52 FINANCIAL WELLNESS • The IRS allows employees to receive employer-paid life insurance up to $50,000 tax-free. If your basic life insurance amount is greater than $50,000, IRS regulations require a tax on “imputed income” for the premium cost of the coverage amount above $50,000. It is important to note that you are not taxed on the additional amount of insurance above $50,000. You are only taxed on the cost of providing that amount of coverage. Imputed income is usually a relatively small amount. • If you and your spouse are both employed by Scripps, you may cover yourself under employee life and AD&D or your spouse may cover you under spouse life and AD&D. Employees may not be covered as both an employee and a spouse. Basic and supplemental life and AD&D insurance will decrease to a 65 percent benefit at age 65. Your basic life insurance will decrease to 50 percent at age 70 and will terminate upon retirement. Dependent Life and AD&D For Your Spouse or Registered Domestic Partner Spouse life and AD&D insurance offers you financial protection in the event of your spouse or registered domestic partner’s death. The plan works the same as the employee life and AD&D insurance, except you are the beneficiary. Quick Facts ELIGIBILITY/ENROLLMENT • F ull-time and part-time benefit-eligible employees are eligible the first of the month following 60 days of employment; must enroll within 60 days of hire • D epartment Directors and above, Fellows and Residents are eligible the first day of employment; must enroll within 31 days of hire OPTIONS • 0.5x to 2.5x your annual base pay up to $200,000 • E vidence of Insurability will be required if you do not request coverage when first eligible or wish to increase coverage more than 1 level during Open Enrollment. OPEN ENROLLMENT/MID-YEAR CHANGES • Current employees can make changes during the Open Enrollment period or within 31 days of a Qualifying Life Event • Enroll or make changes online using the benefits web enrollment system RESOURCES • ScrippsConnect.org: Life and AD&D Summary Plan Description • Scripps HR Service Center – 858-678-MyHR (6947): to report a Qualifying Life Event during the year, submit a claim, or general questions How It Works If your spouse (husband, wife, or registered domestic partner as defined by California law) should die, or suffer the loss of life or limb due to an accident, a lump sum benefit would be paid. You are automatically considered the beneficiary for spouse life and AD&D. AD&D coverage pays a benefit to you in case of your spouse’s or registered domestic partner’s accidental death. It also pays a reduced benefit in the event of a serious accident involving the loss of a limb or eyesight. AD&D benefits are paid in addition to any spouse life insurance amount. You may elect coverage for your spouse from 0.5x to 2.5x your salary amount in 0.5x increments, to a maximum of $200,000. Evidence of insurability is required if you do not enroll your spouse or registered domestic partner when first eligible or wish to increase coverage by more than 1 level during Open Enrollment. You pay the full cost of
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