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Insurance and Perks for Florida State University Faculty & Staff

Find information about insurance benefits for faculty and staff at Florida State University. People First administers all insurance benefits and provides support for enrollment, changes, and coverage inquiries.

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Insurance and Perks for Florida State University Faculty & Staff

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  1. Insurance and Perks For Florida State University Faculty & Staff

  2. Where do I go if I have questions? People First: • (866) 663-4735 • Available Mon. – Fri., 8:00 a.m. to 6:00 p.m. ET • www.peoplefirst.myflorida.com • www.mybenefits.myflorida.com FSU HR Benefits: • (850) 644-4015 or insurance@fsu.edu • www.hr.fsu.edu

  3. People First Administers all FSU insurance benefits: • Processes enrollment • Processes Qualifying Status Changes (QSC) • Verifies dependent eligibility • Administers COBRA benefits • Annual Open Enrollment FSU employees use the People First system to enroll, manage, and make changes to their insurance benefits

  4. Coverage Begin Dates When Coverage Begins: • Health insurance: 1st day of the month following enrollment • If enrolling in the month of employment, 1st day of themonth after hire date • Supplemental plans: • Dental, vision, accident, cancer, hospitalization, etc. • 1st day of the month following 2 paychecks in the same month • Premiums for 9 and 10-month faculty are doubled during the spring semester for summer coverage • Premiums are paid the month before coverage is effective

  5. Enrollment Enroll: • Online through the People First website, or, • Over the phone by calling the People First Service Center People First will mail log-in information to you: • You can contact the HR Benefits section for your People First ID Deadline: You have 60 daysfrom your hire date to enroll

  6. People First User ID • Locate your People First User ID and current benefits on the MyFSU Benefits tab • Contact the Benefits section 123456

  7. Opportunities to Make Changes • Qualifying Status Change • Participants have 60 calendar days following a qualifying event (marriage, divorce, loss of coverage, death, etc.) to make a change to their coverage • Open Enrollment • Occurs every fall • Make any changes, additions, or deletions during this time • All changes made are effective January 1st of the following year

  8. Default Password: Pfmmddyy

  9. Enroll here

  10. Health Insurance Standard Plans (HMO & PPO) Rates listed are for positions 0.75 FTE or higher Employees hired for less than 30 hours per week (0.75 FTE) have a higher, pro-rated monthly premium

  11. Health Insurance (HMO) • Services limited to network • Requires primary care provider • Referrals needed for specialists • No deductibles • No pre-existing condition exclusions • Only emergency services are paid outside the service area • - HMO must be notified within 48 hours of an emergency

  12. PPO (Florida Blue) Health Plan • No restrictions on providers • Co-payments • Annual deductibles before provider pays • Co-Insurance • Specialist self referrals • Costs vary based on network and non-network providers • No pre-existing condition exclusions

  13. PPO (Florida Blue) Health Plan

  14. High Deductible Health Plan (HDHP) • Co-payments • Deductibles • Co-insurance • Higher deductible • Lower monthly premium • No pre-existing condition exclusions

  15. Health Savings Account (HSA) • Pre-tax funds for medical purposes • Accumulates interest on roll over balances • Participants 55 and older can contribute an extra $1,000/year • Employees 65 and older are ineligible for an HSA

  16. Prescription Drugs • CVS/Caremark: 888-766-5490 or www.caremark.com/sofrxplan • PPO members must use 90-day supply for all maintenance drugs

  17. Flexible Spending Accounts (FSA) • Pre-tax dollars to cover expenses • Renews automatically

  18. 3 Ways to Save Healthcare Bluebook - online transparency portal. Allows members to shop for health services based on cost or quality and earn financial rewards. SurgeryPlus - bundled surgical services. Allows members to shop surgical services and earn financial rewards. Chard Snyder - Health Reimbursement Account (HRA). An account members can choose to receive any reward payments they’ve earned using Healthcare Bluebook or SurgeryPlus.

