Life Insurance
Basic Life Insurance - The employer provides $3,000 group term life and accidental death and dismemberment coverage to all eligible employees under age 70 and $1,500 to eligible employees age 70 or older at no cost if you are enrolled in a health plan offered by the state.
Optional Life Insurance - New employees can elect coverage in $10,000 increments up to three times your basic annual earnings without providing medical evidence of good health. You can select a higher benefits level in increments of $10,000 up to a maximum of $500,000 by providing medical evidence of good health. The state's Optional Life Insurance rates are on the following website: http://www.eip.sc.gov/publications/2012ACTIVERATES.pdf
Dependent Life Spouse - If you are currently enrolled in Optional Life, you may cover your spouse in increments of $10,000 for up to 50 percent of your Optional Life coverage or $100,000, whichever is less. Medical evidence of good health is required for coverage amounts greater than $20,000. Premiums are the same as the Optional Life premiums, based on the employee's age.
Dependent Life Child - You can cover your eligible dependent children for $15,000. Medical evidence is not required for child coverage even if late entrant. The monthly premium is $1.24 regardless of the number of children covered.
Long Term Disability Insurance
Basic Long Term Disability (BLTD) is provided at no cost when you are enrolled in the state group health plan of your choice. If approved, 90 days from the onset of a disability BLTD provides a benefit of 62.5 percent of monthly base earnings, less certain offsets, up to a maximum benefit of $800 per month.
Supplemental Long Term Disability (SLTD) is a voluntary, employee-pays-all program. This benefit pays 65 percent of gross monthly salary, with certain offsets, up to a monthly maximum of $8,000. If offsets exceed 65 percent of monthly income, the plan will pay a minimum of $100 per month. See the following link to view the plan options and see the rates: http://www.eip.sc.gov/publications/2012ACTIVERATES.pdf
MoneyPlu$
You can get more out of your paycheck with MoneyPlu$, a flexible benefits program.
Pretax Group Insurance Premium Feature - You may elect to enroll in the plan that allows you to pay your payroll deducted health plan, dental plan and Optional Life (for coverage up to $50,000) premiums before taxes are taken out of your paycheck. This means you do not have to pay taxes on the dollars you use to pay these premiums. The monthly administrative fee for deducting medical, dental and Optional Life premiums before taxes is $0.28, which is deducted from your paycheck before taxes are deducted.
Dependent Care Spending Account - This allows you to pay for dependent-care expenses with your pretax income. You may set aside up to $5,000 annually to pay your dependent-care expenses. The monthly administrative fee is $3.50, which is deducted from your paycheck before taxes are deducted. You may enroll within 31 days of your date of hire. You must, however, re-enroll during the enrollment period (October 1-31) to continue for the next plan year.
Medical Spending Account - To be eligible for the Medical Spending Account, you must have completed one year of continuous state service by January 1 following an enrollment period. With this feature, you may set aside up to $5,000 annually to pay for your and your family's out-of-pocket medical and dental expenses. The monthly administrative fee is $3.50, which is deducted from your paycheck before taxes are deducted. Enrollment and re-enrollment must be done during the enrollment period (October 1-31) for the next plan year.
Health Savings Account - The HSA is available to subscribers enrolled in the SHP Savings Plan and can be used to pay healthcare expenses. Unlike money in a MoneyPlu$ Medical Spending Account, the funds do not have to be spent in the year they are deposited. Money in the account accumulates tax free, so the funds can be used to pay qualified medical expenses in the future. An important advantage of the HSA is that you own it. If you leave your job, you can take the account with you and continue to use it for qualified medical expenses. The montly adminstrative fe is $2.50.
http://www.eip.sc.gov/publications/2012ACTIVERATES.pdf For more information on these MoneyPlu$ programs, visit the EIP website:
