- June 2008 > Insurance Insights
Annual enrollment for benefits for the 2008–2009 plan year begins on July 1, 2008, and lasts through July 31, 2008. During June and July you will receive emails and printed materials (if you do not have a valid email address on file) from the Office of Employee Benefits (OEB) and from your own institution’s benefits office providing you with information related to Annual Enrollment, Benefits Fairs, possible Lunch and Learn opportunities, and more. Additionally, specific details regarding each of the UT-sponsored benefits plans will be available for review in the "Group Benefits Handbook for Employees" and the "Group Benefits Handbook for Retired Employees" posted on the OEB website by July 1, 2008.
For additional information on annual enrollment for benefits, see the May 2008 OEB newsletter, “A Matter of Health: Connecting Work & Life".
Keep your beneficiary designations up to date.
The purpose of your life insurance coverage is to provide financial security for your family and loved ones after your death; however, if you have experienced a major life change, such as a marriage, divorce or death of a loved one, your life insurance benefit may go to someone other than the person you thought would receive it.
Have you checked your beneficiary designation for your life insurance plan recently? A beneficiary is the person who would receive the money from your life insurance in the event of your death. It is important to review and update your beneficiary designations regularly and especially following life changes to ensure your benefits are distributed according to your wishes.
Imagine someone who is unmarried naming a sibling as a beneficiary but after marrying forgets to update his beneficiary designation to his new wife/husband. Consider a child born after the initial beneficiary designations were established not receiving the life insurance proceeds you thought she/he would inherit. It can and does happen when life insurance designations become outdated.
If you need to update your beneficiary designations, complete the Change of Beneficiary form (Fort Dearborn Life) and return it to your institution’s benefits office.
If you have any questions about how to complete the Beneficiary Designation Form, please contact Fort Dearborn Life Insurance Company at (866) 628-2606.
In addition to updating your Life/ADD beneficiary with UT, you may want to review your designated beneficiary on file with the Teacher Retirement System (TRS), or with your providers under the Optional Retirement Program (ORP), UTSaver Deferred Compensation Plan or UTSaver Tax Sheltered Annuity.
Evidence of Insurability Deadline
During Annual Enrollment (July 1 – July 31, 2008), if you make an insurance election on UT Touch that requires evidence of insurability (EOI), you will be prompted to complete the insurance company’s EOI form via an online link. All EOI forms must be completed and postmarked by August 15, 2008, in order for your coverage election to be considered.
For additional information on EOI, see the April 2008 OEB newsletter, “A Matter of Health: Connecting Work & Life".
Don’t forget you must make your UT FLEX elections (for both Medical and Dependent Day Care) for Plan Year 2008–2009 during this Annual Enrollment, even if you are currently enrolled in one of the UT FLEX elections. Your election(s) in this current plan year will not automatically carry forward to the next plan year.
A PayFlex Debit Card can be obtained at an annual cost of $9 to expedite reimbursements for the Medical Expense Reimbursement Account. This election must be made each year during Annual Enrollment, also.
For additional information on UT FLEX, see the May 2008 OEB newsletter, “A Matter of Health: Connecting Work & Life".
If you would like a specific topic discussed or have a question you would like answered in a future issue of this newsletter, please send your suggestions to firstname.lastname@example.org.
UT System Employee Benefits Website: www.utsystem.edu/benefits/
UT System Retirement Programs Website: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts.asp#1