814.1 Insurance

Created by: Dana Trebing on 03/01/2005
Category: 8 - Human Resources; 10 - Benefits/Services
 
Originator: Director of Human Resources
Current File: 814.1
Adoption Date: 03/21/2017
Reviewed for Currency: 03/21/2017
 
Replaces File: 814.1
Date of Origin: 05/10/1977
 
Classification: Faculty
 
In Archive? 0


814.1 Insurance

 

A. Background

Faculty, administrators, and support personnel share in the university insurance programs which insure members of the community against illness, injury, disability, and death.

 

B. Policy

All benefits eligible personnel (30 or more work hours per week for at least 39 weeks worked per year) and eligible dependents may participate in the university group insurance programs. Details concerning the coverage and participation in the insurance programs may be obtained in the Human Resources Office.

 

C. Guidelines

1. Medical Insurance: All eligible individuals have medical and prescription coverage based on the schedule of benefits outlined in the summary plan document and benefits guide available in the Office of Human Resources and on its web page. Furman University and the individual share the cost of the premium.

2. Life Insurance: All eligible individuals are covered in an amount equal to one and one-half times annual earnings rounded to the nearest $1000. Maximum coverage is $400,000. Furman University covers the costs of the individual life insurance premium.  Dependent life coverage is also available in the amount of $10,000 for each eligible dependent.  Furman University covers fifty percent of the cost of the dependent life premium.

3. Long Term Disability (LTD): The university requires all benefits eligible personnel (30 or more work hours per week for at least 39 weeks worked per year) to purchase long term disability coverage.  The eligible individuals are responsible for the full cost of the premium.

4. Personnel may select optional benefit plans including dental, vision, supplemental life and accidental death & dismemberment (AD&D), medical and/or dependent care flexible spending accounts and other voluntary coverages.  These plans are offered with no university participation in premiums.

5. Details for participation in these insurance programs and optional insurance programs are explained to each eligible person upon employment.

6. The portions of premiums paid by the individual are deducted from each payroll check.

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