Category: Benefits News

This category is for articles and announcements related to your benefits as an MSU benefits-eligible faculty or staff member.

Winter Is Here, but Have No Fear! Home and Auto Tips for the Wintertime.

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Colder temperatures and snowfall are among us. Have you taken steps to ensure your comfort and safety this winter season? With just a few suggested adjustments, including home and auto insurance coverage through Liberty Mutual and MetLife, you’ll be prepared to handle any weather that comes your way.

Winter Driving Tips:

Have you ever been in a slippery situation? Wintertime driving can leave us feeling like we’re on thin ice—literally! Poor driving conditions account for almost half a million car accidents during the winter months (Federal Highway Administration, 2018). Adjusting your driving in the event of inclement weather can not only save you money, but more importantly your life. Here are five winter driving tips to help keep your money and yourself safe this snowy season:

  1. Make sure your vehicle is insured. MSU offers eligible employees auto insurance plans through Liberty Mutual and MetLife. Enjoy the convenience of having your auto insurance payroll deducted.
  2. Accelerate and decelerate slowly. This can help to prevent your vehicle from losing traction and you losing control of your vehicle in potentially slippery conditions.
  3. Maintain a following distance. During winter months, increase your following distance about eight to 10 seconds, as driving further back allows for additional stopping time. 
  4. Invest in winter tires. Different from your standard tires, winter tires are designed for increased traction on ice and snow. The average cost is about $120; however, that is a small fraction of what you would spend in the event of an accident.
  5. Leave early and drive slowly. One of the key factors of driving safe during the winter season is simply just to slow your driving down entirely. Plan to leave your home much earlier for work and other events to ensure ample time for a safe drive.

Winter Cost Saving Energy Tips for the Home:

It’s no secret that a much colder season is upon us and it can have chilling effects on our wallets. With winter in full swing, we tend to adapt our everyday lives to ensure optimum comfortability. However, a change in the weather does not have to mean a change in the cost of maintaining your home. Here are five winter cost saving energy tips for the home:

  1. Take advantage of homeowner’s insurance. MSU offers eligible employees home insurance plans through Liberty Mutual and MetLife. Enjoy the convenience of having your home insurance payroll deducted.
  2. Utilize the sun. There isn’t nearly as much daylight during the winter season; however, warmth from sunlight can drastically change the temperature of your home. Open the curtains on the south-facing windows of your home to let in some natural light and warmth.
  3. Find and seal any drafts. Common areas such as the cracks around doors and windows let cool air in, making it harder to keep your home warm. Sealing drafts in could lower annual energy costs up to 30% (U.S. Dept. of Energy, 2019).
  4. Use ceiling fans to circulate air. Place your ceiling fan on its lowest setting to circulate the warm air that rises, leaving your home feeling much warmer.
  5. Make sure all vents are open and uncovered. Do a quick check of every room to ensure there aren’t any items blocking your vents. This allows for maximum heat flow, preventing increased costs to heat your home.

For more information on home and auto insurance through Liberty Mutual or MetLife, visit MSU Benefits Plus. You can get a free quote by contacting Liberty Mutual at 888-860-0316 or MetLife at 877-619-5604.

Retirement Planning: 2020 IRS Retirement Plan Contribution Limits

Published on by Megan MacGregor2 Comments

Could you be saving more for your retirement? Whether you’ve just started working at MSU or have been here for 30+ years, it is important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement.

The IRS places limits on how much employees can contribute to a retirement plan each year. The IRS recently announced the retirement plan limits for 2020:

  • The annual employee contribution amount increased to $19,500 from $19,000 for 403(b) and 457(b) plans.
  • The age 50 catch-up contribution amount increased to $6,500 from $6,000 for 403(b) and 457(b) plans.

If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year.

To access this tool:

1. Login to the EBS Portal with your MSU NetID and password.

2. Click the My Benefits tab at the top.

3. Click the Benefit/Retirement tile.

4. Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.

5. Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right.

6. The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.

7. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change.

8. If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll.

9. Make sure to click on Save in the bottom right to complete and save any changes/enrollments.

If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant age 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage.

Learn More About MSU’s Retirement Plans 

The HR website contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.

Consider Enrolling in Critical Illness Insurance During National Critical Illness Awareness Month

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Have you or a family member ever faced a health emergency and wished you were better prepared? Critical illness insurance can alleviate some of the financial burden by giving you a lump-sum of money to help cover unexpected or additional costs in the event of a health emergency. During the Open Enrollment period (October 1-31), benefits-eligible faculty, academic staff and support staff have the option to enroll in critical illness insurance through MetLife.

Outside of the Open Enrollment period, benefits-eligible new hires or newly-eligible employees have 30 days to enroll from their date of hire or date of eligibility.

What is Critical Illness Insurance?

Critical illness insurance works to complement your medical coverage. This type of insurance helps safeguard your finances by providing you with a lump-sum payment when you or an eligible dependent (such as your spouse or child) need it most. In the event your family experiences a health emergency, such as a heart attack, cancer or stroke, your critical illness insurance can help you pay for unexpected medical costs or anything else you may need. The extra cash can help you focus on getting back on track— without worrying about finding the money to cover some of your expenses (MetLife, 2019).  

