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Presentation transcript:

Human Resources

Insurance & Retirement Welcome to UNT! Insurance & Retirement Benefits Our goal is to help you make informed decisions which will maximize the value of your benefits package.

WHAT’S THE AGENDA FOR TODAY? Enrollment Deadlines How to enroll in Benefits Overview of Insurance and Retirement Plans Questions & Answers Human Resources

You can sign up for most benefits right away, no questions asked. Health coverage begins after a waiting period Some benefits require proof of good health Human Resources

During your first 30 days: You can elect any of the following benefits without proof of good health Dental coverage for you and your dependents Voluntary Accidental Death and Dismemberment (AD&D) coverage Optional term life insurance at one or two times your annual salary Term life insurance for your dependents Short- and long-term disability insurance TexFlex Flexible Spending Account– Health Care and Flexible Spending Account– Dependent Day Care Human Resources

Dental Insurance Comparison Chart Humana DHMO Must choose a primary care dentist from the list of approved providers Specialist discount of 25% No Deductibles Unlimited maximum lifetime for general dentistry Copay – vary according to type of procedure/service State of Texas Dental Choice (PPO) Lets you use any dentist, pay less out of pocket by using a PPO dentist $0 - $300 Deductibles Annual maximum $1500, then you pay 60% until next calendar year Coinsurance – percentage vary according to procedure/service Both plans are administered by Humana Dental www.humanadental.com/ers Human Resources

Dental Discount Plan Human Resources State of Texas Dental Discount Plan Administered by Careington International Corporation. The dental discount plan isn’t insurance, rather a program that discounts dental services at the provider’s office. Savings on cosmetic services Unlimited use of the discount program and its offerings Visit www.txdentaldiscount.com for information on participating providers, a discount schedule, plan brochure and more. Human Resources

Accidental Death and Dismemberment Human Resources Accidental Death Benefits are payable only if your death is the direct result of an accident. Dismemberment Benefits are payable in the event of certain bodily injuries. Cost Coverage is purchased in increments of $5,000: minimum $10,000 maximum $200,000 Family coverage available (benefits vary) Human Resources

Optional Life Insurance During your first 30 days of employment you can sign up for: one times your annual salary (Election I) two times your annual salary (Election II) three times your annual salary (Election III*) four times your annual salary (Election IV*) *Proof of good health required Term Life policy – no cash value until death Must designate beneficiary Costs increase as salary and/or age increase Administered by Minnesota Life Human Resources

Dependent Term Life This policy provides term life insurance and AD&D $5,000 policy value per dependent + $5,000 AD&D rider Cost - $1.38 per month Administered by Minnesota Life You are automatically the beneficiary Human Resources

Short-Term Disability Short-term disability insurance provides a portion of your monthly income for up to 5 months Benefits maximum monthly benefit is 66% of your monthly salary up to $10,000 minimum monthly benefit is 10% of your monthly salary To be eligible for Short-term Disability benefits, you must: be certified as disabled by an approved practitioner complete the greater of 30 consecutive days or exhaustion of all sick leave benefits Administered by Aon Hewitt Human Resources

Long-Term Disability Human Resources Long-term disability insurance provides a portion of your monthly income for an extended period of time Benefits maximum monthly benefit is 60% of your monthly salary (up to $10,000) minimum monthly benefit is 10% of your monthly salary To be eligible for Long-term Disability benefits, you must: be certified as totally disabled by an approved practitioner complete the greater of 180 consecutive days or exhaustion of all sick leave benefits Administered by Aon Hewitt Human Resources

TexFlex Reimbursement Accounts TexFlex is a Flexible Spending Account (FSA) that helps you pay for planned out-of-pocket health and dependent day care expenses tax-free. You can enroll in a TexFlex health care account or TexFlex dependent care account, or both. Plan Year 2015 - September 1 through August 31. Deducted pre-tax from your paycheck Minimum $180 Maximum $5,000 (dependent care) Maximum $2,500 (health care) File for reimbursement via mail, fax, online or use of a debit card with a $15 annual debit card fee. For a health care account you can carry over up to $500 to the next plan year. For the dependent care you can continue use of the account until November 15, 2015 (grace period) Human Resources

How do I pay for these optional choices? The University of North Texas has a Mandatory Premium Reserve Policy (Vol. 1, 1.5.1.8). Employees with less than 12-month appointments who do not spread their salary over 12 months will be automatically enrolled in premium reserve. Premium Reserve eliminates the risk of having your insurance coverage cancelled over the summer months due to non-payment. In addition, Premium Reserve gives you the added advantage of pre-taxing your summer insurance premiums. Human Resources

Your waiting period for medical coverage Your health coverage will begin the first of the month after your 60th day of employment. No Pre-existing Condition Limitations Human Resources

