Change in How Premium Payments Are Made
To All Benefit Eligible Faculty and Staff:
SWOSU currently pre-pays health, vision, and life insurance premiums; meaning, the premiums for these benefits are paid the month preceding coverage. For example: premiums for, November were paid from October’s pay cycle. This approach is used for both employer and employee paid benefits.
SWOSU is changing the above described premium payment process.
November 2017 will be the final pay cycle in which benefit premiums are prepaid. In regards to the premiums included in this change, the following will occur:
- November premiums will pay for December Coverage.
- December will have none of the relevant premiums withheld.
- Beginning in January, premiums will pay for January coverage in the month withholding occurs.
The impacted premiums are:
- Dental Insurance
- Health Insurance
- Life Insurance
- Vision Insurance
- American Advantage Care
- American Fidelity Cancer Insurance
- American Fidelity Critical Illness Insurance
- American Fidelity Disability Insurance
- Cash in lieu of benefit (individuals on the Blue Health Plan or who have waived coverage)
Withholdings that will not be changed include:
- Allegiance Credit Union
- Child Dependent Care
- Medical Reimbursement
- Oklahoma College Savings Plan
- SWOSU Foundation
- SWOSU Pharmacy Foundation
Please contact Carol Sides at extension 3071 should you have any questions.