You and Banner share the cost of your benefits coverage, with Banner paying the majority of the expense. To help us offer you excellent coverage options at costs that are affordable for you and for Banner Health, many of our plans are “self-funded.”
Self-funding means that our benefit plans are owned by Banner, not by an insurance company. Self-funding eliminates the middleman and allows us to have more direct control over the design of our plans. Your claims are paid using the premium dollars that you and Banner contribute directly to the plan.
Being proactive in managing your own health through prevention, wellness and using the appropriate level of service helps to keep costs down for everyone in the plans.
If you are eligible to participate in our benefits programs, you can view premium information in our online enrollment system. Simply follow the instructions in the Enroll/Change section to access the system.
If you are considering employment with Banner Health, information about benefit costs will be shared with your during the interview process.
There are 26 bi-weekly pay periods at Banner Health each calendar year. Your 401(k) and Flexible Spending Account contributions are deducted from each of the 26 pay periods.
Your medical, pharmacy, dental, vision, life/AD&D and any legal plan premiums are deducted 24 of the 26 pay periods. The two additional pay periods are called limited deduction pay periods. Refer to the payroll calendar on the internal Employee Website for details of these scheduled limited deductions.
Most benefit deductions are taken on a pre-tax basis. This reduces your taxable income which lowers the amount of federal and state taxes withheld from each paycheck. Employee Life/AD&D over $50,000, spouse and dependent Life/AD&D and the Hyatt Legal plans are taken post-tax.
Banner is excited about an administrative change to support our employees who are covering domestic partner on their health coverage. Beginning the first payday of 2013, the employee and child portion of the benefits premium will be taken pre-tax. This change will allow our employees who are covering a domestic partner the ability to participate in pre-tax savings similar to all other enrolled employees. Due to IRS regulations, we are still required to process domestic partner’s premiums on a post-tax basis and imputed income will only be calculated on the portion of the premium related to the domestic partner.