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Last November, the UT System Office of Employee Benefits (OEB) announced that Requests for Proposals (RFPs) for a Third Party Administrator for the UT FLEX flexible spending accounts and Fully Insured Group Term Life Insurance and Accidental Death and Dismemberment Insurance (AD&D) plans had been released to the marketplace so prospective vendors could submit proposals. The analysis of the proposals is complete and OEB is extremely pleased with the results of the competitive bid process. Effective September 1, 2016, Maestro Health will be the new administrator for the UT FLEX plan, and Dearborn National will continue as the carrier for the Life and AD&D Insurance plan under a new contract.
UT Flex Flexible Spending Accounts
The contract for administration of the UT FLEX flexible spending accounts has been awarded to Maestro Health. According to Maestro, their technology-meets-service platform and their enhanced model of customer service will allow them to meet their goal to “make employee health & benefits ‘people-friendly’ again.” In support of that goal, Maestro says, “People deserve the ability to access their benefits anytime, anywhere. Most importantly, people deserve to have the support they need when things don’t go according to plan. Everyone deserves a better experience throughout the year—not just during enrollment.”
A full-description of the UT FLEX program and what you'll need to know for the new plan year beginning September 1, 2016, will be provided during the July 2016 Annual Enrollment period through this newsletter. Information will also be available at Annual Enrollment fairs and other events held at your institution.
Fully Insured Group Term Life Insurance and Accidental Death and Dismemberment Insurance
The new contract for Third Party Administration of the Group Term Life (GTL) and Accidental Death and Dismemberment Insurance (AD&D) plans was awarded to Dearborn National, ensuring seamless continuation of all customer service and administrative aspects of these benefits. As a result of the RFP process, UT employees and retirees will notice a number of benefits enhancements to the plans effective September 1, 2016. These enhancements include:
- Employee: No evidence of insurability (EOI) required during Annual Enrollment up to 3 times annual salary;
- Employee: Basic Life insurance and Basic AD&D increased to $40,000 each (previous amount was $20k for Basic Life and Basic AD&D);
- Employee: A new VGTL benefit maximum of 10 times annual salary up to $2.0 million (previous maximum was 6 times annual salary);
- Employee: A new VGTL benefit maximum of $2.0 million (previous maximum was $1.5 million);
- Employee: A new AD&D benefit maximum of $2.0 million (previous maximum was $1 million); and
- Retiree: A new VGTL maximum of $100,000 (previous maximum was $50,000).
Complete details regarding enrollment and benefits will be provided during the July 2016 Annual Enrollment period.
