The new year brings a sense of renewed purpose and a fresh start. From a human resource services perspective, this new year is a mixed bag of good and not-so-good. It means less money in your paycheck, but also a new opportunity for long-term care insurance. Here's a closer look.
How the fiscal cliff negotiations impact your paycheck
As part of the recent fiscal cliff negotiations, federal lawmakers allowed a 2 percent FICA (social security) payroll tax reduction to expire on Dec. 31. The reduction was passed a few years ago as part of the economic stimulus bill. The result? Payroll taxes will increase 2 percentage points -- from 4.2 to 6.2 percent -- on the first $113,700 of an individual's annual income, beginning Jan. 1. For example, employees who earn $50,000 a year will see their take-home pay reduced by approximately $83 a month.
Iowa State employees will begin seeing the impact in their January paychecks.
Long-term care insurance is available … again
Genworth Financial is holding long-term care insurance open enrollment for eligible Iowa State employees, their family members and retirees from Jan. 22 through Feb. 15. The company will send information about its long-term care products to eligible employees at their home addresses prior to the open enrollment.
Iowa State's previous group long-term care provider, John Hancock, discontinued offering new enrollment in long-term care insurance to Iowa State employees at the end of 2011. Coverage and payroll deductions (if applicable) continue for those employees who are already enrolled in the John Hancock group plan.
Employees are invited to learn more about long-term care at several webinars and live presentations scheduled during the open enrollment period.
Webinar schedule
Jan. 30, 9 a.m. (live webinar)
Meeting number: 719 745 028
Meeting password: LAF55gltc
Jan. 31, 1:30 p.m. (live webinar)
Meeting number: 712 794 073
Meeting password: LAF55gltc
Feb. 12, 1:30 p.m. (live webinar)
Meeting number: 715 804 483
Meeting password: LAF55gltc
Feb. 13, 10 a.m. (live webinar)
Meeting number: 712 498 452
Meeting password: LAF55gltc
You may teleconference in to the webinars by calling (866) 692-3158 and entering participation code 7660167.
Live presentation schedule
If you prefer to meet face-to-face with a Genworth Financial representative, presentations are planned on Feb. 5 and 7 in the Memorial Union Gold Room, and on Feb. 6 in the MU Cardinal Room. Formal talks will begin at 9 a.m. and noon all days; an additional presentation is planned for 3 p.m. on Feb. 7.
Beginning Jan. 22, contact Genworth Financial online (group ID is ISU; access code is groupltc) or call (800) 416-3624 with questions about long-term care insurance.
