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Annual Benefits Open Enrollment Period

**The information below is subject to change prior to the open enrollment period beginning.**

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Benefit What's Changing for 2023 Action Required Special Notes
Basic Term Life Insurance and Accidental Death & Dismemberment (AD&D)

For all eligible employees, basic term life insurance coverage will be 1.5 times the employee’s base annual salary as of Sept. 1 of each year, even if the employee is not enrolled in health insurance, to a maximum of $50,000.

The calculation to determine the employee’s level of basic term life insurance coverage will be rounded up to the next $1,000. For example, if the result of calculating 1.5 times the employee’s annual salary is $40,125, the result will be rounded up to $41,000 of basic term life coverage. The basic AD&D coverage will continue to be two times the basic term life coverage, up to $100,000.

For more information about premiums, please visit the Annual Enrollment Newsletter starting on Page 11.

IMPORTANT!

  • ALL benefits-eligible employees will now be enrolled in FULL coverage (state-funded and employee-funded amounts) regardless of whether they are enrolled in the state's health insurance plans.
    You can enroll your eligible dependents in basic term life/basic AD&D regardless of group health enrollment status, but dependents must be manually added in Edison during Open Enrollment; they are not automatically enrolled.
  • The state-funded portion of this coverage includes $20,000 in basic term life insurance for the employee only and $40,000 in basic accidental death and dismemberment insurance for the employee only. Dependents are covered at $3,000 in basic term life.
  • Employees can opt out of the employee-funded basic term life insurance coverage over $20,000 and basic AD&D coverage over $40,000 along with dependent coverage. To do this the employee MUST decline this coverage in Edison during Annual Enrollment.
  • This is a permanent choice. Employees should make this decision with caution. Employees who opt out of this additional coverage may not re-enroll in the employee-paid coverage (the amount above what the state pays) and dependent coverage unless they later have a qualifying event.
  • This helpful video further explains the basic life and AD&D options.
Health Insurance General price increases
  • All employees are encouraged to review their selections in Edison.
  • If not making changes, no further action is required.
  • If making changes, complete them in Edison.

The following helpful videos may assist you in deciding which health insurance plan may be right for you:

Dental Insurance

No changes

  • All employees are encouraged to review their selections in Edison.
  • If not making changes, no further action is required.
  • If making changes, complete them in Edison.
  • If selecting the Cigna Prepaid as a new plan, you must notify Cigna of your choice of accepted providers. Do so via the Prepaid Plan Primary Care Dentist Selection Form.

 

Vision Insurance

Vendor change from Davis Vision to EyeMed; increase in premiums

  • All employees are encouraged to review their selections in Edison.
  • If not dropping vision coverage altogether, all employees will automatically be transferred to the EyeMed provider at the level (basic or expanded) they had previously.
  • If making changes between basic and expanded plans, complete them in Edison.

This helpful video may assist you in deciding whether to take this coverage.

EyeMed Handbook [PDF]

Voluntary Term Life Insurance
  • Voluntary term life employee and spouse premium rates will be lower for active employees in 2023.
  • Newly eligible spouses can enroll within 30 days of first becoming eligible in $5,000 of coverage without answering medical questions. This does not apply to current spouses.
  • Voluntary term life child rider premium rates will be lower.
  • Employees will no longer pay a monthly administrative fee.
  • Enrolled employees will have an opportunity during Annual Enrollment to increase coverage by $5,000  without answering medical questions as long as the total coverage will not exceed the employee’s maximum allowed guaranteed coverage. Eligible employees will receive a notice in the mail or they can log in at lifebenefits.com/stateoftn.
  • Your monthly premium could go up if you increase your life insurance amount or you move into a higher age bracket as of Jan. 1.
  • If you are currently enrolled and are eligible for a guaranteed issue increase, information has been mailed to you.
  • If you and/or your dependent spouse are not presently enrolled, you will be required to present evidence of insurability through a health questionnaire.
  • We’ve created a PDF that shows members the Employee coverage selection process. Eligible members who want to increase their voluntary term life insurance coverage will:
    • Login,
    • Go to the Enrollment Hub and next to Term Life, select Make Changes
    • On the Enrollment coverage selection page, the member will make their selection to increase their coverage. If an increase over $5,000 is selected, Evidence of Insurability will be required. Members can contact Securian Financial with questions.

