Benefits You Can Change Anytime
Supplemental Life Insurance Changes
In addition to the Basic Life Insurance provided by WHOI, employees may purchase additional Supplemental Life Insurance for themselves and their eligible dependents upon initial eligibility or if you experience a Qualified Life Event provided that you compelte the enrollment process and notify BenefitsQA@whoi.edu within 31 days of said event. For more information on Qualified Life Events and the enrollment process, please visit the Qualifed Life Events page.
You may Waive or Decrease your Supplemental Life Insurance for you or your eligible dependents at any time. However, if you choose to Waive or Decrease your Supplemental Life Insurance and subsequently choose to enroll in one of these benefits as a result of a Qualified Life Event or Open Enrollment, you will be required to complete the Evidence of Insurability (EOI) process and be approved by the insurance carrier before coverage will be in effect.
Supplemental Employee Life Insurance*
You may purchase additional employee supplemental life insurance for 1, 2, 3 or 4 times your annual salary, up to a maximum of $500,000. The cost of coverage is based on your age.
Spouse / Domestic Partner Life Insurance*
You may select coverage for your spouse or domestic partner in units of $10,000 to a maximum benefit of $250,000. The cost of coverage is based on your spouse's age.
Child Life Insurance*
You may purchase life insurance for your eligible dependent children for an amount of $5,000 or $10,000. One low premium will insure all your eligible dependent children, regardless of the number of children you have.
Health Savings Account (HSA) Changes
You may make changes to your HSA contribution at any time. Employees may make their own voluntary pre-tax contributions to their HSA account. Unlike an FSA account, the IRS allows for contributions to an HSA at any time during the year, including mid-year changes.
The IRS also allows for an additional $1,000 annual contribution for employees age 55 or older.
HSA: Excess Contributions
EXAMPLE: An employee under age 55 has individual coverage in the HDHP-HSA plan. The employee either ends employment or changes status and loses eligibility for coverage in April 2018. In this example, the IRS would only allow pro-rated HSA contributions for 4 months (Jan - April). Taking the annual individual contribution limit for 2018 of $3,450, this employee would only be allowed to have up to $862.50 in HSA contributions, including any contributions made by WHOI. Any contributions in excess of that amount would need to be distributed from the HSA account and would be considered as taxable income to the employee.
HSA: Age Restrictions
Defined Contribution Retirement Plan (403(b) Plan) Contribution Changes
Under the Institution's Defined Contribution 403(b) Retirement Plan with Principal, any eligible employee including Casual employees, can participate in this Plan by making their own voluntary contributions.
If you are already saving for retirement, you can elect to increase or decrease your contribution anytime (subject to IRS limits). You may contribute 1% to 80% of your Employee Eligible Compensation up to the annual dollar limits set by the IRS annually.
Catch-Up Contribution Limit
(Employees age 50 or over by 12/31)
To change or setup your contribution amount for your 403(b) account, you must do so online through your account with Principal.
*These benefits are paid through payroll deductions on an after-tax basis. These benefits are based on age and your annual salary and are subject to change with changes in age or annual salary.
Group Auto and Home Insurance
This is a reminder that the Institution offers a group insurance discount program through Liberty Mutual. Any employee or retiree of WHOI is eligible to participate. Anytime that you want your personal insurance to be reviewed for cost or coverage, contact Liberty Mutual at (800) 368-6424.
Last updated: January 29, 2018