Credits cannot be paid out in your paycheck—they must be used for selected benefits. When the total for the selected insurance benefits is less than the amount of credits allocated, the remaining credits are defaulted into a health care flexible spending account or can be designated to a dependent care flexible spending account.
Credits will automatically lower the out of pocket costs for the insurance plans selected, including health, dental, and life insurance. The credits will be reflected in the earnings portion of your paycheck.
General Benefit Credit
Each benefits-eligible employee (faculty, Professional and Scientific, and Merit) will receive a $90 per month, up to $1,080 per year, General Benefit Credit
- Credits may be used to reduce the cost of health and dental insurance, additional life insurance, accidental death and dismemberment insurance, or to fund a flexible spending account.
- Unused credits automatically roll into a health care flexible spending account or can be designated to a dependent care flexible spending account.
Shared Savings Credits
Depending on the choices a faculty or staff member makes, they may be eligible for Shared Savings Credits which they can use in the same manner as the General Benefits Credits.
- Dental Insurance Credit
Individuals who have dental insurance, but are not enrolled in a university dental insurance plan may receive a Shared Savings Credit as an incentive to remain with their current insurance provider. Individuals who elect not to enroll in the university’s dental insurance plan may be provided a $25 per month Shared Savings Credits.
- Double Spouse Credit
Under the Double Spouse Credit benefit, one spouse is the policyholder for both health and dental insurance and the other is covered as a dependent on the policyholder's plans. Electing the Double Spouse Credit will result in little or to no out-of-pocket premium cost depending on which health plan you choose and no cost for the dental plan.
Double Spouse Credit is only a benefit when electing family coverage. If you only need employee and spouse coverage, there is no benefit of enrolling with the Double Spouse Credit as each employee may elect their own single health and dental plan at little or no cost.
- Life Insurance Credit
Individuals whose salary is over $25,000 who elect $50,000 in group life insurance receive an additional $40 per month in Shared Savings Credits.
Waiving Health Insurance
If you waive health insurance through the university and you are not covered under another health plan that provides minimum value coverage, the maximum amount of university credits (General Benefit Credit and Shared Savings Credits) that can roll into a health care FSA is $500 per calendar year. To confirm your plan meets the minimum value standard, check with your plan administrator.
Please note: A spouse or dependent child for whom you seek reimbursement of expenses through the health care FSA must be enrolled in a plan that provides minimum value coverage during the time the expenses were incurred. It is your responsibility to notify University Benefits immediately if your enrollment status in other health insurance changes.