Faculty Handbook - Fairmont State University

PEIA LIFE INSURANCE
PEIA Basic Health Plan includes $10,000 term life insurance paid by the institution. Employee’s not
needing health coverage may elect life insurance only. Coverage reduces to $6,500 at age 65.
Optional term life insurance is available to new employees from $5,000 to $500,000. Premiums
are based upon employee Tobacco Status, age, and the principal amount selected. Statement of
health is required for amounts of $150,000 and over for new hires. Current employees need a
statement of health to increase all amounts.
Basic and optional life insurance is decreasing term (premium increases by age, and the amount
decreases beginning at age 65).
Dependent life insurance is available to cover the employee’s spouse and children.
Active employees with basic, optional, and dependent life insurance are covered for accidental
death and dismemberment insurance.
PRE-TAX PREMIUMS
(IRS Section 125 Cafeteria Plan)
Federal Tax, WV State Tax, and Social Security tax are not withheld on premiums for PEIA Basic
Health, PEIA Optional Life Insurance up to $50,000, and Mountaineer Flexible Benefit Plans (except
the Legal Plan). Changes to pre-tax plans are permitted during the annual Open Enrollment
period held each April, or within 60 days of an IRS approved qualifying event
(documentation required), such as: Change in legal marital status, dependent status, or
employment status; Unpaid leave of absence by the employee or spouse; Open enrollment under
your spouse’s employer; etc. See the Summary Plan Description Booklet for a complete list).
Mountaineer Flexible Benefit Plans are sponsored by the Public Employees Insurance Agency,
and administrated by Fringe Benefits Management Company (FBMC). Mountaineer Flexible
Benefits Web site: www.myFBMC.com
A Mountaineer Flexible Benefit booklet is also available on the PEIA web site: www.wvpeia.com
Flexible Spending Accounts (FSA)
An IRS approved tax-free account that saves you taxes on eligible medical and dependent care
expenses. You authorize per-pay-period deposits to your FSA from before tax salary. As eligible
expenses are incurred, you request tax-free withdrawals from your account to reimburse yourself
(saving federal, state and social security taxes).
Medical Expense FSA
Allows reimbursement for eligible uninsured medical expenses incurred for you, your spouse and
dependents. Eligible expenses include dental and vision expenses, medical and prescription plan
deductibles and co-pays.
Health Savings Account (PPB Plan C participants only)
A tax free account used to pay health care expenses for enrollees in a High Deductible Health Plan
(PPB Plan C). Account is owned by the employee, and can be setup thru FBMC or a local bank.
Limited Use Medical Expense FSA (use with an HSA account for PPB Plan C participants only)
Funds set aside pre-tax can only be used for dental, vision, and preventive care expenses not
covered by the PPB Plan C.
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