- May 2009 > Insurance Insights
Detailed information on premium rates and insurance plan design changes for plan year 2009-2010 will be printed in the June 2009 “A Matter of Health” newsletter.
Effective September 1, 2009, Short Term Disability (STD) and Long Term Disability (LTD) insurance will be provided by Fort Dearborn Life Insurance Company (FDL). FDL was selected through the Request for Proposal process which is required every six years to ensure that the vendors contracting with UT System offer plans and services that are competitive with the current marketplace.
While the payable benefit for both STD and LTD remains set at 60% for each plan, active benefits eligible employees and current short term and/or long term disability enrollees will realize several beneficial changes with the new STD and LTD plans effective September 1, 2009 including:
For individuals currently enrolled in either STD or LTD who experience a disabling event prior to August 31, 2009, your claims will continue to be paid by the current disability insurance carrier (Hartford) until you return to active employment. Upon your return to active employment, you will be guaranteed enrollment in the FDL disability insurance plan, but you must elect the coverage within 31 days of your return to active duty.
Look for more information during Annual Enrollment on these new disability plan enhancements.
Remember, you must make your UT FLEX elections (for both the Medical Expense Reimbursement Account and the Dependent Day Care Reimbursement Account) for Plan Year 2009–2010 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. Election of the debit card is required each fiscal year in order to receive a PayFlex Debit Card OR to keep the PayFlex Debit Card you currently have functioning in the upcoming fiscal year.
After you make your UT FLEX election(s) in U.T. Touch, be sure to verify both your election(s) and the amount(s) to be withheld. In compliance with the IRS Code, corrections will not be allowed after 31 days following receipt of your first paycheck that reflects this withholding. Annual Enrollment elections will become effective 9/1/09. If you receive your paycheck monthly, then the first UT FLEX withholding for plan year 2009–2010 will be reflected on your 10/1/09 paycheck. If you do not discover election mistakes (e.g., you intended to elect the Dependent Day Care Reimbursement Account but mistakenly elected the Medical Expense Reimbursement Account) and fail to report the error to your Benefits Office by the end of October 2009, UT System will not approve the change.
For more information about the UT FLEX accounts, visit www.utflex.com.
If you have a Benefits question, submit your question by replying to the “newsletter email” or by sending an email to email@example.com.
UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: http://www.utsystem.edu/benefits/contacts#1