All new enrollments and increases in coverage will be subject to approval with a health questionnaire.

Contact information:
Securian Financial (Minnesota Life)
Phone: 1.866.881.0631, Monday - Friday, 7-6 CT
E-mail: lifebenefits@securian.com 
Website: lifebenefits.com/stateoftn 

FIRST-TIME ENROLLMENTS
• Enroll through the Securian website.
• Your User ID is the letters TN plus your Edison ID number*. For example, if your Edison ID was 12345678, your ID would be TN12345678.

Your initial password is your 8-digit date of birth (MMDDYYYY) plus the last four digits of your Social Security Number.

(*Your Edison ID number can be found on your Caremark card or can be obtained from Human Resources by calling 678.3573 or e-mailing hrservicecenter@memphis.edu).

Voluntary Accidental Death and Dismemberment
  • Employee coverage will change from a coverage
    level based on salary to a choice of these five amounts: $50,000, $60,000, $100,000, $250,000 or $500,000.
  • Dependent enrollment will be on a coverage tier
    basis [spouse only, spouse + child(ren), or child(ren) only] instead of generic family coverage. Dependents may be dropped or added for this coverage via Edison.
  • Employee premium rates will increase for 2023. Dependent premium rates will be per $1,000 of total dependent coverage, instead of per family unit. 
  • All employees are encouraged to review their selections in Edison.
  • If not making changes, no further action is required.
  • If making changes, complete them in Edison.
Guaranteed coverage; no health evaluation needed.
Short-Term Disability

Nothing

  • All employees are encouraged to review their selections in Edison.
  • If not making changes, no further action is required.
  • If making changes, complete them in Edison.

This helpful video may assist you in deciding whether to take this coverage.

Long-Term Disability

Vendor change from Lincoln Financial to Reliance Standard; premiums will decrease

Existing members with LTD thru Lincoln Financial will be automaticaly transferred to Reliance Standard during Open Enrollment. New LTD signups will be available during a separate open enrollment period coming in Spring 2023.

The 2023 vendor will change to Reliance Standard. The UofM does not use the State-sponsored long-term disability vendor and therefore this section will not appear in Edison for UofM employees.

Flexible Benefits

  • Medical FSA
  • Dependent Care FSA
  • Limited FSA
  • Medical FSA:
    For medical, dental and vision expenses
    Annual limit – $2,850
    You can carry over a maximum of $570 at the end of 2023.
  • Limited-purpose FSA:
    For dental and/or vision expenses only and members enrolled in a Consumer-driven Health Plan.
    Annual limit - $2,850
    You can carry over a maximum of $570 at the end of 2023.
  • These elections are for a calendar year. You must make these elections every year via this link.
  • Enroll online here. Paper enrollment is not available.
  • If you are setting up a new account, when prompted for the employer ID, the ID is 141056.

Our vendor for FSA/HSA in 2023 will remain Optum Bank. 

 

Health Savings Accounts (HSA)

**ONLY FOR USE WITH CDHP HEALTH PLANS**

HSA IRS maximum contributions are increasing in 2023. There are limits on how much money you can put in your HSA each year:

  • $3,850 for employee-only coverage in 2023
  • $7,750 for all other family tiers in 2023
  • Members 55+ can add $1,000 more each year

These limits include the $500 or $1,000 you receive from your employer and any wellness incentive funds you may earn and add to your account.

CHDP Plan member should complete a 2023 HSA Authorization Payroll Deduction Form if you would like to contribute monies to your HSA.

Enrollment form must be submitted to Human Resources in 165 Administration Building.

For new enrollees, Optum Bank will mail your instructions about how to set up your HSA account in early December.

Sick Leave Bank

No changes

Complete sick leave bank enrollment form if you would like to join.

Can enroll any time of year; not subject to annual enrollment period.