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How CoBen Works
First, identify the amount of your CoBen allowance. This is the amount the state provides you to pay the premiums for your health and dental plans. The buy bulk sms service state pays for your vision plan. The amount of your CoBen allowance depends on whether you're covering yourself only, or dependents too.
Next, choose the benefit plans that best meet your needs. Identify the premium for each plan, total the cost of the plans you've selected, and compare it to your CoBen allowance.
If the total cost of the plans you choose is less than your benefit allowance, you'll receive the difference as taxable cash in your paycheck. The excess cash amount is subject to state, federal, and social security taxes. In order to receive the excess cash, you must be enrolled in health, dental, and vision.
If the total cost of the plans you've chosen is more than your CoBen allowance, you pay the difference with pre-tax dollars, which is automatically deducted from your paycheck. This amount is not subject to state, federal, Social Security, or Medicare taxes.
If the total cost of the plans you have chosen is equal to your CoBen allowance, you pay nothing, and you receive no cash back.
If you are enrolled in health and vision only, the premium amount that would be deducted from your allowance for dental is applied to reduce your out of premium pocket cost.
If you're not enrolled in all three benefits, you're not eligible to receive the full CoBen allowance.
You make the most out of your participation in CoBen by making cost-effective benefit choices, which can result in extra money for you each month in your paycheck. It's also important that you carefully consider your choices to ensure they meet your ongoing health and dental needs and those of your eligible dependents. Your health plan party code selection (, , or ) will determine your CoBen allowance when enrolled in all three benefits.
How CoBen Affects You
How CoBen affects you depends on your personal situation and the benefit plans you choose. Remember, CoBen offers you the opportunity to make benefit choices in order to maximize the total benefit allowance the state provides to you, or receive additional taxable monthly income.