Email: firstname.lastname@example.org@iu.edu Phone: 812-855-6043