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:

  • 0.00206 if you have elected coverage under the Base Plan
  • 0.00328 if you have elected coverage under the Optional Plan

Example:

 

Base Plan

$11,840 x 0.00206 = $24.3904

Optional Plan

$11,840 x 0.00328 = $38.8352

Step Three

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

Example:

 

Base Plan

$24.3904 ÷ 12 = $2.03

Jane will pay $2.03 per month for the Base Plan.

Optional Plan

$38.8352 ÷ 12 = $3.24

Jane will pay $3.24 per month for the Optional Plan.