March 1, 2016
CAPS Collaborative offers an Individual and Family health insurance option through the Best Buy HMO Plan with Harvard Pilgrim Health Care (HPHC.) The Collaborative funds 75% of the health insurance premium, leaving 25% to be covered by the employee pre-tax through a payroll withholding. The monthly premium for employees is as follows:
Individual Plan $156.04 per month(annual premium divided over 22 paychecks)
Family Plan $411.32 per month(annual premium divided over 22 paychecks)
The plan offered is a High Deductible Consumer Driven Health Plan (CDHP.) All doctor appointments, diagnostic tests, prescription drugs, hospital visits, etc. are all applied to the deductible. Once the deductible is satisfied, medical appointments are covered 100% and prescriptions go to a 5 step co-pay plan. The Collaborative funds 50% of the deductible through quarterly deposits into the employees Health Savings Account run by Health Equity on our behalf. The plan deductibles are as follows:
Individual Deductible $2000.00
Family Deductible $4000.00
Funding 1/2 of the deductible, CAPS deposits $1000.00 per individual plan and $2000.00 per family plan annually into the employees HSA. Employees also have the opportunity to contribute to their HSA in addition to the employer contribution pre-tax through a payroll withholding. These withholdings are subject to federal contribution limits adjusted annually. To be eligible for an HSA, employees cannot be enrolled in Medicare, have any additional health coverage or be claimed as a dependent on someone else’s tax return. Employees ineligible for an HSA but still want health insurance coverage through the Collaborative will be placed on an Health Reimbursement Account (HRA) Plan. Premium and deductible percent contributions by CAPS remain the same but the deductible is subject to HRA regulations.
Health Insurance benefits are available upon date of hire, open enrollment (which takes place once a year during February) or following a qualifying event. Employees must work 20 hours or more per week to be eligible. If not participating in CAPS health insurance plan, you must list the plan you are enrolled in and who carries it on the Enrollment/Waiver Form.
Short Term, Long Term & Life Insurance
CAPS Collaborative offers Short Term Disability, Long Term Disability Insurance, and Life Insurance. These benefits are available upon meeting the eligibility requirements: Minimum 20 hours per week, and a waiting period of 3 months with continuous active employment.
- Short Term Disability benefits begin after 14 day elimination period and can last for a maximum 6 months. This plan provides a benefit up to 60% of an employees daily wages with a maximum of $5,000 per month. The remaining 40% of an employee’s wages can be back filled through payroll at the employer’s discretion if the employee has eligible sick hours. CAPS Collaborative pays the full cost of this plan’s premium on the employee’s behalf.
- Long Term Disability begins after a 180 day (6 month) elimination period. This plan provided a benefit of 60% of an employee’s monthly salary with a maximum of $5,000 per month. CAPS pays the full cost of this plan’s premium through an Employee Gross-Up. The employee premium cost is added to their overall pay to be taken out after tax and applied toward their coverage. This allows CAPS to cover the cost of the premium but eliminates the taxation of the disability benefit should it be needed by the employee.
- Life Insurance is equal to an employee’s annual salary with a maximum of $50,000. CAPS Collaborative pays the full cost of this plan’s premium on the employee’s behalf.
CAPS Collaborative offers an employee paid 403(b) retirement investment plan by a pre-tax payroll withholding. There is no minimum amount to invest and can be adjusted annually. Accounts are managed by Edward Jones and invested through Mutual of Omaha. Contributions are completed by CAPS on the employee’s behalf through their payroll withholding.
Voluntary Vision, Life, & LTD
Employee paid additional insurance is also available on a voluntary basis. These include Vision Insurance and Life and AD&D for employees and family members.
Employee paid supplemental insurance (Dental, Short Term Disability, Life, Accident, Cancer, etc.) is also available as a payroll withholding through CAPS. Contributions are made by CAPS on the employees behalf.
Sick/Personal Time, Policies
CAPS Collaborative grants, for full time employees, 12 sick and 3 personal days each school year. Written request and approval are required prior to personal days being used.