  19. Life Insurance • Optional life Insurance • Up to $1,000,000 coverage • Employee pays full premium • After-tax benefit • 1-5 times salary up to $500,000 • 6-7 times salary up to $1,000,000 with proof of good health • Term Life insurance • Basic life Insurance • $25,000 policy • Automatic enrollment for full-time employees • Part-time employees must enroll into coverage through People First. • Term Life insurance

  20. Life Insurance • Child Life • $10,000 coverage • Term Life insurance • Employee pays premium • After-tax benefit • Spouse Life • $15,000 coverage, or • $20,000 coverage • Term Life insurance • Employee pays premium • After-tax benefit • Not available if your spouse works at another state agency or university

  21. Dental Insurance • Available dental plan types: • Prepaid • PPO • Indemnity w/ PPO • Indemnity • Dentists may drop a provider at any time • Plan brochures and contact information are available on the MyBenefits website • Comparison charts are available on the MyBenefits website

  22. Dental Insurance Prepaid • HMO structure where services are limited to a network • You pay a specific dollar amount per service you receive • Orthodontia benefits (adults & children) PPO • Receive care from any dentist (cost is lower in-network) • Annual deductible & co-insurance • Orthodontia benefits (adults & children) • excluding Preventative PPO plans

  23. Dental Insurance Indemnity w/ PPO • Receive care from any dentist (cost is lower in-network) • Annual deductible & co-insurance • More out-of-pocket expenses • Orthodontia: varies by company Indemnity • Receive care from any dentist (cost is lower in-network) • Annual deductible & co-insurance • Orthodontia benefits (adults & children)

  24. Vision Insurance Elective contact lenses: $150 allowance

  25. Supplemental Insurance: Hospital, Cancer, Short Term Disability, and Accident Insurance • Plans vary by company (AFLAC, Cigna, Colonial, New Era) • Additional income for out-of-pocket expenses • Paid directly to you or the hospital • Independent of health insurance coverage • Contact company for rate quote and plan details • Enroll through People First

  26. Additional After-Tax Insurance Options U.S. Legal (800) 356-5297 • Family Defender • Identity Defender *Provides legal assistance and identity theft protection Policy through Colonial Life (888) 756-6701 • Critical Care Policies through the Gabor Agency (850) 894-9611 • Life Insurance • Long Term Disability • Long Term Care • Accidental Death & Dismemberment Insurance Enroll through the provider

  27. Reminders • Enrollment Deadline for Benefits: 60 days from date of hire to enroll with People First • 9 and 10-month faculty insurance premiums are doubled in the spring semester to cover summer months of coverage • Changes can be made during Open Enrollment or with a Qualifying Status Change (QSC) event

  28. Retirement For Florida State University Faculty

  29. Retirement Options *Enrollment in one of these plan options is mandatory for all faculty members.

  30. Optional Retirement Program (ORP) • Defined contribution plan – similar to a 401(k) • Employee pre-tax contributions: • Mandatory – 3% • Voluntary – can contribute up to an additional 5.14% • University contributions: • 5.14% of gross salary • No vesting period • Deadline to enroll: • 90 days from date of hire – strictly enforced

  31. Optional Retirement Program (ORP) • Start or stop voluntary contributions at any time • IRS maximums (per calendar year): • $19,000 if under age 50 • $25,000 if age 50+ • See investment company representativesfor tax law/limit information

  32. Optional Retirement Program (ORP) • Approved Providers • Five investment companies to choose from: • AIG (formerly VALIC) – (850) 297-0780 • AXA – (850) 893-9535 • MetLife – (800) 638-5433 • TIAA – (877) 267-4510 • Voya – (850) 894-9611

  33. FRS Pension Plan • Defined benefit plan: monthly pension retirement payment • Employee pre-tax contributions: • Mandatory 3% • 8 years of service to vest (does not need to be continuous) • Retirement eligibility: • Age 65 or 33 years of service (at any age) • Vested • Early retirement: 5% penalty per year under age 65 • Part-time faculty receive full service credit • OPS/Adjunct teaching does not count toward retirement eligibility

  34. FRS Pension Plan • Disability retirement (8 years eligible service required) • Survivor benefits • Health Insurance Subsidy (HIS) • $5 per year of service • Maximum of $150 to monthly benefit • Annual Cost of Living Adjustment (COLA) • Based on current law • Deadline to enroll: • end of the 8th month after your month of hire • automatically enrolled in the FRS Investment Plan if you fail to make an election