Find network providers and plan details at www.healthselectoftexas.com Health Insurance Benefits Network Non-Network Out-of-Area Deductible NONE $500/$1500 $200/$600 Coinsurance Max $2,000 $7,000 $3,000 Lifetime Max PCP- Required Yes No PCP Copay $25.00 40% 30% Specialist Copay $40.00 Eye Exam – 1/yr Emergency Care $150.00 copay + 20% coinsurance 30% coinsurance after deductible Urgent Care Clinic $50 copay + 20% Ambulance Service 20% 20% after deductible 30% after deductible   Find network providers and plan details at www.healthselectoftexas.com Human Resources

PRESCRIPTION DRUG PROGRAM Prescriptions are $10, $35, $60 30-day supply of non-maintenance medication $50 Plan Year (9/1 to 8/31) deductible (per family member) Generics mandatory when available Maintenance medications are less expensive when ordered through an Extended Day Supply network pharmacy or through Mail order. Human Resources

You may enroll your eligible dependents in the state’s insurance plans Your spouse Your natural child Adopted child Your stepchild Court-appointed ward -OR- child related by blood or marriage AND was/will be claimed as a dependent on your federal income tax return in the previous/current calendar year. Children must be under age 26 for health insurance and can be married or unmarried. Child must be under age 26 and unmarried for dental insurance and Dependent Term Life Insurance. Human Resources

Proof of eligibility needed for dependents added to health coverage If you’re enrolling a spouse or dependent children in health coverage, you’ll be required to provide proof of your dependent’s eligibility. ERS has contracted with Aon Hewitt to verify every dependent’s eligibility to participate in the Texas Employees Group Benefits Program (GBP). Aon Hewitt will mail a letter to you outlining the steps in the Dependent Eligibility Audit process, the dependents being audited, the types of documents to provide, and the due dates to submit documentation. If any dependent is found to be ineligible, ERS will remove him or her from all GBP coverage. Human Resources

Enrollment Deadlines Add a dependent(s) to your health insurance during your first 60 days of employment. Enroll in optional coverage during your first 30 days of employment. Human Resources

Obtaining coverage at a later date may require proof of good health!! Opt-Out Credit The Health Insurance Opt-Out Credit is for employees who do not elect the State’s health insurance because they have other health insurance that is as good as or better than GBP health coverage. Employees must: Use toward dental and AD&D premiums Certify comparable coverage Benefit: Up to $60 for Full-time employees Up to $30 for Part-time employees Obtaining coverage at a later date may require proof of good health!! Human Resources

Long-Term Care Human Resources Long term care provides coverage for skilled nursing home, home health, assisted living, hospice, etc. Coverage available to qualified dependents (spouse, parent, parent-in-law, grandparent and grandparent-in-law). The University of North Texas System Human Resources offers LTC options through a third party administrator, CNA. To request an enrollment kit, please send an email to hrbenefits@untsystem.edu Applications accepted at any time. Human Resources

Teacher Retirement System of Texas All regular faculty and staff are automatically enrolled as of their first day of employment. Human Resources

TRS – Cost of Membership 6.7% employee contributions 6.8% employer contribution Disability and Survivor benefits Vesting occurs after 5 years of creditable service. Tax Sheltered Interest on deposits 2% www.trs.state.tx.us Human Resources

Optional Retirement Plan (ORP) Eligibility based on job code Examples: Faculty, upper level administrators, coaches, librarians Defined Contribution (Benefits based on performance of investments) 6.65% employee contribution 6.6% employer contribution Vesting after one year and one day of participation (Vested right to both employee and employer contributions) Investments selected and controlled by employee Human Resources

Will you have enough money in retirement? A balanced financial plan is like a three-legged stool.  All three legs are necessary to provide stable income security in retirement:  Your pension (State retirement)  Social Security  Personal savings and investments (like a 401(k), 457 or IRA) Depending on how long you live, your debt level, health, and lifestyle choices, you may need up to 120% of your current income in retirement. Voluntary retirement accounts such as Texa$aver 457 and 403(b) plans can help you build that stash of cash. Contributions are pre-tax and earnings are based on investments. Human Resources

Fidelity – Valic – TIAA-CREF – ING Retirement Manager Enroll in Optional Retirement Plan and/or 403b savings plans Learn about your UNT System retirement savings plans with the following approved vendors: Fidelity – Valic – TIAA-CREF – ING Change your deferral amount Calculate what you will need to stay on track for retirement with easy-to-use financial calculators www.myretirementmanager.com Human Resources

Do you meet these criteria? Are you a Direct Transfer from another Texas State agency? Does your spouse or parent work for a Texas state agency and if so, does that relative cover you for health, dental or dependent life insurance through the Texas GBP? If you meet one of these conditions, please let the Benefits Representative know. This could possibly waive your 60 day waiting period for health coverage. Human Resources

Human Resources – Benefits Contact Us Human Resources – Benefits 1.855.878.7650 Phone 817.735.0127 Fax Email: hrbenefits@untsystem.edu Human Resources

Thank you and WELCOME TO UNT! Human Resources