Yale Bulletin and Calendar

October 4, 2002|Volume 31, Number 5

Ken Korsu, director of the Benefits Office, says that many longer-term employees don't utilize some of the more recently instituted benefits offerings. At a three-day Benefits Fair, employees can learn more about Yale's various benefit options.

Employees urged to take full
advantage of their benefits

When it comes to taking advantage of the range of benefits Yale offers, far too many employees are "leaving money on the table," according to Ken Korsu, director of the University's Benefits Office, who firmly believes Yale employees should learn about and utilize all the benefits available to them.

All new employees get an introduction to Yale's benefits as part of their orientation program; however, the Benefits Office only recently developed its current in-depth presentation. In fact, the new program debuted at Korsu's own orientation to the University two years ago.

"Most often employees have their first -- and probably most intense -- experience in thinking about benefits when they come to work for the University," says Korsu. "However, if anyone has been here for any length of time, medical plans have changed, and coverage has changed to some degree. You may not be aware of some of the new benefits that are offered."

In October, for example, Yale will introduce a new payroll deduction plan for 529 college savings plans, which Korsu describes as "the single best way for parents or grandparents to save for a child's education" because "all growth on the investment is totally tax free."

Other benefit programs that have been instituted in recent years include the SmartFlex Card and the enhanced long-term care insurance coverage program. The former allows Yale employees to set aside pre-tax dollars into an account; they can then use the SmartFlex Card as they would a debit card to pay for public transportation or off-campus parking.

The long-term care insurance coverage fills an ever-increasing societal need, says Korsu. "People are living longer today, and as we live longer we need more medical care or personal care in our elder years. For participants this 'LTC' plan provides the money, the wherewithal, to insure that individuals receive the proper care."

In addition to learning about new benefits, Yale employees should also take a second look at some long-established programs they might not be using, says Korsu. For example, while many employees take advantage of the financial planning programs for retirement that feature matching contributions from the University, "my view is everybody should," asserts Korsu. "It's rare that you meet anyone who retired with enough money. Most retirees you talk to say they could use more money. That's my message: Don't put yourself into that scenario. Take advantage of the wonderful retirement plans that we have."

Employees should also be aware that changes in their lives might require a rethinking of their benefits needs, he says. For example, Korsu points out, Yale has over the years increased the level of life insurance available, but people rarely think about how much coverage they have, who their beneficiaries are or whether they should name contingent beneficiaries. "You don't typically think about these kinds of things unless there is a mini or major family crisis," he says. "I don't think people should think about this stuff every day, but thinking about it once a year is a good idea."

Korsu and his staff of 11 in the Benefits Office serve a University employee population of over 11,000. "One hundred percent of our employees at some point or another interact with the Benefits Office on benefits issues," he says. Whether their concern is health care, dental care, retirement planning, financial planning or claims adjudication, "everybody has issues," he adds.

The fall is traditionally a busy time for the Benefits Office. It is the season when the office sends annual statements to Yale employees outlining the benefits they've used or accrued. This year, instead of including a printed booklet outlining the benefits available to the different employee categories, the Benefits Office will e-mail that information to all staff and faculty with online access.

"We're moving more and more to electronic communication via email and our website," said Korsu, noting that the Benefits Office website (www.yale.edu/benefits) has expanded "significantly" in recent years. Now employees can go online to get information about benefits programs, to download claims forms and to make changes to their benefits. The site even includes links to a vetted list of vendors who offer homeowners and car insurance, as well as other types of coverage not provided by the University.

The fall is also the time when the Benefits Office holds its annual "Open Enrollment" period, a time when Yale employees can sign up for new medical or dental plans, or make changes to their coverage under their current plans. This year's Open Enrollment runs Oct. 14-Nov. 15.

In addition, in the weeks from Oct. 14 through Dec. 31, Yale employees can enroll in the University's Flexible Benefits Plan, which allows individuals to designate pre-tax dollars for expenses not covered by Yale's medical benefits. "Not enough employees avail themselves of the flexible benefits account," contends Korsu. "Every employee has some out-of-pocket expenses. You can save 30 cents on the dollar with every dollar in a flexible benefits account."

In October, the Benefits Office will also sponsor an Employee's Benefits Fair at three different locations on campus. Each event will bring together representatives from both internal and external organizations that deal with such issues as medical and dental coverage, life insurance, retirement planning, tuition assistance, college savings, society security, workers' compensation, employee assistance, and more.

Among the Yale programs being showcased at the Benefit Fairs are the Yale Homebuyers Program, which provides $25,000 over 10 years to employees who buy and live in a house in the city; the Environmental Health and Safety Program, which can evaluate employees' workstations for ergonomic or other health concerns; and Yale Travel Services, which can assist in planning and arranging trips.

"Employees rarely get a chance to meet with these people, unless they're dealing with them, usually by phone, on claims issues," says Korsu. "Here's an opportunity for employees to meet face to face with these people to get advice, to investigate how a claim is processed or even to voice a grievance, if they have one."

The Employee's Benefits Fair will take place on the following dates and times:

* 10 a.m.-2 p.m., Thursday, Oct. 10 -- School of Medicine's Edward S. Harkness Hall lounge, 367 Cedar St.;

* 10 a.m.-3 p.m., Friday, Oct. 11 -- School of Management's Horchow Hall, General Motors Room, 55 Hillhouse Ave.; and

* 10 a.m.-3 p.m., Monday, Oct. 14 -- Woolsey Hall, Presidents Room, corner of College and Grove streets. Raffle prizes will be awarded.

"If someone really wants to investigate and evaluate and talk to vendors, he or she really should allocate one to two hours of his or her time," recommends Korsu, who urges supervisors to allow their employees to take time to attend the event. "Any one of the 1,000-plus employees who went to the Benefits Fair last year can really appreciate how much can be learned there."

For more information about Yale's benefits programs, call the Benefits Office at (203) 432-5550 or visit the website at www.yale.edu/benefits.

T H I SW E E K ' SS T O R I E S

Building quantum computer is goal of new Yale center

Israel's Ehud Barak on peace prospects in Middle East

Ireland's Mary Robinson on 'ethical globalization'

Tobacco settlement income going up in smoke, says study

Fortunoff Archive is preserving survivors' stories for 'a future world'

Journalists discuss Kashmir's role in Central Asian crises

Clot-busting drugs often improperly used, study finds

Show features Edwardian collector's 'unusual' acquisitions

Cats pose few risks for women who are pregnant, researchers say

Wedgwood named to U.N. Human Rights Committee

Employees urged to take full advantage of their benefits

Reunion events will explore the intersection of law and the arts

SOM summit will address the current issues facing women business leaders

Dr. Boris Astrachan, former CMHC director, dies at age 70

Campus Notes