Brian N. Berryman, MBA Assistant Director, Benefits UF College of - PowerPoint PPT Presentation

Brian N. Berryman, MBA Assistant Director, Benefits UF College of Medicine (352) 273-5077 phone bnberryman@ufl.edu

TODAY’S OBJECTIVES Understanding the differences between the College of Medicine, • University of Florida and State of Florida benefit offerings Awareness of retirement plan contribution opportunities and • available provider companies Knowing your available resources for finding additional • information – both online and by phone / in‐person 2

COLLEGE OF MEDICINE PLANS COLLEGE OF MEDICINE PLANS GatorCare Health Insurance • $500K Life Insurance / $150K AD&D • Long‐Term Disability Insurance • • Helpful Points of Contact: • Brian N. Berryman, bnberryman@ufl.edu • Sarah Thompson, sarahthompson@ufl.edu • Phone: 352‐273‐5077 • Fax: 352‐273‐5335 • Website: http://adminaffairs.med.ufl.edu/fringe‐benefits/ 3

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS. GatorCare Health Insurance • • Available to clinical faculty appointed at 0.50 FTE and higher • Monthly premiums paid by department • Eligible Dependents include spouse or domestic partners (same sex or opposite), and children up to age 26 (end of calendar year) • No additional monthly cost to add eligible dependents Two Plans Available • • Premium (recommended) • https://ufh‐gatorcare.sites.medinfo.ufl.edu/files/2016/10/Premium_Final_400.pdf • Prime Plus • https://ufh‐gatorcare.sites.medinfo.ufl.edu/files/2016/10/Prime‐Plus_Final_400.pdf 4

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS. Premium Plan (recommended) 5

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS. Prime Plus Plan 6

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – HEAL EALTH INS. H INS. 2017 Changes for both GatorCare Premium and Prime Plus Plans 7

Wellness Website at gatorcare.org/wellness • • Media Library • Health Resources • Calendar of Events Wellness Email List • Health Coaching and Seminars • Health Fairs and Screenings • Walking and Exercise Groups • 8

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – LIFE INS. IFE INS. $500K Life Insurance / $150K AD&D • • Available to clinical faculty appointed at 0.75 FTE and higher • Monthly premiums paid by department • For clinical faculty appointed between 0.5 and 0.74 FTE, coverage decreases to $100K Life and $50K AD&D • http://adminaffairs.med.ufl.edu/files/2013/01/Standard‐ Life‐Policy.pdf 9

UPDATING LIFE INSURANCE BENEFICIARIES Can be done at any time throughout the year • Always name a contingent, or secondary, beneficiary just in case you • outlive your first beneficiary. Select a specific beneficiary • • Otherwise, proceeds of your life insurance are paid to your estate. • One of the great advantages of life insurance is that it can be paid to your family immediately. • If it is payable to your estate, however, it will have to go through probate with the rest of your assets. Be very specific in wording beneficiary designations. • • Saying “wife of the insured” could result in an ex‐spouse getting the proceeds. • Naming specific children may exclude those born later. 10

UPDATING LIFE INSURANCE BENEFICIARIES Minor Children as beneficiaries. • • While you may name your minor children as your designated beneficiary, The Standard will be unable to pay the life insurance proceeds to your children until the earlier of: • The date that your children reach the age of majority (usually age 18 or 21, depending on applicable state law). Trust as beneficiary. • • If you name a trust as beneficiary, a valid, legal trust must exist at the time of your death. • If the trust was never established, is not in existence, or has been revoked by the time you die, then The Standard cannot honor that beneficiary designation 11

UPDATING LIFE INSURANCE BENEFICIARIES If you do not name one or more beneficiaries, the payout will go to • the first surviving class in the following order: • Your spouse; • Your children; • Your parents; • Your brothers and sisters; and • Your estate. http://training.hr.ufl.edu/instructionguides/benefits_guides/benefi tssummarybeneficiaries.pdf http://training.hr.ufl.edu/instructionguides/benefits_guides/selecti ngatrustasabeneficiary.pdf 12

COLLEGE OF MEDICINE PLANS – COLLEGE OF MEDICINE PLANS – LTD INS. TD INS. Long‐Term Disability Insurance • • Available to both basic science and clinical faculty appointed at 0.75 FTE and higher • Monthly premiums paid by department • Tax‐Free Benefit • 60% of monthly salary (max of $15,000 / month) • 180‐day elimination period • Definition of disability is specialty‐specific • https://com‐dean‐ adminaffairs.sites.medinfo.ufl.edu/files/2012/05/649343_LT _B_C2‐Class‐1‐Faculty.pdf 13