Watch the video below to learn more about Critical Illness Insurance through MetLife:

What Illnesses Does It Cover?

The following medical conditions are covered under critical illness insurance:

  • Stroke
  • Heart Attack
  • Full Benefit Cancer
  • Partial Benefit Cancer
  • Kidney Failure
  • Major Organ Transplant
  • Coronary Artery Bypass Graft
  • And many more! Find a complete list on the plan summary sheet on the HR website.

Benefits-eligible faculty, academic staff and support staff have now through October 31 to enroll in this optional benefit through MetLife. Find more information and enroll through MSU Benefits Plus.

Note: Individuals enrolled in Critical Illness for the 2022 plan year will continue to be enrolled in the 2023 plan year without any action.

Questions? Learn more about critical illness insurance and other voluntary benefits on the HR website. For questions about enrollment, contact MSU Benefits Plus Customer Care at 888-758-7575. Contact the HR Solutions Center with any additional questions at SolutionsCenter@hr.msu.edu or 517-353-4434.

MetLife (2019). MetLife Critical Illness Insurance provides you cash when you need it most. New York City, NY.

Ready to Use Your Educational Assistance Benefit? Make Sure Your Application is Approved First.

Published on by Megan MacGregorLeave a comment

Have you come across an interesting course or conference that you know would help you grow in your career but aren’t sure how to pay for the registration fees? Remember, if you’re an MSU support staff employee, you have access to Educational Assistance. This benefit offers financial assistance (up to $800) to receive reimbursement for registration fees for credit or non-credit courses that are job-related and from an approved institution/program. Non-credit courses include opportunities such as conferences, workshops, seminars, or trainings. Find more details about your Educational Assistance benefit here.

In order to use the benefit, you must submit an application and be approved prior to the course start date. To make sure you or your department gets reimbursed for the registration fees, you should apply and be approved for educational assistance before you pay any registration fees up front.

Process to Apply for Educational Assistance

  1. Find and Discuss the Course with Your Supervisor: If you find a non-credit or credit course that you’re interested in taking, talk to your supervisor about how it will help you grow in your career. Consider tying the course to one of your Performance Excellence goals.
  2. Submit an Educational Assistance Application Early: If your supervisor agrees that you should take the course, submit an Educational Assistance application via the EBS Portal. Login to the portal, click on My Career and Training, click the Educational Assistance System tile, then select the correct application type from the Apply tab in the top navigation. Please note the following:
    • Credit Courses: submit an application 60 days prior to the first day of the course for MSU credit courses or 30 days prior to the first day for all other credit courses.
    • Non-Credit Courses (training, conferences, etc.): submit an application 30 days prior to the first day of the course.
  3. Supervisor Reviews Application: Your application will be sent to your supervisor for approval. You will receive a confirmation email after they approve your application. The application is then sent to MSU Human Resources (HR).
  4. MSU HR Reviews Application: Your application will be reviewed for final approval. You will be notified within 15 days (after receipt of application to MSU HR) if the request has been approved or denied. 

How to Receive Reimbursement

After your application is approved, you’re all set to attend your course! After you finish your course, you’ll need to submit documents to receive reimbursement. You can find more details about Educational Assistance reimbursement for a credit course or non-credit course on the HR website.

Please note: you do not need to submit an Educational Assistance application for courses offered by HR Organization and Professional Development.

Questions? Find more Educational Assistance information on the HR website. Contact the Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434 with any further questions.

graphic representing medical care

Thinking about your 2023 benefits options? Consider the Consumer Driven Health Plan with Health Savings Account.

Published on by Megan MacGregorLeave a comment

This article was updated in 2022 with information for the 2023 plan year.

As you think about the best benefits options for you and your family for the 2023 plan year, we encourage eligible employees to look at the Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) option. If you do not anticipate having a lot of health care needs for the 2023 plan year and are looking for a sound strategy to save for your retirement health care, this plan may be the most cost-effective option for you.

This health plan is currently only available to faculty, academic staff, executive management, POAM, and non-union support staff with an employment percentage equal to or greater than 50% and an appointment for nine months or more. You may also enroll your benefits-eligible dependents.

About the Consumer Driven Health Plan

While you pay a deductible ($2,000/single and $4,000/ family) first before the plan pays medical and prescription benefits, preventive care and certain generic medications for chronic conditions (asthma, cholesterol, diabetes, and anti-hypertensives) are 100% covered with no deductible or co-pays when using an in-network provider. Review the Health Plan Coverage Summary in the applicable Open Enrollment guide to anticipate your annual costs under this plan – you may find that most of your annual medical costs are 100% covered:

This plan limits the maximum amount you pay for any covered services in a year to $3,000/single and $6,000/ family using in-network providers. After expenses reach this amount, you do not have to pay for any other health care costs for covered services, including prescription drugs.

