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:

Jane Smith, a full-time employee and earns $25,840 per year. Here is how she calculates her monthly premium if she is choosing the:

 

Base Plan

$25,840 - $14,000 = $11,840

Optional Plan

$25,840 - $14,000 = $11,840

Step Two

Multiply the result by the appropriate factor:

  • 0.00166 if you have elected coverage under the Base Plan
  • 0.00265 if you have elected coverage under the Optional Plan

Example:

 

Base Plan

$11,840 x 0.00166 = $19.65

Optional Plan

$11,840 x 0.00265 = $31.38

Step Three

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

Example:

 

Base Plan

$19.65 ÷ 12 = $1.64

Jane will pay $1.64 per month for the Base Plan.

Optional Plan

$31.38 ÷ 12 = $2.62

Jane will pay $2.62 per month for the Optional Plan.