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2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

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Page 1: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

2015–2016

CLINIC

AL FA

CULTY

BENEF

ITS

UF COLL

EGE

OF

MED

ICIN

E

Page 2: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

TODAY’S AGENDA

• College of Medicine-sponsored benefits (health, life and disability)

• Supplemental Benefits (UF Select and State of Florida)

• 403(b) and 457 Retirement Plans

• Leave Accruals

• Q & A

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Page 3: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

COLLEGE OF MEDICINE PLANS

• All monthly premiums for health, life and LTD paid by department• Employer-Paid premiums for life and LTD considered imputed taxable income

(calculated the 2nd paycheck of each month)

• GatorCare Health Insurance• 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

• $500K Life Insurance / $150K AD&D

• Long-Term Disability Insurance• Tax-Free Benefit• 60% of monthly salary (max of $15,000 / month)

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Page 4: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

GATORCARE BENEFIT PLAN DESIGN

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Clinical Faculty Members Have Two Plan Choices:

Premium Plan – This plan also features rich benefits when utilizing Tier 1 GatorCare providers, but also features a competitive level of benefits in Tier 2 and coverage for out of network.

Prime Plus Plan – This plan features additional savings when utilizing Tier 1 Gatorcare providers, but higher costs for coverage in Tier 2 and no coverage out of network.

Page 5: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

GATORCARE BENEFIT PLAN DESIGN

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GatorCare Tier Overview

• Plan offers Tier 1 coverage or “GatorCare” network coverage

• Tier 2 = Network Blue/BlueOptions in-network providers

• Tier 3 = Out of Network/Non-Participating providers

Members will receive the highest level of benefits when they receive services within the GatorCare Tier 1 network. 

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Coverage Example: Estimate for a $10,000 Inpatient Hospital Stay Plan: GatorCare Prime Plus Plan GatorCare Tier 1 Providers BlueOptions Network Blue

Tier 2 Providers Allowed Amount $10,000 $10,000 Per Admission Deductible (PAD) N/A $1,500 Calendar Year Deductible (CYD) $400 $1,500 Coinsurance $960 (10%) $2,800 (40%) Total Patient Responsibility for this example

$1,360 ($400 CYD + $960 Coinsurance)

$5,800 ($1,500 PAD + $1,500 CYD + $2,800 Coinsurance)

GatorCare Pays $8,640 $4,200 Plan: GatorCare Premium Plan GatorCare Tier 1 Providers BlueOptions Network Blue

Tier 2 Providers Allowed Amount $10,000 $10,000 Per Admission Deductible (PAD) N/A $1,500 Calendar Year Deductible (CYD) $500 $1,500 Coinsurance $950 (10%) $1,400 (20%) Total Patient Responsibility for this example

$1,450 ($500 CYD + $950 Coinsurance)

$4,400.00 ($1,500 PAD + $1,500 CYD + $1,400 Coinsurance)

GatorCare Pays $8,550 $5,600 What does a Coverage Example show? For each treatment situation, the Coverage Example illustrates your potential out-of-pocket expense for deductibles, co-payments, and co-insurance. These examples are provided to be used as an estimation of your potential out-of-pocket expense. The actual care you receive may be different from these examples, as well as the cost of that care.

Page 8: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

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• 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

Page 9: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

SUPPLEMENTAL INSURANCE PLANS

• All monthly premiums are employee-paid

• Two Programs Available• UF Select• State of Florida (PeopleFirst)

• UF Select• Plans begin on Date of Hire• Dental, Vision, Life, Legal and even Pet Insurance!

• State of Florida / PeopleFirst• Plans begin month after Date of Hire• Dental, Vision, Life Insurance• Pre-Tax Medical and Dependent Care Accounts

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Page 12: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

403(B) AND 457 RETIREMENT PLANS

403(b) Plan

• Employer contributes 5.14% automatically on the first $265K of base salary (higher threshold for faculty hired pre- 7/1/96)

• Mandatory Employee-Paid 3% Pre-Tax Contribution

• Plan administrators include AXA, Fidelity, Met Life, TIAA-CREF, Valic and Voya (formerly ING)

• Optional employee contributions (above the mandatory 3%) can be made on a pre- or post-tax basis, up to $18K (under 50 years old) / $24K (50+) annual limit

457 Plan

• No employer contribution

• Employees may contribute up to $18K / $24K on a pre-tax basis in addition to their 403(b) contributions

• Plan administrators include Charles Schwab, Empower, Nationwide, T. Rowe Price, Valic and Voya

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Page 13: 2015–2016 CLINICAL FACULTY BENEFITS UF COLLEGE OF MEDICINE

LEAVE BENEFITS

Vacation Leave

• Accrued bi-weekly at the rate 6.769 hours

• Hours roll over at the end of each calendar year

• Maximum accrual is 352 hours

• Upon separation, employees may cashout up to 200 hours

Sick Leave

• Accrued bi-weekly at the rate 4.00 hours

• Hours roll over at the end of each calendar year

• Maximum accrual is unlimited

• Upon separation, employees do not receive a cashout • Employees “retiring” prior 6/30/2016 may cashout up to

1920 sick leave hours at a rate of 25%

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Any questions?