  35. FRS Investment Plan • Defined contribution plan – similar to a 401(k) • Employee pre-tax contributions • Mandatory – 3% • University contributions • 3.3% (combined total of 6.3%) • 1 year of service to vest • Normal retirement age is 59½ • For more information: • My FRS Financial Guidance Line: (866) 446-9377 • www.myfrs.com

  36. FRS Investment Plan • Diversified choice of investment funds • No Cost of Living Adjustment (COLA) increase • Eligible for Health Insurance Subsidy (HIS) • $5 per year of service • Maximum of $150 to monthly benefit • Normal retirement age is 59½ • If you fail to make any retirement election, you will default into this plan

  37. FRS – 2nd Election • FRS plan members (excluding renewed members) have one opportunity to switch from: • FRS Pension Plan to FRS Investment Plan OR • FRS Investment Plan to FRS Pension Plan • ORP members are not eligible to use the 2nd Election • A finalized 2nd Election cannot be undone • Note: Switching to the FRS Pension Plan may require additional out-of-pocket expense

  38. Enrollment • ORP enrollment is not complete until contracts are signed with the ORP provider • If you do nothing, you will automatically be enrolled in the FRS Investment Plan

  39. Reemployment Restrictions • You are considered a retiree of the State of Florida if you receive, withdraw, roll over or transfer any employer-funded Pension, Investment, or ORP benefit, regardless of your age • If a retiree is rehired: • Minimum of 6 full calendar month waiting period • Financially liable for repayment, if in violation • 1 full year after “retirement” – no further restrictions • Rehired retirees of the FRS Pension Plan/DROP are not eligible for renewed membership in any State of Florida retirement plan

  40. Voluntary Retirement Plans • Enrollment in one of these plan options is entirely optional.

  41. Tax Sheltered Annuity 403(b) • Reduce taxable income • Minimum $10 bi-weekly • Subject to yearly contribution limits: • $19,000 if under age 50 • $25,000 if age 50+ • Voluntary ORP contributions count toward limit • Contributions can be changed at any time

  42. Tax Sheltered Annuity 403(b) • Choose from eight participating investment companies: • AIG (formerly VALIC) – www.valic.com/fsu • AXA – us.axa.com/home.html • Voya, Lincoln Investment, Reliastar – www.gaboragency.com/schools/florida-state-university • Lincoln Financial – www.lfg.com • Brighthouse/MetLife – www.metlife.com • TIAA – www.tiaa.org/fsu

  43. Deferred Compensation - 457 • Administered by the State of Florida • For a list of companies, or to enroll, contact: • Bureau of Deferred Compensation • (850) 413-3162 or www.myfloridadeferredcomp.com • Subject to yearly contribution limits: • $19,000 if under age 50 • $25,000 if age 50+ • Separate limit from 403(b) • See company representatives for law/limit information

  44. Post Tax – Roth 403(b) • Choose from five participating investment companies: • AIG (formerly VALIC) – www.valic.com/fsu • AXA – us.axa.com/home.html • Voya, Lincoln Investment – www.gaboragency.com/schools/florida-state-university • TIAA – www.tiaa.org/fsu • Voluntary employee contributions made on an after-tax basis • Roth 403(b) contributions are subject to the same yearly contribution limits as traditional (pre-tax) 403(b) accounts

  45. Perks • Florida Prepaid College Program • FSU Employee Tuition Scholarship • Seminole Savings

  46. Florida Prepaid & Florida College Investment Plans • Florida Prepaid College • Lock in today’s college costs for eligible dependents • Annual open enrollment from October—January • Florida Investment Plan • IRC Section 529 • Invest pre-tax money to withdraw later for college expenses • Call (800) 522-4723 for more information

  47. FSU Tuition Scholarship • Available to salaried, full-time employees • Only for courses taken at FSU • Up to 6 hours per academic term, tuition free • Employee pays for books and other course fees • Requires supervisor and department head approval • For program guidelines and application form, go to: • HR website or, • Call (850) 644-6127

  48. Seminole Savings • Employee discount program • Provides discounts on products and services at participating businesses • Most vendors will need to see your FSU card or a printed coupon • Visit www.hr.fsu.edu for a list of participating vendors

  49. Thank You Human Resources – Benefits University Center A, Suite 6200 (850) 644-4015 Insurance: insurance@fsu.edu Retirement: retirement@fsu.edu www.hr.fsu.edu

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