2016 Colonial Life Benefit Summary

Transcription

1 2016 Colonial Life Benefit Summary Welcome! We are proud to sponsor your benefits program. As a full-time active employee, you are eligible to participate in our benefits program upon completion of 90 days employment. Eligible employees are able to enroll in various voluntary benefits, including: Short-Term Disability, Accident, Cancer, Critical Illness, and Life. If you wish to add, change or cancel your Colonial coverage please call Kristen Bible at Deadline is Friday, January 29th

2 Colonial s Accident, Cancer, and Critical Illness plans have built-in annual Health Screening Benefits! All policyholders have the opportunity to claim these benefits and it s an easy process!! Colonial Health Screening Claim Process If you wish to file a Wellness or Cancer Screen claim for a test performed within the past 18 months, you need the name and date of the test performed as well as your doctor s phone number. We also need to know if this is for you or another covered individual and their name and social security number. You may: FILE BY PHONE! Call and provide the information requested by our Automated Voice Response System, 24 hours per day, 7 days a week, or SUBMIT ON THE INTERNET using the Wellness Claim Form at or FILE BY FAX - Print your name, address, social security number on your doctor s bill and indicate Wellness Test. Fax to us at , or FILE BY MAIL same process as faxing mail to Colonial, P.O. Box , Columbia, SC If your test was more than 18 months ago, you must file by FAX or MAIL send a copy of the doctor s bill or statement from your doctor indicating the type of test preformed, the charges incurred, and the date of service. Please print your full name, social security number, and current address on the bill or statement. Kate Overton office cell fax kateoverton@windstream.net Customer Service: The information in this Benefits Summary is presented for illustrative purposes and is based on information provided by the employer. The text contained in this Summary was taken from various summary plan descriptions and benefit information. While every effort was taken to accurately report your benefits, discrepancies, or errors are always possible. In case of discrepancy between the Benefits Summary and the actual plan documents the actual plan documents will prevail. All information is confidential, pursuant to the Health Insurance Portability and Accountability Act of If you have any questions about this summary, contact Human Resources. 2

3 New Short-Term Disability - Colonial You never know when a disability could impact your way of life. Fortunately, there s a way to help protect your income. If an off-the-job accident or sickness (including Psychiatric or Psychological conditions) prevents you from earning a paycheck, total disability insurance can provide a monthly benefit to help you cover your ongoing expenses. This plan also provides a Partial Disability Benefit: If you are able to return to work part-time after at least 14 days of being paid for a total disability, you may be able to receive 50% of your total disability benefit; Waiver of Premium: we will waive your premium payments after 90 consecutive days of a disability; Additional Disability Income Provision: you have two opportunities at subsequent enrollments to increase your coverage (by $100 or $200) on a guaranteed issue. You can elect up to 60% of your income ($4,000 per month max). You can choose a 3-month or 6 month Benefit Duration, and choose your elimination period. Post-Tax Deduction 3 month Benefit Duration Age $ $ $ $ 1, $ 1, $ 1, $ 1, $ 1, $ 2, $ 2, $ 2, $ 2, $ 2, $ 3, Note: If you are age 65-74, quote will be provided by Benefit Counselor Accident (On & Off Job) Accidental Injuries are unexpected and costly, and they happen more often than you think. Colonial s family-friendly Accident Plan provides lump-sum daily benefits for covered on and off-the job injuries (including ER treatment, followup visits, PT, ambulance, appliances, hospital confinement, x-rays/imaging, lodging/transportation, surgery, catastrophic coverage, AD&D and more), and a Wellness Benefit that pays $50 (per covered person per calendar year). Pre-Tax Deduction Individual $ Employee + Spouse $ Employee + Child(ren) $ Family $ Spouse Disability Income Rider You may depend on your Spouse s income to help pay housing, transportation, utilities, food, clothing and possibly your child s education. If your Spouse is unable to work because of an Off-the-Job accident or sickness you lose that second income. With Colonial s Disability Income Rider when your Spouse is covered by our Accident Plan, you are provided with affordable options to protect the income you rely on to manage your basic financial needs. 3

