The state will now pay 100% of the premiums for employee basic term life/basic accidental death and dismemberment insurance (just the employee).

Basic Term Life: New in 2024! Designated beneficiaries will receive 1X the employee’s base annual salary rounded to the next highest thousand ($50K minimum/$250K maximum, except when reduced at age milestones). You may opt to decrease your coverage to $50,000 to avoid imputed income, as outlined in IRS Publication 15B.

Basic AD&D: Employee coverage will be 1X basic term life insurance coverage. Your basic term  life/basic AD&D coverage amounts decrease at age  65 and over.

IMPORTANT!

Dependent basic term life/basic AD&D coverage
will end after Dec. 31, 2023. You may be able to enroll your dependents in voluntary term life and/or voluntary AD&D insurance if you wish. See voluntary term life and voluntary AD&D sections for more information. 

• Spouses losing the $3,000 of basic term life coverage can choose to enroll for voluntary spouse term life in the amount of $5,000 without answering health questions (guaranteed issue). Voluntary child term life insurance in the amount of $5,000 or $10,000 can also be added to an employee or spouse’s voluntary term life certificate without answering health questions.
• Employees enrolled in voluntary AD&D insurance can add dependent coverage.

For more information about life insurance, please visit Securian's website. The Benefit Scout link will help you determine which coverage works best for you and your family.

For more information about life insurance, please visit Securian's website. The Benefit Scout link will help you determine which coverage works best for you and your family.

Visit this site for more information about the State's life insurance options.

• 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:

• 2024 Premiums
• BlueCross Blue Shield Medical Network Options
• Cigna Medical Network Options

New in 2024! The University will pay one-half of dental coverage premiums.  Vendors are NOT changing.

Cigna premiums will increase by 2.5% and Delta Dental premiums will increase by 1%.

• 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.

No changes for 2024

• All employees are encouraged to review their selections in Edison.
• If adding or 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]

You can buy voluntary term life insurance for yourself, your spouse and your children. This insurance is in addition to the employee basic term life insurance provided to you at no cost (mentioned above).

Premiums will stay the same in 2024.

Enhanced enrollment opportunity! Employees can:

• Enroll in or increase voluntary term life coverage in $5,000 increments up to an additional $50,000, not to exceed a new total of $500,000 or five times base annual salary, whichever is less, effective January 1, 2024, without answering medical questions.
• Apply for additional coverage over  the $50,000 offered above and the overall guaranteed issue maximum by completing an Evidence of Insurability application (supplied by the State after you apply).

• Voluntary spouse term life insurance:
  Spouse currently enrolled in basic dependent term life 
  and not enrolled in voluntary spouse term life insurance 
  can enroll in $5,000 of coverage to replace the loss of the basic dependent term life coverage without answering  medical questions.
  • Spouse may also apply for additional coverage by 
    completing an Evidence of Insurability application, not to exceed plan maximums*.
• Spouse currently enrolled in voluntary term life coverage can increase existing coverage by $5,000 without  answering medical questions; not to exceed the plan maximums*.
• Spouse losing basic term life coverage who is enrolled 
  in voluntary term life and not eligible for a guaranteed 
  issue increase of voluntary term life due to meeting plan 
  maximum* may convert basic term life coverage to an 
  individual, whole life policy.
• Spouse not enrolled in basic term life/basic AD&D or 
  voluntary term life coverage* may apply for voluntary term life coverage by completing an Evidence of Insurability application. 
  
  *Spouse Voluntary Term Life Plan Maximums
  $30,000 if under age 55
  $15,000 if age 55 or older
  
  
• Your voluntary term life monthly premium and/or your 
  spouse’s monthly premium could go up if you and/or your spouse increase the life insurance amount or move into a higher age bracket as of Jan. 1.

  ---

• Voluntary child term life insurance:
  An employee or spouse who is already enrolled or who will enroll may add or increase a child term rider in the amount of $5,000 or $10,000. Only the employee or spouse may have a child term rider attached to his/her certificate.
• An employee with a child losing basic term life coverage may convert the lost coverage to an individual, whole life policy if the child term rider attached to the employee or spouse’s voluntary term life certificate is already at the maximum coverage of $10,000.
• Find the full list of 2023 life insurance premiums by clicking on Premiums and going to Life Insurance Premiums – State Plan Only.
• Find life insurance information by clicking on Life or 
  securian.com/tn-insurance.

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: securian.com/tn-insurance

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).

No changes for 2024

• 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.

Employees may still select a coverage level based on salary to a choice of these five amounts: $50,000, $60,000, $100,000, $250,000 or $500,000.

Guaranteed coverage; no health evaluation needed.

No changes for 2024

• 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.

Eligible state and higher education employees will be automatically enrolled in long-term  disability option 3, and the University will pay 100% of the  premiums.

Vendor change from Reliance Standard to MetLife.

• Employees who use this benefit will receive 63% of their monthly salary*, up to 10K per month, following a 90-day waiting period. (*The maximum covered monthly salary is $15,873.02.)
• All eligible employees will automatically be defaulted into LTD option 3 in Edison for coverage effective on Jan. 1, 2024. This is guaranteed issue coverage and employees won’t have to answer medical questions.
• Coverage cannot be waived because it is 100% employer 
  paid.
• LTD coverage options 1, 2 and 4 are also available, but 
  employees are responsible for 100% of the premium. 

More details for employees who are currently off work on an LTD claim, what happens if you file a claim in 2024, tax implications and how time enrolled in current state or higher education LTD plans apply are available on the Disability webpage.

Flexible Benefits

• Medical FSA
• Dependent Care FSA
• Limited FSA

• Medical FSA:
  For medical, dental and vision expenses
  Annual limit – $3,050
  You can carry over a maximum of $610 at the end of 2024.
• Dependent Care FSA:
  Annual limit - $5,000 (same as in 2023)
• Limited-purpose FSA:
  For dental and/or vision expenses only and members enrolled in a Consumer-driven Health Plan.
  Annual limit - $3,050
  You can carry over a maximum of $610 at the end of 2024.

• 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 2024 will remain Optum Bank. 

Health Savings Accounts (HSA)

**ONLY FOR USE WITH CDHP HEALTH PLANS**

HSA IRS maximum contributions for 2024 are  increasing. There are limits on how much money you can put in your HSA each year:

• $4,150 for employee-only coverage in 2024
• $8,300 for all other family tiers in 2024
• 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 2024 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.