Benefits

Understand the Costs

How to Calculate Your Monthly Premium

Step One

Subtract the amount of coverage that the University pays ($14,000 for full-time employees and $7,000 for part-time employees) from your annual salary.

Example:

Joe is a full-time employee with an annual salary of $50,000. Here is how he calculates his contributions. 

 

Base Plan

$50,000-$14,000 = $36,000

Optional Plan

$50,000 - $14,000 = $36,000

Step Two

Multiply the result by the appropriate factor:

  • 0.00232 if you have elected coverage under the Base Plan
  • 0.00371 if you have elected coverage under the Optional Plan

Example:

 

Base Plan

$36,000 x 0.00232 = $83.52

Optional Plan

$36,000 x 0.00371 = $133.56

Step Three

Divide the result by 12. This gives you your monthly LTD contribution rate.

Example:

 

Base Plan

$83.52 ÷ 12 = $6.96

Joe will pay $6.96 per month for the Base Plan.

Optional Plan

$133.56 ÷ 12 = $11.13

Joe will pay $11.13 per month for the Optional Plan.