Health Savings Account
The Health Savings Account is provided by Optum . You may elect the HSA Account if you are enrolled in the Medical HDHP EPO Value Plan . Your contribution maximum amount is based on your Medical Plan Tier Level . Your contribution is loaded onto your Optum Mastercard as it is deducted from each paycheck and may be rolled from year-to-year .
Maximum Plan Year Contribution - Employee Only : $ 3,850 Maximum Plan Year Contribution - All Other Tiers : $ 7,750 Maximum Plan Year Contribution - Age 55 Catch Up Additional Amount : $ 1,000
Expenses include but are not limited to : Expenses under your Medical , Dental , and Vision Plans , in addition to certain over-the-counter medications and products .
Life
Life Insurance
Life Insurance is provided by The Standard . The City covers you at 2 times your annual base salary , up to $ 300,000 , at no cost to you . A reduction schedule begins at age 70 .
Voluntary Employee Life with AD & D
Voluntary Employee Life / AD & D Insurance is provided The Standard . This coverage is voluntary and at your own cost . Your cost is based on your age as of January 1 of each year and is calculated based on 5-year age brackets . You may elect coverage in $ 10,000 increments with a minimum of $ 20,000 and a maximum of the lesser of 8 x your annual salary or $ 500,000 . A reduction schedule begins at age 70 .
New Hires : The guaranteed issue amount is $ 200,000 . If you elect more than $ 200,000 , Evidence of Insurability ( EOI ) is required and subject to approval by the insurance company .
Current Employees : New coverage or increases in coverage elected during Annual Enrollment will require EOI regardless of the amount elected and subject to approval by the insurance company .
Voluntary Spouse Life
Voluntary Spouse Life Insurance is provided by The Standard . If you purchase coverage on yourself , you may also purchase coverage for an eligible spouse . This coverage is voluntary and at your own cost . Your cost is based on your age as of January 1 of each year and is calculated based on 5-year age brackets . You may elect coverage in $ 5,000 increments with a minimum of $ 5,000 and a maximum of $ 150,000 , not to exceed 50 % of your coverage . A reduction schedule begins at age 70 .
New Hires : The guaranteed issue amount is $ 50,000 . If you elect more than $ 50,000 , Evidence of Insurability ( EOI ) is required and subject to approval by the insurance company .
Current Employees : New coverage or increases in coverage elected during Annual Enrollment will require EOI regardless of the amount elected and subject to approval by the insurance company .
Voluntary Child Life
Voluntary Child Life Insurance is provided by The Standard . If you purchase coverage on yourself , you may also purchase coverage for eligible child ( ren ). This coverage is voluntary and at your own cost . Your cost is $ 0.77 for $ 10,000 in coverage and this cost remains the same regardless of the number of children covered .