Page 10 - Magnet Employee Benefits Brochure 2021-22 FINAL

2021–2022 Employee Benefits Brochure

Voluntary Long Term Disability – Reliance Standard

Long Term Disability Insurance allows you to receive benefits if you are ill or injured and unable to perform your job
after you have been out of work for 90 days. Benefit levels may be adjusted for other income such as retirement or
Social Security disability benefits. This benefit is 100% paid by you.

This plan offers financial and rehabilitation incentives designed to help you to return to work when appropriate,
even on a limited basis when you participate in an approved Rehabilitation Program

• Replaces 60% of your monthly earnings up to a maximum of $7,000 per month, after you have been ill
or disabled for 90 days.
• Maximum Benefit Period: Social Security Normal Retirement Age

To calculate your monthly payroll deduction:
1. Enter your annual earnings. $_________
2. Divide your annual earnings by 12 (monthly earnings). $_________
Average monthly income cannot exceed $11,667.
3. Multiply the amount in line 2 by $0.52 $_________
4. Divide the amount on line 3 by 100 and enter
the amount on line 4 to get your monthly payroll deduction $_________

Note: Pre-existing condition limitations and exclusions may apply to this policy. For a comprehensive list of
exclusions, limitations, and any applicable benefit offsets, please refer to the Certificate of Insurance. The
Certificate also provides all requirements necessary to be eligible for coverage and benefits.

During an Annual Enrollment Period, if you are eligible for the Voluntary LTD Insurance portion of this Policy but
have not previously enrolled, you may become insured under the Policy, but only after having provided Evidence of
Insurability documentation, subject to approval. Please contact HR if interested. New hires can enroll without
providing Evidence of Insurability.

Flexible Spending Accounts (FSA)

Flexible Spending Accounts
Benefit-eligible employees may choose to contribute to Magnet’s Flexible Spending Accounts (FSA).

Healthcare FSA:
Allows you to redirect tax free dollars to pay for eligible medical, dental, and vision costs (up to $2,750 per employee)
for the 2021-2022 plan year. Only health care expenses NOT reimbursed by insurance can be claimed.

Dependent Care FSA:
Allows you to redirect tax free dollars to reimburse yourself for childcare or day care expenses for a dependent while
you work (up to $5,250) for the 2021-2022 plan year.

Flex@BASHealth.com 1-800-843-3831

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