Check Your OXY Benefits BEFORE Checking out a New Job

No comments

As a recruiter, clients ask me, yes a recruiter, about what they should know about their benefits. With everything going on in the market and the current health crisis those questions have become more and more frequent. Before jumping ship on OXY reconsider AFTER reading about your benefits.

OXY Benefits Annual Enrollment

As stated in your OXY SPD (4), Annual enrollment for your OXY benefits usually occurs each fall (Ex. Oct. 24 – Nov. 15, 2019.). Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. You’ll find enrollment instructions and information about your benefit options and contribution amounts. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. You can choose to enroll in eBenefits and receive this information via email instead.

Next Step:

  • Watch for your annual enrollment information in the September/November time frame.
  • Review your benefits information and utilize the tools and resources available on the OXY Benefits Center website.

Things to keep in mind :

  • 47% of Americans cite health care as their greatest economic concern.
  • Medical bills are the No. 1 cause of bankruptcy in the United States.
  • For older Americans, healthcare costs represent the second-largest expense, behind housing.

Basic Life Insurance

This plan provides you with life insurance coverage equal to two times your annual base pay beginning on your date of hire. OXY pays the full cost for your coverage. Benefits are payable to your designated beneficiary under the plan.

Group Universal Life (GUL) Insurance

You may purchase additional life insurance coverage under OXY’s GUL Plan. You may elect coverage of one-half, one, or two times your base pay, up to a maximum of $500,000, without providing proof of good health. Coverage up to eight times your base pay is available, however, coverage elected above the guarantee issue amount is subject to a statement of health for approval by the insurance carrier. The plan also offers coverage for your spouse and dependent children.

You pay the entire cost for GUL coverage based on an age-related premium schedule. You may make additional contributions to a tax sheltered savings account that provides guaranteed earnings if you elect either employee or spousal coverage. In addition, your GUL coverage is portable. When you leave OXY, you may continue your coverage by paying your premiums directly to the insurer.

Note: If you stop paying supplementary contributions, your coverage will end. You will not be able to reinstate it. Please read the OXY SPD[4] for more details.

Basic Accidental Death and Dismemberment (Basic AD&D)

OXY will provide 24-hour Basic AD&D coverage, 365 days a year, for you in the event of death, or certain disabling injuries, resulting from a covered accident at no cost to you. Coverage amount is one times your annual base pay.

This plan also provides benefits called “Loss of Use Benefits” that are in addition to the benefit paid for loss of life or for certain disabling injuries such as paralysis or loss of limb(s) as a result of a covered accident.

Voluntary Accidental Death and Dismemberment (AD&D)

OXY’s AD&D Plan can provide 24-hour financial protection for you and your eligible dependents for loss of life or limb resulting from a covered accident. If you enroll, you may also elect to cover your spouse, and each of your eligible dependent children will be covered at no additional cost.

Through payroll deductions you pay the entire cost for covering you and your spouse. You may elect from one to ten times your annual base pay, up to a maximum of $1 million. If you enroll, you may also purchase spousal coverage equal to 50% or 100% of your elected coverage amount, up to a maximum of $1 million. If you enroll, each of your dependent children are automatically covered for $10,000.

In the event of accidental death, the benefit paid to your designated beneficiary will equal the full coverage amount. In the event of an accidental dismemberment, a percentage of the AD&D benefits are paid to you, depending on the nature of your injury.

Retiree Medical Coverage

Under current plan provisions, employees who retire from OXY at age 55 or older with at least 10 years of OXY service are eligible for retiree medical coverage.

The OXY Retiree Medical Plan for 2020 is comprised of two separate retiree medical plans. Each year OXY will set the base contribution rate for each plan. Your cost for retiree medical coverage will be one to four times the retiree base rate depending on:

  • Your combined age and service at the time of your retirement.
  • Medicare eligibility status for you and each enrolled dependent.
  • Your elected level of coverage (Retiree only, Retiree +1, Family).
Click Here For OXY Webinars & Videos

Sponsored Ad

Flexible Spending Accounts and Health Savings Account:

Flexible Spending Accounts (FSAs) and the Health Savings Account (HSA) let you pay for many health care expenses with tax-free dollars. You may also contribute pretax dollars to a separate FSA to pay for qualified dependent care expenses so that you and your spouse can work.

Each year you decide how much money, if any, you wish to contribute pretax to each of your FSA accounts. You can pay for certain health care or dependent care expenses you incur during the year with those pretax dollars. Generally, each year you may contribute up to $2,700 to a Health Care FSA and $5,000 to a Dependent Care FSA.

If you enroll in the high-deductible medical plan option, you may also elect to contribute to an HSA, which is a special tax-advantaged savings account. Your tax-free balance in an HSA can be used to pay for both current and future medical expenses.

Retiree Medical Coverage

Short-Term Disability (STD)

  • OXY’s STD Plan provides financial security for you and your family if you are unable to work because of a short-term disability. It provides you with 50% or 100% of your base pay according to a service-related schedule for up to the first 26 weeks that you are unable to work because of an illness or injury.

Long-Term Disability (LTD)

  • OXY’s LTD Plan is designed to provide you with continuing income in the event of a prolonged illness or injury. If you are totally disabled as defined under the terms of the LTD policy, monthly LTD benefits generally begin after the 26-week benefit period under OXY’s STD Plan ends.
  • You may elect either a 50% or a 60% income replacement option. Both options also provide a 6-month lump-sum survivor benefit in the event you die while receiving LTD benefits.

What Happens If Your Employment Ends

Your life insurance coverage and any optional coverage you purchase for your spouse/domestic partner and/or children ends on the date your employment ends, unless your employment ends due to disability. If you die within 31 days of your termination date, benefits are paid to your beneficiary for your basic life insurance, as well as any additional life insurance coverage you elected.

Note:

  • You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage.
  • If you stop paying supplementary contributions, your coverage will end.
  • If you are at least 65 and you pay for supplemental life insurance, you should receive information in the mail from the insurance company that explains your options.
  • Make sure to update your beneficiaries. See the SPD(4) for more details.

OXY Beneficiary Designations

As part of your retirement and estate planning, it’s important to name someone to receive the proceeds of your benefits programs in the event of your death. That’s how OXY will know whom to send your final compensation and benefits. This can include life insurance payouts and any pension or savings balances you may have.

Next Step:

When you retire, make sure that you update your beneficiaries. OXY has an Online Beneficiary Designation form for life events such as death, marriage, divorce, child birth, adoptions, etc.

Sources: