Sharing the Cost for Coverage Benefit Dollars
You and the university share in the cost of your benefits coverage. The university pays the majority of the plan costs; you pay the balance.
To offer you flexibility in choosing how to use some of the university's contribution for your coverage, the university gives you flat amount of $800 tax free Benefit Dollars. When you enroll, you apply some or all of these dollars toward the cost of your benefits (e.g., medical, dental, life insurance).
If your Benefit Dollars do not pay for the entire cost of your benefits, you can make up the difference in benefit costs by using pretax dollars deducted from your paycheck.
If you have unused Benefit Dollars after paying for the cost of your benefits, you may choose to deposit them into flexible spending account. If you choose not to deposit unused Benefit Dollars into an FSA, they will become taxable income for that year.
Also, with regard to taxes, the value of the premiums you pay for dependent life insurance and for more than $50,000 of life insurance for yourself are reported as taxable income on your W2 form.
2009 Faculty and Staff Cost of Coverage
2010 Faculty and Staff Cost of Coverage