Insurance
Insurance is only available for full-time faculty.
Below is a summary of the Insurance package from the Faculty Handbook. If you have any questions regarding your Life or Health Insurance please contact:
International Health Insurance
Claudia Rodriguez x4623 crodriguez@miu.edu
Domestic Meritain
Maureen Jones x4108 majones@miu.edu.
Life and Dental Insurance
Maureen Jones x4108 majones@miu.edu.
Faculty Insurance Information
From Faculty Handbook, Sept 2013
INSURANCE AND PENSION (RETIREMENT) PLAN
Health Insurance
The University has a self-insured program that covers full-time faculty and their dependent spouse and dependent children. The University provides a basic amount of insurance, but enrollees have the option to buy additional insurance for a higher level of coverage through monthly premiums deducted from their paycheck. A faculty member has 30 days from the date of hire (date of eligibility) to complete the insurance application form. Coverage begins as of the date of eligibility. To enroll for this coverage after the 30-day deadline, one must complete the CBSA application between December 1 and December 31 or wait another year. Coverage will then begin with MIU’s next contract year beginning January 1.
Those joining the health insurance program at the first opportunity are covered automatically. Those who wait are required by the plan to go through a qualification procedure and may be denied coverage.
The University does not provide health insurance eligibility to dependent children if one of the parents is employed outside the University or self-employed. In a single-parent family, health insurance eligibility for a dependent child will depend on which parent is currently providing the majority of financial support to the child. Independent spouses who are self-employed or employed outside the University are not eligible for health insurance coverage. After joining the plan there may be a period of time in which coverage is not provided for pre-existing conditions. For more information, please contact the Insurance Office at ext. 4108.
Any full-time University faculty is eligible to participate in the optional dental plan, which offers dental insurance at a reasonable price. The plan covers most dental procedures, and a brochure is available describing the benefits. The monthly premium is deducted from a faculty member’s paycheck. Spouses, whether or not they work for the University, and dependent children (“dependent” is defined as unmarried children up to the age of 19 or up to the age of 23 for children who are full-time students and who are dependent upon the University employee for support) are eligible for participation.
If this benefit is desired, you should enroll within 30 days of your hire date. Coverage goes into effect the first of the month following 60 days of full-time employment. To enroll for this coverage after the 30-day deadline, you must wait until the beginning of MIU’s new contract year.
If you are interested, please request a brochure and an application from the Insurance Office, ext. 4108.
Faculty members are also covered by group life insurance called Basic Life and Personal Accidental Death and Dismemberment (AD&D). A faculty member has 30 days from the date of hire (date of eligibility) to complete this application. After the 30 days, a Statement of Health is required. The benefit for Basic Life is $25,000 and the benefit for Personal AD&D is $25,000. Premiums for Basic Life and Personal AD&D are paid by the University. Optional Life Insurance and Voluntary AD&D are also available. The benefit amounts are chosen by the faculty member and the cost is deducted from the faculty member’s payroll check.
If you do not enroll for this benefit within 30 days of your hire date, you may apply at a later date but must then complete a Statement of Health form, which takes about two months to be accepted or rejected.
If you are interested, please request a brochure and an application from the Insurance Office, ext. 4108.
Pension plan
The University’s pension or retirement plan is a defined contribution retirement plan funded entirely by the University. At the end of each fiscal year, the Board of Trustees determines how much, if any, will be added to the faculty’s pension accounts. This plan is administered by TIAA-CREF, which administers pension plans for hundreds of colleges and universities. TIAA-CREF offers a wide selection of funds from which one can choose for the investment of funds placed in one’s pension account. The most significant provisions of the plan are:
- All full-time, permanent faculty are eligible for the retirement plan following the completion of one year of employment.
- Enrollment opportunities for eligible faculty exist from time to time.
- The Office of the Dean of Faculty will send an application packet and summary of the retirement plan to eligible faculty whenever new enrollment is possible.
- One is fully vested in one’s benefit after five years of employment. Vesting means having a non-forfeitable right to the money in one’s account.
- One can withdraw money from one’s account at retirement.