A Flexible Spending Account, also called an FSA, is an optional benefit that can help you save money on healthcare and dependent daycare. FSAs allow participants to set aside part of their pre-taxed wages to pay for out-of-pocket medical and daycare expenses. OU offers two kinds of FSAs administered by PayFlex: a healthcare FSA and a dependent daycare FSA. You can choose to be in one or both of them.
Use the links in the right column to learn more about FSAs.
Vision insurance is an optional benefit that the employee pays for through a pre-tax payroll deduction. You can choose from two plans provided by VSP: the Basic Plan and the Premium Plan.
Both plans provide coverage for a regular visit to your eye doctor once every 12 months, frames, lenses, and contacts. The co-pays for these services and the frequency you can get them are determined by which plan you choose.
NOTE: One vision check-up every 24 months is covered by your medical insurance. This medical benefit covers only the exam and does not pay for contacts or glasses.
Use the links in the right column to learn more about vision insurance.
Employees can purchase optional supplemental life insurance for themselves and optional life insurance for their spouses and children through a payroll deduction.
Supplemental Life Insurance
Supplemental life insurance can be purchased at different coverage levels. If you enroll now as a new employee, you may not be required to complete an evidence of insurability
form depending on the coverage amount you choose.
The beneficiary for Supplemental Life Insurance is the same person you chose as the beneficiary for Basic Life Insurance.
Use the links in the right column to learn more about supplemental life insurance.
Dependent Life Insurance
You can purchase dependent life insurance for your spouse or your children at different coverage levels. Dependent life insurance is a benefit that the employee pays for through an after-tax payroll deduction.
You, as the employee, are named as the beneficiary on both spouse and child life insurance policies.
Use the links in the right column to learn more about dependent life insurance.
The university provides basic AD&D coverage for an employee. Accidental Death and Dismemberment insurance pays a benefit to the beneficiary if covered person were to die because of an accident whether at work or not. Also if the covered person were to lose a limb because of an accident, a partial benefit would be available with this policy. Use the links in the right column to learn more about AD&D insurance.
- You can purchase additional AD&D coverage for yourself in $50,000 increments, up to $250,000.
- OU also offers Dependent AD&D Insurance for your spouse in $10,000 increments, up to $40,000.
- There is also Dependent AD&D Insurance for your eligible dependent children in a $5,000 or $10,000 option.
At least one beneficiary must be named for the employee policy. The employee is the beneficiary for dependent AD&D policies.
Short-term disability insurance is an optional benefit paid for as an after-tax deduction from your paycheck. Participants in this plan who become ill or injured and are not able to work may be eligible to receive continued income. Because employees may customize a short-term disability plan to meet their unique needs, the plan will require employees to apply for coverage and provide medical information to determine eligibility. The plan pays up to 50% of your monthly income.
Premium rates are based on your salary, the options you select, and your age. Election of short-term disability insurance must be done within 30 days of your date of hire. To apply for coverage and for premium information, you must directly contact the plan administrator, Aflac. Use the links in the right column to learn more about short term disability insurance.
If there’s one thing you can expect, it’s the unexpected. Whether you’re responsible for a family or just yourself, you may have rent or mortgage payments, tuition, and regular monthly bills. If you’re unable to work, there’s an affordable way to help protect your lifestyle and the people who depend on you. Long Term Disability (LTD) insurance from The Standard fills the income gap between disability coverage you may already have and the income you had before you became disabled.
You may participate in optional long-term disability plans by paying the low monthly premium. You must be off work at least 180 days (6-months) and be approved before this benefit begins. Long-term disability insurance is an optional benefit offered by OU paid for by the employee through a payroll deduction. Use the link on the right to learn more about LTD.
Long-term care insurance is an optional benefit offered by OU. This is an employee-paid benefit and it is paid as an after-tax deduction from your paycheck.
Long-term care insurance provides coverage, with a $150 daily maximum benefit, for nursing home and community-based care (which includes home health care) in the event the participant becomes disabled and can no longer care for him or herself on a day-to-day basis.
Premiums are based on your age at the time of approval. A separate enrollment form must be completed and approved by the insurance carrier before coverage will begin. As long as the participant continues to make the scheduled payments and does not have a break in coverage, the premium will only go up if the participant's locked-in age group premium increases.
If you enroll in long-term care insurance when you first become a benefits-eligible employee, you are automatically accepted but will still need to complete an Evidence of Insurability application. If you wish to enroll at a later date, you can do so during the annual enrollment period, but you will be required to complete an Evidence of Insurability form and submit it for medical review by the insurance carrier before coverage can be considered. Once enrolled, you may continue coverage after termination by making payments directly to the insurance provider.
Spouses, retirees, retiree spouses, parents, in-laws, and grandparents can apply for long-term care insurance by completing and submitting a medical questionnaire. If approved, the premium for spouses may also be paid by the employee through after-tax payroll deduction. All others would be billed directly by the company.
Use the link in the right column to learn more about LTC.