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.
- For your UT Benefits basic group term life insurance and AD&D beneficiary designations (which all employees and retirees enrolled in UT SELECT Medical receive), you can review your beneficiary information and make updates anytime online by accessing the Dearborn National Online Beneficiary Management system through My UT Benefits at www.utsystem.edu/myutbenefits. If you have questions or are unable to access the online system, please contact Dearborn National Customer Service at (866) 628-2606 (M – F from 7am – 7pm CT) for assistance.
- If you are a member of the Teacher Retirement System of Texas (TRS), death benefits could come in different forms, including possibly a lump sum payment of twice your annual salary (a maximum of $80,000.00 is payable) or potential annuity payments (depending on your years of service). To make updates, you should download the TRS beneficiary designation form, and return the form directly to TRS in www.trs.state.tx.us/
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
CREATE YOUR OWN WILL ONLINE
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.