How do contributions work?
Your contributions for medical, dental, and vision benefits are made on a pre-tax basis, as are any contributions you make to the Health Care and/or Dependent Day Care FSAs.
What do you mean by ‘annual pay’?
Annual pay is defined as the product of the hourly rate times 1,820 (based on a 35-hour week).
All other insurances are made on a post-tax basis.
Contributions for medical coverage are tiered according to your annual pay. This means that the more an employee earns, the greater their contribution. The tiers are grouped in $25,000 increments until you reach $150,000+.
For the medical, dental, and vision programs, you can choose one of the following coverage categories:
- Employee Only: if you are single and have no dependents, or if your spouse and/or child(ren) have coverage through another plan, you may want to choose this category.
- Employee Plus Child(ren): if you are a parent with one or more child(ren), or if your spouse has other coverage but you want to cover your child(ren) under your plan, you may want to choose this category.
- Employee Plus Spouse: if you want to cover yourself and your spouse, you may want to choose this category.
- Employee Plus Family: if you want to cover yourself, your spouse and one or more child(ren), you may want to choose this category.
You can choose a different coverage category for each program. For example, if you choose medical coverage just for yourself, you can still choose to cover yourself and your family under the dental program, and yourself and one dependent under the vision program.