4 Cancer Coverage Medical advances have resulted in an increased chance of surviving this dread disease. But with these advances come increased health care costs. Lengthy, expensive recovery periods can mean the loss of personal wages and a person s ability to pay for care and treatment. Even with the most generous employer-provided medical and disability plans, you may need additional resources to manage your financial needs. The Cancer Assist plan pays lump-sum benefits that can help you protect yourself and your loved ones through the diagnosis, treatment, and recovery journey. The plan also pays a $100 Wellness benefit (per covered person per calendar year) to encourage annual screenings improving your chances of early detection and survival. Pre-Tax Deduction Level 1 Level 2 Level 3 Level 4 Initial Diagnosis (per $1,000) Progressive Payment Specified Disease Employee Employee + Spouse Employee + Child(ren) Family Critical Illness Coverage This plan helps you pay for the direct (deductibles/coinsurance) and indirect costs (loss of wages, home healthcare, rehabilitation, and basic living expenses) associated with a Critical Illness. Your plan provides a $10,000 lump sum payment upon the DIAGNOSIS of a covered critical illness. Covered illnesses are: Heart Attack, Stroke, Major Organ Failure, End-Stage Kidney Failure, Permanent Paralysis due to an accident, Coma, Blindness, Occupational Infections HIV or Hepatitis (B, C, D), and Coronary Artery Disease. The plan also pays a $50 Wellness Benefit (per covered person per calendar year) to encourage annual screenings improving your chances of early detection and survival. (Note: Spouse coverage limit is $5,000 and Dependent coverage is $2,500. Maximum payout is 3x the face amount for all covered persons combined. Diagnoses must be separated by 180 days). Post-Tax Deduction $10,000 Face Amount Individual Employee + Spouse Employee + Child(ren) Family Issue Age Non-tobacco Non-tobacco Non-tobacco Non-tobacco

5 Life Coverage Getting married having children change in financial circumstances planning for retirement like most folks, we have a variety of life stages. Having the opportunity to reassess your life insurance needs is important to ensure that you leave sufficient coverage for those who depend on you. Colonial s Whole Life provides guarantees cash value, premium rates and death benefit that help ensure those benefits will be there when they re needed. You can rest easy knowing you have life insurance protection now and in the future that helps provide a solid foundation for financial security. Colonial s Term Life allow you to purchase higher coverage amounts at lower premium for life stages where needs are greater (when financial demands are high in the event of premature death). And Colonial s Juvenile Universal Life is an easy way to help establish a financial foundation for your child s future. No matter what the future brings, your child will have the flexibility of a universal life policy to help prepare for different life stages. In addition to having a policy that can remain in force, your child can take advantage of additional coverage options during adulthood Post-Tax Deduction Issue Age $10,000 Face Amount $25,000 Face Amount $50,000 Face Amount $75,000 Face Amount $100,000 Face Amount *Sample Premiums for 20-Year Term Life. Alternate Quotes available during one-to-one session with a Benefit Counselor All benefit premiums will be payroll deducted per pay period (semi-monthly) Your coverage is portable at the same rate Benefits pay cash directly to you over and above any other insurance plans Premiums do not increase from year-to-year or as you get older Pre-Tax Advantage: Section 125 Plan Your Accident and Cancer payroll deductions are taken on a pre-tax basis through an IRS Section 125 Plan. This saves you approximately 30% in taxes. However, due to Section 125 Plan rules, you may only make changes in your payroll deductions at the annual Open Enrollment or at the time of a Qualifying Event. If there has not been a Qualifying Event, you may not make any changes to your payroll deductions until Open Enrollment These are Internal Revenue Service rules and there can be no exceptions. Contact Human Resources for more information. NOTIFICATION MUST OCCUR WITHIN 30 DAYS OF THE QUALIFYING EVENT. Eligible events that may allow you to change some or all of your elections include: Marital Status Change: Marriage Death of spouse Divorce or annulment Number of Dependents: Birth Adoption or placement for adoption Death of a dependent child Legal Custody of a Child Dependent Status Change: Dependent no longer satisfies rules for eligibility Employment Status Change: Commencement or termination of employment Start or end of Unpaid Leave of Absence Change in Current Coverage: Gain or Loss of a spouse's coverage due to a change in employment Gain or Loss of a child's eligibility Gain or Loss of coverage under Medicare, Medicaid or CHIP Employment / Insurance Change: COBRA Coverage Expires Significant change in health care cost o Gain or Loss of coverage during a Spouse's annual enrollment 5