Franklin Foundation Hospital Benefits Preview
Franklin Foundation Hospital offers a wide variety of employee benefits to regular full time and part time employees. Employees are able to choose the benefits that meet their needs at reasonable cost. Each benefit program has its own eligibility requirements and terms and conditions. Most benefit programs have a waiting period of the “1st of the month following 30 days of continuous employment”, some may have different enrollment periods.
Franklin Foundation Hospital participates in an IRS Section 125 Cafeteria Plan. This IRS approved plan allows qualified benefit premiums to be paid with pre-taxed-dollars; employees do not pay taxes on premiums for eligible benefits.
Employee Group Medical – medical coverage is currently provided by United Healthcare. The plan has 4 tiers: Employee Only, Employee and Spouse; Employee and Child(ren), and Employee and Family. The annual premium is shared by the employee and Franklin Foundation Hospital on a per-pay-period basis. To be eligible, the employee must be Regular Full Time and have had a waiting period of the “1st of the Month following 30 days of continuous employment”.
Employee Dental and Vision – is a voluntary benefit plan currently provided by Ameritas. The eligible employee may purchase dental insurance for themselves and family.
Employee Group Life Insurance – group life insurance for eligible employees is purchased by the hospital. Those eligible employees are covered at 1 1/2 times their base rate of pay, with a maximum dollar limit.
Employee Retirement Plans – employee may contribute to the 457(b) retirement plan beginning on the 1st of the month following 30 days of continuous employment. Employee contributions are allowed from 0% to 100% of salary or wages with only the restrictions placed by IRS regulations. Employee contributions are pre-taxed; taxes are paid only when the employee takes distribution. An additional plan, 401(a), is accessible by the employee only after becoming eligible. The eligibility period is the 1st of a Quarter after the employee has worked 90 continuous days. In addition the employee must work a minimum of 1,000 hours within the calendar year and be actively employed as of 12/31 of each year. FFH contributes 2% of the employee’s gross income to be distributed within 45 days after the end of the Calendar Year. Contributions are made by the Board of Commissioners based on the financial reports of the Fiscal Year previous to the contribution. By IRS regulations limits are set both to contributions and distributions.
Employee Long Term Disability Plan – LTD is a voluntary benefit provided by Dearborn, whose premiums are paid by the employee.
Employee Short Term Disability Plan – STD is a voluntary benefit provided by Dearborn, whose premiums are paid by the employee.
Employee Voluntary Life Plan – is a voluntary plan whose premiums are paid by the employee. Employee can purchase additional life insurance on themselves and on their spouse and dependent children.