Life insurance is provided at no cost to the employee and is effective on the first day of the month following enrollment by the employee. The amount of life insurance coverage is equal to one year’s salary rounded to the next higher thousand dollars plus $5,000. Also included is accidental death and dismemberment coverage, which provides an additional one year’s salary, rounded to the next higher thousand dollars, plus $5,000 in the event of death due to an accident. For additional information, please see section 5.24 in the Employee Handbook.
Biola University has medical health insurances plans which, through payroll reduction, enable employees to "pre-tax" any premiums that employees must pay for insurance coverage such as health, vision or dental insurance.
Employees may also set up a flexible spending account, which authorizes a payroll reduction arrangement to pre-tax medical, dental, and vision care expenses not covered by insurance and can include insurance deductibles and co-insurance or co-payments and any treatment not covered by insurance like eye glasses and contact lenses. Expenses for child care or elder care may be paid in a similar way to the medical care expenses. Depending on an employee’s tax bracket, the payroll reduction for insurance premiums, unreimbursed medical expenses, and dependent care expenses can save employees approximately 25% to 40% of the cost of these services. For additional information, please see section 5.2 in the Employee Handbook.