The latest work-life information at IU
No. 60
July 2013


University Human Resources
hr.iu.edu
Informed Employee

Family Status Changes

Enrollment in the following take place during the first 30 days of hire: medical and dental plans, IU Tax Saver Benefit plan, and Personal Accident Insurance. Changes thereafter can only be made during an annual Open Enrollment period each November, except when one has a family status change.

Important note about newborns
For medical plans, newborns are automatically covered for the first 31 days of life. To continue coverage the newborn must be added within 30 days of birth even when Employee/Spouse or Family coverage has already been elected.

HDHP PPO & HSA Plan enrollees
Enrollees who experience a family status change may want to increase or decrease the HSA contribution to reflect their new status. Note, however, contributions can be changed at any time—a status change is not necessary.

 


Employee Healthcare Benefits FY 2013/2014 Budget

For FY 2013/2014, Indiana University has budgeted $212.7 million for employee medical plan expenses­—a 7.5 percent or $14.9 million increase over the prior fiscal year. When added to expenses for other benefit programs, the total Benefits Payroll Tax equals 43.72 percent for Academic and Professional Staff and 43.25 percent for Support and Service Staff, with health care being the largest item at 19.87 percent.

graph comparing 2012 to 2013

Indiana University will also spend $18.8 million on healthcare coverage for two other employee groups: Medical Residents and Graduate Assistants. Employees will contribute more than $20 million toward plan premiums, and will pay co-pays and deductibles.

 


 

Tips for Using the HSA to Pay for Qualified Health Expenses

In addition to using the HSA to save funds for large, unexpected, and retirement-related healthcare expenses (e.g., Medicare B or D premiums), it makes sense to also use the HSA to pay existing expenses. Employees enrolled in the HDHP PPO & HSA Plan can use HSA pre-tax dollars to pay for out-of-pocket health expenses like deductibles and co-insurance as well as expenses not covered by medical plans (vision wear, dental, over-the-counter medicines and supplies, etc.).

Once contributions are made to the HSA account, there are several different ways to access funds:

TIP: Access www.chasehsa.com from a Smartphone for helpful information such as locations of Chase ATMs and lists of qualified expenses including over-the-counter medicines.

Name an HSA Beneficiary

It's important to name an HSA beneficiary in the event of one's death. The beneficiary can be changed at any time. If a spouse is the beneficiary, the spouse can convert the account to her/his name; will not have to pay any taxes; and can use the money in the HSA in accordance with HSA rules. If the HSA beneficiary is not a spouse, the HSA is closed and the value of the account is taxable income to the recipient. If a beneficiary is not designated, the value of the HSA is paid to the accountholder's estate and taxed.

TIP: To name a beneficiary, log into www.chasehsa.com, select My Account, then Beneficiaries from the Features drop-down box.

 

 

UHRS

Page updated: 12 July 2013
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