Benefits that protect and support your financial wellbeing are essential to peace of mind.
Consider how the following options fit into your own financial plan.
Flexible Spending Accounts (FSAs) are available to benefit-eligible employees. FSAs are funded by your contributions via pretax payroll deductions.
Things to know as you consider your FSA options:
For details, visit the Health Care FSA and Dependent Care FSA administrator, Optum Financial at optum.com or call 1.877.292.4040. You also may obtain detailed lists of eligible and ineligible expenses for both accounts.
When you elect a Health Care FSA, Optum Financial sends you a debit card to pay for qualifying medical, prescription drug, dental and vision expenses.
This account allows you to set aside before-tax dollars to pay for dependent (child, disabled adult, or elder) day care expenses so you and your spouse can work or attend school full-time.
The benefits described in this section equip you to provide for the people you love most should life throw you a curve ball. Some of this invaluable protection is provided by Oncor at no cost to you; additional coverage is offered on a voluntary basis at competitive rates.
Oncor provides you with Basic Life Insurance equal to your annual base pay, up to $1 million.
You may purchase Optional Life Insurance coverage of up to seven times your annual base pay rounded to the nearest thousand, up to $2 million. Your premiums are based on your age and annual base pay.
You must submit an SOH and receive approval from the insurance company if:
Any coverage requiring an SOH will take effect only once it’s approved by the insurance company.
You need to name a beneficiary who will receive the benefit in the event of your death. You can review or change your beneficiary at any time on myhrconnection.oncor.com. It’s a good idea to review your designations each year to ensure they are still appropriate.
Life insurance offers an Accelerated Death Benefit. If you have a terminal illness with a life expectancy of 24 months or less, you may be able to receive up to 80% of your life insurance benefit before you die. For details, open a case through myhrconnection.oncor.com. Go to HR Help and submit a case to the benefits team or email HR Advocacy at oncres1@oncor.com.
Life insurance offered to employees is group term insurance, which means it has no cash value. You cannot receive money from the policy; it provides coverage only in the event of death.
In the event of your death, your eligible Basic Life Insurance beneficiary will be paid a benefit equal to one month of your base pay. This benefit is in addition to other life insurance and retirement plan death benefits, if any.
In the event of an employee’s death or that of an employee’s spouse, surviving family members can access free financial counseling services. This counseling is provided to employees by AYCO, an independent company. AYCO counselors work on a fee-only basis (paid by Oncor) and do not sell products on commission. If you have questions about this service, open a case through myhrconnection.oncor.com. Go to HR Help and submit a case to the benefits team or email HR Advocacy at oncres1@oncor.com.
Oncor provides you with Basic AD&D coverage equal to two times your annual base pay, up to $2 million, if you die or suffer certain types of injuries as the result of an accident. In case of death, this benefit amount is in addition to Basic and Optional Life Insurance.
The beneficiary you designate for Basic AD&D Insurance may be different from the beneficiary you designate for Optional AD&D Insurance, if you buy optional coverage.
If you enroll your eligible family members for dependent AD&D coverage, the benefit payable is based on your family members enrolled at the time of the loss as described on this page.
When you take out AD&D insurance, you have access to a comprehensive suite of valuable services, including will preparation, funeral discount and planning, grief counseling for you and your loved ones, and more. Employees enrolled in Optional Life Insurance also have access to legal advice through MetLife’s Estate Resolution Services at no additional cost.
Funeral Planning Services and Grief Counseling
MetLife: 1.800.638.6420
Free Will Writing Services
MetLife Legal Plans: 1.800.821.6400
As a supplement to Oncor’s health care program, you may choose to enroll in voluntary benefit options. These options pay you a cash benefit when you experience covered circumstances. You may use the benefit as you see fit to cover medical deductibles, copays, mortgage/rent, groceries, utility bills, or other needed items. These additional benefits are available at group rates and may be paid through salary deductions. They are not sponsored or administered by Oncor, and you pay the entire cost of premiums.
Pays you a cash benefit when you get treatment for an accidental injury. You can receive payment for a long list of injuries from minor to serious.
Pays you a cash benefit when a doctor diagnoses you with a covered serious illness or condition, such as heart attack or stroke.
Pays you cash benefit when you have a hospital stay for an illness, injury, surgery or having a baby. The option pays a lump-sum benefit for admission and a daily benefit for a covered hospital stay. This plan does not count as minimum essential coverage under the Affordable Care Act. This is a supplement to health insurance and is not a substitute for major medical coverage.
If you are enrolled in Whole Life Insurance with LTC through Allstate Benefits, you may continue your coverage. However, this option is no longer available for new participants. If you decide to discontinue your coverage, contact the Oncor Benefits Center. You won’t be able to re-enroll.
Note: Closed to new enrollees.
Norton LifeLock provides proactive monitoring to help stop fraud at its earliest sign and enables quick restoration for minimal damage and stress. Norton monitors for fraudulent use of your personal information and sends alerts when a potential threat is detected.
You can find details about this coverage on my.norton.com or call 1.800.607.9174, Monday through Friday, 9 a.m. to 7 p.m. Eastern.
You have access to three 30-minute sessions with a Money Coach by phone through Magellan Health Financial Resources.
Oncor values your well-being and covers the full cost of LTD coverage for eligible employees. This coverage can replace up to 66.67% of your base pay, with a maximum monthly benefit of $25,000. Because Oncor covers the cost, any LTD benefits you receive are taxable.
Refer to the Summary Plan Description for the Oncor Electric Delivery Company LLC Employee Welfare Benefit Plan and other documents in the Resource Library. You may obtain a copy of the required legal notices at no cost by opening a case through myhrconnection.oncor.com. Go to HR Help and submit a case to the benefits team.
Options and programs described in this website, as well as other communication materials, are intended only to be summaries of certain provisions of Oncor’s employee benefit plan(s) (the “Plan”). Benefits communication materials from the Oncor Benefits Department update and modify certain provisions of the Plan and, as such, constitutes a summary of material modifications under the law. The programs are governed by formal plan documents, and, in the event of a discrepancy, the formal plan documents will prevail. Oncor reserves the right to amend and/or terminate any or all of its benefit programs, in whole or in part, from time to time. The employee benefits offered through the Plan are optional. Any recommendations of any of the third-party administrators or insurers, or in- network/out-of- network designations are made solely by the applicable third-party administrators and/or insurance carriers, not by Oncor or the Plan.