Body
Title
Office of Sponsored Programs - 300.07, Procedure 4 - Estimating Health Insurance
Corresponding with:
Purpose
Health insurance estimations are based on the percentage of effort the employee will work on a project and can differ depending on the classification of the University employee.
Health insurance covers a 12-month period. Effective in Summer 2018, budgeting of health insurance costs on faculty compensation outside of their 9-month appointment (summer salary) may be included in proposals.
Procedure
I. Estimating Fringe Benefits - Non-Clinical Faculty and Licensed Physicians
- Determine the employee classification annual health insurance rate
- Then multiply the applicable premium by the percent of proposed effort: $4,293 x 30% = $1,287.90
II. Estimating Health Insurance - Clinical Faculty and Licensed Physicians
- The School of Medicine (SOM) provides guidelines for applying the appropriate supplemental benefits.
- For each qualifying individual, add $1,690 to the applicable annual amount: $1,690 + $4,293 = $5,983
- 45% x $5,983 = $2,692.35 estimated amount for health insurance based on proposed percent of effort.
Contact Information
For questions regarding this procedure and its related operating standard, please contact SponsoredPrograms@unc.edu.
For questions regarding Pre-Award management or Post-Award administration, please contact the assigned Sponsored Projects Specialist (SPS).
For invoicing, reporting and other financial matters, please contact the assigned Sponsored Projects Accountant.
OSP Staff assignments may be found in RAMSeS or on the OSP website.
History
History Table
Date |
Description |
07/01/2022 |
Revised to reflect new office name. |
07/11/2018 |
Revised to include budgeting of health insurance on faculty compensation outside of a 9-month appointment. |
05/15/2018 |
Revised to coincide with the release of the new OSP Website. |
The operating standards in the Office of Sponsored Programs Operating Standards & Procedures Manual supersede any OSP operating standards, procedures and appendices previously included in the University Business Manual, a publication of UNC-Chapel Hill’s Division of Finance.