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2008 Benefits and Premium Rates Summary (Benefits effective date is June 24, 2009)
Health Insurance – Blue Cross Blue ShieldAware Gold Plan
CMM Plan (Comprehensive Major Medical)
Dental Insurance – HealthPartners Exceed Plan Tier I
Tier 2
Health Care Flexible Spending Account Pre-tax dollars are used to pay for out-of-pocket medical, dental and vision expenses for you and your dependents. You can elect up to $5,000 in you Health Care FSA each year, through automatic payroll deductions. Your annual election is divided by 12 pay periods (July 1 – Dec 31. 2008). You will need to re-enroll in November for participation in the Plan for the period 1/1-12/31/09. Dependent Care Flexible spending Account Pre-tax dollars are used for your eligible dependent care expenses, such as day care for your child or elder care. You can elect up to $5,000 (up to $2,500 if you’re married and filing separate tax returns) in your Dependent Care FSA each year through automatic payroll deductions. Your annual election is divided by 12 pay periods (July 1 – Dec 31, 2008). You will need to re-enroll in November for participation in the Plan for the period 1/1-12/21/09. Life Insurance Basic Life Insurance - MMCGME life insurance coverage is $50,000. Supplemental Life Insurance Residents/fellows will be offered the opportunity to purchase additional life insurance in increments of $10,000 up to a maximum of $150,000 at group rates. No evidence of insurability will be necessary for the first $50,000 and the rates are based on age. Coverage is also available for spouses. Additional details will be provided during open enrollment. Rates are as follows: Age Rate per $1,000 <30 $.06 30-34 .07 35-39 .09 40-44 .14 45-49 .22 50-54 .34
Group Short-Term Disability Insurance
Group Long-Term Disability Insurance
For additional information, refer to the Insurance Certificate and Summary Plan Description provided when you enrolled in the medical resident/fellowship program. To learn more contact Rich Clark at 952-806-9639 or rich.clark@nmfn.com William A. Clark, CLU, ChFC, CFP Northwestern Mutual Financial Network 3600 Minnesota Drive, Suite 300 Edina, MN 55435 952-806-9615
457 Deferred Compensation Plan You have an opportunity to supplement your retirement by articipating in a 457 Deferred Compensation Plan. The MNDCPL 457 Deferred Compensation Plan is taken pre-tax from your bi-weekly paycheck in lieu of the 6.2% social security deduction. The maximum contribution amount is $15,500 annually. Unless exempt because of J1 VISA status, a resident must choose one of the following options. Under either option the resident is subject to the Medicare payroll tax. Option 1: A resident may elect to contribute 3.75% of his/her “base pay” to the Minnesota Deferred Compensation Plan (the “State Section 457 Plan”) and HCMC will make a dollar-for-dollar matching ontribution up to $2,000 per calendar year and will not pay or withhold FICA taxes. No other matching contributions will be made. For purposes of these rules, “base pay” means the total stipend from HCMC. The resident may withdraw his/her contributions and the matching contributions from the state plan at the end of their employment. There is no age limit for distribution tied to this Plan. Detailed information in included in your packet. Option 2: The resident may participate in the Social Security program (FICA). The contribution will be at the statutory rate (currently 6.2% for Social Security and 1.45% for Medicare). It may ot be withdrawn at the end of employment. IF A RESIDENT FAILS TO CHECK the State Section 457 Plan Option under VIII.F and complete the requisite enrollment form for the plan, the resident will be subject to FICA. For questions please contact HCMC Benefits Service Center 1-800-646-6417 www.hcmc.org/employee
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