STATE HEALTH INSURANCE PLAN Available as an alternative (not in addition) to GatorCare • Active Employee Costs (Pre‐Tax) • • Individual Coverage – $50/month • Family Coverage – $180/month Retiree Costs • • Individual Coverage – $359.61/month • Family Coverage – • $1036.90 if at least one member under Medicare age • $719.22 if all participants Medicare‐eligible Deductible Levels • • $250 for Individual / $500 for Family (in‐network) • $500 for Individual / $1000 for Family (out‐of‐network) 14

STATE HEALTH INSURANCE – PPO VS. HMO PPO – Advantages • • Coverage both in‐ and out‐of‐network • Ability to see specialists for lower costs and without first scheduling an appointment with PCP HMO – Advantages • • $0 deductible (but must stay in‐network) • Visits to PCPs generally at a lower cost High Deductible Options for either PPO or HMO • • Lower Bi‐Monthly Costs • HSA Contribution from State ($500 for individual; $1000 for family) • Employee may contribute additional pre‐tax contributions toward HSA 15

STATE HEALTH INSURANCE – RX BENEFITS CVS / Caremark • • Can be filled at retail or mail‐order pharmacies Out‐of‐Pocket Costs • • Generic: $7 for 30‐day supply / $14 for 90‐day supply • Preferred Brand: $30 (30‐day) / $60 (90‐day) • Non‐Preferred Brand: $50 (30‐day) / $100 (90‐day) Additional Information – • • http://mybenefits.myflorida.com/health/health_insurance_pl ans 16

SUPPLEMENT SUPPLEMENTAL INSURANCE PLANS AL INSURANCE PLANS All monthly premiums are employee‐paid • UF Select • • Plans begin on Date of Hire • Dental, Vision, Life, Legal and even Pet Insurance! • http://hr.ufl.edu/benefits/supplemental‐health/ • http://hr.ufl.edu/benefits/income‐protection/ State of Florida / PeopleFirst • • Plans begin 1 ‐ 2 months after Date of Hire • Dental, Vision, Life Insurance • Pre‐Tax Medical and Dependent Care Accounts • http://mybenefits.myflorida.com/health/forms_and_resources/forms_and_pu blications/supplemental_insurance_publications 17

DENTAL INSURANCE Dental Insurance • • Available both through UF and State of Florida (PeopleFirst) • Usually “What you pay is what you get” • Limited and Unlimited Network Plans available • Max benefits typically between $1000 ‐ $1500 per year per individual covered under the plan Employee Costs (Per Month) • • UF Select (Eagles Dental) Plan – Post‐Tax • Individual Coverage ‐ $37.50 • Family Coverage ‐ $122.75 • State of Florida Plans – Pre‐Tax • Individual Coverage ‐ $10 ‐ $43.50 • Family Coverage ‐ $33 ‐ $130 18

VISION INSURANCE Vision Insurance • • Available both through UF and State of Florida (PeopleFirst) • Both Plans Utilize Humana Networks which include all major optical providers • Each covered member can select either contacts or glasses per year Employee Costs (Per Month) • • UF Select Vision Plan – Post‐Tax • Individual Coverage ‐ $6.50 • Family Coverage ‐ $20 • State of Florida Plans – Pre‐Tax • Individual Coverage ‐ $6.25 • Family Coverage ‐ $20 19

WHEN CAN I MAKE CHANGES? Open Enrollment (October 17 – November 4, 2016) • • Changes can be made for any reason • Plan changes take effect January 1, 2017 QSC’s (Qualified Status Changes) • • Changes made throughout the year for qualified events • Marriage, Divorce, Child Birth/Adoption, Loss of Spouse/Partner Benefits • Changes must be made within 60 days of event 20

HOW CAN I MAKE CHANGES? GatorCare and UF Select Supplemental Plans • • Changes can be made within the myUFL portal • http://my.ufl.edu • Main Menu > My Self Service > Benefits > Benefits Enrollment • Instruction Guide – http://hr.ufl.edu/wp‐ content/uploads/instructionguides/EnrollmentIG.pdf State of Florida Benefits (PeopleFirst) • • Changes made by calling 866‐663‐4735 or online • http://peoplefirst.myflorida.com • Instruction Guide – http://training.hr.ufl.edu/instructionguides/benefits_guides/ pf_enrollmentguide.pdf 21