The University of Mississippi Medical Center FACULTY BENEFITS OVERVIEW FACULTY BENEFITS OVERVIEW.
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Transcript of The University of Mississippi Medical Center FACULTY BENEFITS OVERVIEW FACULTY BENEFITS OVERVIEW.
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ENROLLMENTENROLLMENT
Within 31 days of
EMPLOYMENT
**Benefit payroll deductions are made a month in advance
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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
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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ENROLLMENTENROLLMENT
Tax-Deferred Benefits (20+ hours per week)
Public Employees’ Retirement System (PERS)
Optional Retirement Plan (ORP) Tax Sheltered Annuities (403b) Deferred Compensation Plan (457)
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The Benefit of Pre-Tax The Benefit of Pre-Tax (Example) (Example)
Per checkGross Pay $1,000Taxes (10%) $100Total $900Insurance $100Take Home $800
Per Check (Pre-Tax Benefits)
Gross Pay $1,000Insurance* $100Total $900Taxes (10%) $90Take Home $810
* Qualified Insurance Deductions
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Flexible Benefits PlanFlexible 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 - State Health Plan - SelectSelect
LEGACY EMPLOYEEFirst eligible for State’s Health Plan prior to
1/1/06
HORIZON EMPLOYEEFirst eligible for State’s Health Plan on or
after 1/1/06
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State Health Plan - State Health Plan - SelectSelect $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 35-40+% 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
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State Health Plan - State Health Plan - BaseBase
$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 35-40+% 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
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Well Child Care for both Well Child Care for both SelectSelect and and BaseBase Plans 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 Adult Wellness / Preventive CoverageCoveragefor both for both SelectSelect and and BaseBase Plans 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
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Dental InsuranceDental 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
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Retirement and SavingsRetirement 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
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Retirement and SavingsRetirement 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
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Retirement and SavingsRetirement and Savings
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
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Retirement and SavingsRetirement and Savings
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
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Personal Leave TimePersonal 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 TimeMedical Leave Time
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
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Websites of InterestWebsites of Interest
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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REMINDERREMINDER - ENROLLMENT
Within 31 days of EMPLOYMENT
**Benefit payroll deductions are made a month in advance
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Benefits Division TeamBenefits Division Team
• Scott StanfordDirector, Comp and BenefitsOffice 601-815-5183Mobile 769-233-3669
• Yolanda Townsend Insurance/COBRA601-984-1138
• Tracy ChamblissInsurance/Cafeteria Plan601-984-1128
• Xue Jiang Payroll Deductions601-815-5182
• Mamie Henderson ID Badges/Exit Interview 601-984-1949
• Jackie Harris Verification of Employment and Service Pins601-984-1133
• Angela JonesManager/Retirement601-984-1137