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 My HR, an 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.
The enrollment system will assume that every enrolled member uses tobacco products. During enrollment you may change that status by affirming that each covered individual does not use tobacco products.
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, 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. Deductions for employee Life/AD&D insurance over $50,000, spouse and dependent Life/AD&D insurance and the 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.
A U.S. Supreme Court decision in 2013 struck down a key portion of the federal Defense of Marriage Act (DOMA). The Internal Revenue Service (IRS) issued guidance that same-sex couples, legally married in jurisdictions recognizing same-sex marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the same-sex couple lives in a jurisdiction that does not recognize same-sex marriage.
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.