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.
You may also view premiums in MyHR, a new online service that provides you with timely Human Resources assistance.
Premiums may vary based on full-time or part-time status and on tobacco use.
NEW FOR 2014:
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), Flexible Spending Account and Health Savings 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.
Due to IRS regulations, we are 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.
NEW FOR 2014:
As a result, Banner’s medical, dental and vision plans that cover an employee’s validly-wed same-sex spouse will treat the coverage as non-taxable, at least for federal tax purposes, just as the plans treat coverage of opposite-sex spouses. This is true even if the state where the same-sex spouse resides does not recognize the marriage. These same-sex spouses are also entitled to COBRA protection upon a loss of coverage due to divorce or legal separation from the employee.
The IRS guidance applies prospectively beginning on Sep. 16, 2013. Banner will treat the coverage as non-taxable (at least for federal tax purposes) on and after that date, as long as the spouses were validly wed to their same-sex partner in a state that authorized the wedding. For 2013, employers may make adjustments by Dec. 31 to correct over-withheld taxes for calendar year 2013. Once determined, Banner will share details about this process through our regular employee communication channels (employee website, eNews, etc.)