For the last three months a benefits subcommittee has been working on a benefits package that will provide a menu of options for staff to choose from. When reviewing benefits we had to consider short and long term budget impacts. The committee felt the options presented strikes a balanced benefit package for staff at UMCHS.
As we move forward with open enrollment, Colonial Life representatives will be meeting staff over the next two weeks at most centers. The schedule for enrollment at centers will be provided shortly. They will go over our benefits package in more detail so staff can have a better understanding of the different plans available. At that time they will also be enrolling staff members into various plans.
The staff involved and the steps we took to bring you these benefits.
Medical Bridge Plan
Moda Health (Dental)
Flex Spending Accounts
What is Flexible Spending Account?
- The IRS Code (Section 125) allows you to put pre-tax dollars into an account and spend those funds tax-free for certain eligible expenses.
- Pre-tax dollars are deducted from your gross income before Federal, State, and Social Security (FICA) taxes are deducted.
- More Information…
Supplemental Insurance Options (**NEW**)
Four supplemental insurances will be offered at an additional employee cost.
- Short term disability (not pre taxed)
- Accident (pre taxed)
- Critical illness (not pre taxed)
- Life insurance (guaranteed issued up to 125k) (not pre taxed)
During the week of September 21-25, Wheatland insurance and Colonial Life representatives will visit centers to educate and enroll staff interested in supplemental insurances and flexible spending accounts.
Frequently Asked Questions
- Will the medical bridge plan be available for my newborn baby? The answer could go either way. If the newborn is admitted to the hospital then the answer would be yes. If the newborn isn’t considered admitted the answer would be no.
- How much will the copay be to go to the doctor? 35.00
- How much is the deductible? $5,000
- What is coinsurance? When you go to a preferred provider and have a procedure done you are subject to the deductible ($5,000) then subject to $600.00 co insurance. This means that you would pay an additional 20% out of pocket to 600.00.
- What happens when the out of pocket of $5,600 is met? Your insurance costs will be covered at 100% thereafter.
- When does my deductible reset? Health insurance deductibles reset on a calendar year basis (January 1-December 31st)
- How long will it take to get reimbursed through the medical bridge plan? Generally speaking 7-10 days. So you could have your medical bridge dollars before you are expected to pay your bill. This aids in less out of pocket for you.
- When does the new plan go into effect? October 1, 2015
- What could a situation look like from a health plan expense if I have a major procedure done. Example: You have a $5,000 deductible plus a 600.00 coinsurance cost. The total would be $5,600. The procedure you had done is covered by the medical bridge plan. The procedure is inclusive of hospital confinement and diagnostic benefit. You would be eligible for the 2,500 confinement benefit and 500.00 diagnostic benefit. The total would be $3,000. The difference between $5,600 and $3,00 is $2,600. Your total out of pocket would be $2,600 and you would then have health insurance costs paid thereafter at 100%.
Do you have a question?
If you have a personal question, feel free to include your name so that Aaron can personally email you back with an official response. If you wish to remain anonymous, leave the name option empty.