About the Health Savings Account

Along with the CDHP, you should enroll for the HSA— not to be confused with the Health Care Flexible Spending Account (HCFSA)—during Open Enrollment in October. MSU contributes up to $750 to the HSA each year (prorated by employment percentage) and you may add funds to the HSA tax-free. You can use these HSA funds to pay for any eligible medical expenses or doctor visits you do incur.

Note: If you do not enroll in the HSA during Open Enrollment, you will lose MSU’s contribution.

These contributions are triple tax-free! You make contributions pre-tax, your account balance earns interest tax-free, and your distributions are tax-free if they are used for eligible medical expenses. Do you have an existing HSA from a previous employer? You can add those funds into your new HSA. The money in the HSA is yours to take with you – even if you leave MSU for a different employer or retire. In fact, investing in your HSA now to use in your retirement is a sound strategy to fund your medical expenses in retirement.

How much should you contribute to an HSA?

It can be difficult to plan for health-related expenses, especially when taking unforeseen expenses into consideration. With HSA’s, however, figuring out how much to contribute is rather simple — as much as you can within IRS contribution limits.

The current 2022 IRS contribution limits are:

  • $3,650 for single
  • $7,300 for family

The 2023 plan year IRS contribution limits are:

  • $3,850 for single
  • $7,750 for family
  • And those 55 or older can contribute even more

Remember, any funds you don’t use immediately earn interest tax-free and can be used by you and your dependents for medical expenses incurred in retirement.

It might make you feel uneasy to contribute as much as you can, but when you consider the tax savings and retirement benefits, it feels more realistic.

Questions? Learn more about the CDHP with HSA plan on the HR website. Also, consider participating in the MSU Benefits Fair or an HR Site Lab in during Open Enrollment in October to ask us questions about this health care plan. Please note: the HR building is not available for drop-ins.

The Solutions Center is available to answer questions via phone or email. In-person assistance is available by appointment only. Email:SolutionsCenter@hr.msu.edu
Phone: 517-353-4434
Toll Free: 800-353-4434

Get in-person assistance for your Open Enrollment questions!

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The MSU Benefits Open Enrollment period is around the corner. Benefit-eligible employees can enroll in, change or cancel benefit selections from Oct. 1-31. Is this your first time participating in MSU’s Open Enrollment and you’re not sure where to start? Or have you done this before but have some questions you just want a real-life person to help with?

Either way, MSU HR has a number of opportunities for you to get in-person assistance during the Open Enrollment period.

Benefits Fair

Stop out to the MSU Benefits Fair to talk with knowledgeable HR staff and benefit vendors. The fair will be held at the Breslin Center on:

Tues., Oct. 8, 2019
Noon – 7 p.m.

Wed., Oct. 9, 2019
7 a.m. – 5 p.m.

You can check out more information on which vendors will be at the fair, as well as info about parking, flu shots and chair massages on the HR website.

Site Labs

MSU HR will host site labs throughout the month of October where you can stop in and work with HR staff to get your questions answered. Site labs will be held at the Nisbet Building (1407 S. Harrison Road, East Lansing) on:

Fri., Oct. 4, 2019
8 a.m. – 5 p.m.

Tues., Oct. 22, 2019
8 a.m. – 5 p.m.

Mon., Oct. 28, 2019
8 a.m. – 5 p.m.

Thurs., Oct. 31, 2019
8 a.m. – 5 p.m.

You can check out more information on the site labs, including parking info on the HR website.

If you miss one of these opportunities, the MSU HR Solutions Center team is always happy to assist. Stop by the Nisbet Building, Suite 110, Mon. through Fri., 8 a.m. – 5 p.m. or contact 517-353-4434 or SolutionsCenter@hr.msu.edu. Make sure to get your questions answered and feel confident in your benefit selections for 2020!

Give your children a healthy start for back to school with VSP Vision

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August is National Eye Exam Month! As you’re getting ready for back to school, don’t forget to schedule annual eye exams for your kids. Are you an MSU benefit-eligible employee? Are you enrolled in VSP Vision Care for 2019? Then you have access to coverage for everything from the annual eye exam to new prescription glasses. Make sure your family starts the new school year right with a healthy vision!

According to VSP Vision studies show that 84% of parents agree that regular eye exams help their kids in school, but they often wait until their child complains to make an eye doctor appointment. Getting an eye exam before school starts can help your child start the school year off right.

And while you might be soaking up those last moments of summer, keep this in mind:  your eyes can get sunburned. After being in the sun all summer long your eyes can get damaged from the sun. The best way to protect your eyes is by wearing sunglasses while outside. An eye exam can see if your eyes were damaged by the sun and consider the next steps to take care of them.

Whether or not you’ve already used your coverage for your annual eye exam or prescription, you can start planning ahead for next year. MSU Benefits Open Enrollment starts October 1, which makes now a great time to start thinking about what you might need for vision insurance next year and make sure you pick the plan that’s right for your family’s needs. VSP Vision Care offers two different plans – standard and premium. You can check out the benefits of both plans here. Note: Information is currently based on the 2019 plan year; check back in October for updated information for 2020.

For more information on VSP Vision Care, visit MSU Benefits Plus.