NEW EMPLOYEE
Congratulations on your new job! You'll be pleased to know that your employer offers an excellent benefits package. And it is our privilege at Deseret Mutual to administer many of these benefits for you.
Unlike traditional insurance companies that worry about profits and risk, Deseret Mutual is a privately-owned, non-profit trust that works as your partner in improving your health and financial well-being.
Your employer will give you some materials explaining the benefits we offer. But we wanted to take this opportunity to answer some of the questions you may have regarding your new insurance coverage and benefits.
THINGS TO CONSIDER
• If you already have health insurance through a spouse or some other source, you may want to consider also signing up for the BasicCare medical plan. When you use Deseret Mutual contracted providers, BasicCare should pick up most of the costs not covered by your other insurance. You’ll receive valuable dental coverage, as well. However, make sure you’re aware of BasicCare’s limitations before you enroll.
Checklist
Obtain and review the your Benefits Handbook, medical plan comparison, and Your Benefits (new-hire orientation booklet)
• If your spouse or child has health problems, we offer a guaranteed Supplemental Group Term Life (SGTL) insurance amount of $3,000. To qualify, enroll your dependent within your first 30 days of eligibility.
• Before you sign up for the Thrift Plan, decide whether you want to contribute with before-tax or after-tax money (or a combination). The Paycheck Calculator, a financial planning tool found in the Savings area of our Web site, can help. This tool allows you to estimate what your take-home pay will be as you experiment with after-tax and before-tax scenarios.
• Also, before you enroll in the Thrift Plan, decide how you want to invest your money. If you’re not sure, use our pre-set mixes that can make investing easier for you. Or, call us to speak with one of our financial planners.
• Do you wear contacts or glasses? Does your family go to the dentist each year? Do you take medications on an on-going basis? Do your children need braces? Do you have children in day care? The FSA program may save you hundreds of dollars in taxes each year! Review your Benefits Handbook for more information.
• It can be very expensive to have a spouse, parent, or other loved one living in a long-term care facility. In fact, average costs in the U.S. now run over $66,000 per year! Consider MetLife’s Long-term Care insurance program that can provide valuable insurance and help protect your retirement assets for the future. MetLife will guarantee coverage on employees who enroll within 90 days of their hire date. However, if you want to enroll a spouse or parent, etc., they will have to meet certain health standards to be eligible.
FREQUENTLY ASKED QUESTIONS
Q. Can I roll my 401(k) from my previous employer into the Thrift Plan?
A. Probably. Call our savings department for information about 401(k) rollovers.
Q. How do I choose the best medical plan for my needs?
A. Take a few minutes to review the Benefits Handbook and medical plan comparison. We also recommend you review our listing of contracted providers. These materials should give you most of the information you need to make a decision that’s right for you. Make sure you don’t base your decision solely on the monthly cost or premium of the medical plan.
Q. Why is the BasicCare premium so low?
A. BasicCare covers most major medical expenses at 70 percent, which means you pay 30 percent of the bill for things like surgery, hospitalization, maternity, and other services. In addition, BasicCare does not cover some services that are covered by the other medical plans such as routine eye exams, speach therapy, etc. And the dental benefits are not as generous as those in the other health plans.
Q. How often can I switch from one medical plan to another?
A. Generally, you can change plans each fall during Open Enrollment. Changes take effect on January 1 of the following year. The one exception is BasicCare. When you sign up for BasicCare, you cannot switch to another medical plan until after you’ve been enrolled for a minimum of two, full calendar years. (For example, let’s say you were hired in March of 2004 and signed up for BasicCare. You would need to remain enrolled in BasicCare for the rest of 2004 and all of 2005 and 2006.)
Q. How do I find out which health providers are contracted?
A. If you enroll in one of Deseret Mutual’s medical plans, you can find a list of contracted providers. If you enroll in one of our contracted HMOs such as Kaiser, PacifiCare, etc., contact the HMO for provider information.
Q. Do I need to use a contracted dentist?
A. You may use any dentist you like. However, when you use a contracted dentist you are financially protected from dentists who may charge more than Deseret Mutual’s maximum allowable charges.
Q. What happens if I don’t sign up for the medical insurance during my first 30 days?
A. Generally, if you fail to sign up for health insurance during your first 30 days, you must wait until Open Enrollment to enroll for the coming year. However, if you decide not to sign up because you have insurance through your spouse, etc., you can waive our medical coverage now, with the option to sign up later if you lose your other insurance. Other exceptions may apply, so contact our membership department for more information. We strongly encourage you not to waive your life and disability insurance. If you have not enrolled yet, enroll now.
This information is provided as a service to help you make informed decisions. Nothing in this information should be considered legal, financial, investment, or medical advise. For a complete description of the plans. please refer to your Benefits Handbook. As with any major life event, you should consult with qualified prefessionals of your choice who can provide you with appropriate counsel and advise.
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