NOVEC Employee Benefits
Health Benefits
NOVEC offers employees comprehensive health benefits. For medical, dental, and vision insurance coverage, NOVEC pays 90% of the employee premium and 70% of dependents' premiums. Payroll deductions are withheld twice a month. Coverage options are Employee, Employee & Spouse, Employee & Child(ren), and Employee & Family.
Medical Insurance
Your medical coverage includes both in-network PPO benefits and out-of-network indemnity plan benefits. The in-network annual deductible is $250 individual / $500 family. Out-of-network services are covered at 75% after paying the annual deductible of $1,500 individual / $3,000 family. Prescription drug coverage is included. Our medical network is United Health Care Options PPO. Find a Medical Provider.
In addition, NOVEC has an on-site wellness center available. NOVEC employees can see a primary care physician at the center if they choose to.
Dental Insurance
The dental insurance offered by NOVEC covers 100% of reasonable and customary charges for basic services. Major services are subject to a $50 deductible and are paid at 80% of reasonable and customary. The annual maximum is $2,000. The plan also covers up to 50% of eligible orthodontic charges for covered adults and dependents up to a lifetime maximum of $2,000. Our provider network is UMR Managed Dental. Find a Dental Provider.
Vision Insurance
The vision insurance for routine eye examinations, glasses and contacts is through National Vision Administrators, Inc. NVA In network eye exams are covered at 100% In network lenses are covered at 100% In network frames are covered up to $150 once every year. Contact lenses up to $400. Find a NVA Provider.
Life Insurance
Life/AD&D Insurance
NOVEC offers employees comprehensive life insurance coverage beginning the 1st of the month following one month of employment - 100% Paid by NOVEC through the National Rural Electric Cooperative Association (NRECA) underwritten by MetLife.
Note: The total value of life insurance in excess of $50,000 is subject to FICA and FUTA taxes.
|
Category
Basic Life and AD&DSpouse Life Child Life Insurance Business Travel Accident Insurance |
Description
Two times your annual salary
$10,000 (Option to purchase additional coverage)
$10,000 per Child to age 26 $100,000. |
Retirement
401(k)
NOVEC's 401(k) plan is designed to allow you not only to contribute to your retirement savings, but to direct how those savings are invested. The plan is through the National Rural Electric Cooperative Association (NRECA).
Currently, NOVEC contributes 4% of your base salary to your 401(k) account, and then matches your contributions at a rate of 50% up to the first 12% of your salary. One of the most important steps you can take to ensure a comfortable retirement is to maximize your 401(k) contributions.
Other benefits include
|
|
Through UnitedHealthcare, UMR creates and publishes the machine-readable files on behalf of NOVEC. Click here to view the machine-readable files.
