July>Be a Wise Healthcare Consumer

Be a Wise Healthcare Consumer

Always Keep Your Beneficiary Designations Up to Date

Unlike dependent eligibility for the UT Benefits program which is defined by applicable law, your beneficiary for various UT Benefits and UTRetirement plans can be any person (or a trust or other entity) that you choose who will receive all or part of the financial benefits that are payable if you pass away. You can designate more than one beneficiary and you can have different beneficiaries listed for different insurance plans and/or retirement accounts. Common choices for beneficiaries include spouses, children, other family members, friends, charitable organizations, or trusts.

It’s important to designate beneficiaries for all of your insurance and retirement accounts that require them. If you don’t, applicable state laws may cause death benefits to be distributed differently than you planned, may cause additional taxes, and may unnecessarily delay the process of finalizing payment to your loved ones. You should regularly review and, if necessary, update your beneficiary designations. A good time to do this is each year during Annual Enrollment and also following any significant life changes that may occur during the year.

If you are a participant the Optional Retirement Program (ORP) or you contribute to the voluntary UTSaver Tax Sheltered Annuity (TSA) or UTSaver Deferred Compensation Plan (DCP), you should ensure that a current beneficiary is on file for each of these retirement accounts. Please check directly with your approved provider to review your beneficiary information and to make updates if necessary. You can find provider contact information by visiting the UTRetirement website at: www.utretirement.utsystem.edu/providers.htm

Online will preparation is a value-added service available to all participants at no out of pocket cost through your UT Benefits group term life insurance coverage (provided by Dearborn National).

This service provides you the ability to simply and quickly create a standard will that meets your needs and is valid in all states – free of charge – and can be accessed online at your convenience. You can find a link to learn more about the “Will Preparation” service by visiting the Life and AD&D section of the OEB website at: www.utsystem.edu/benefits/gtl/homepage.htm.