Insurance Education Part #4 Basic Life Insurance
Basic Life Insurance Features $3,000 term life insurance Employees enrolled in any health plan eligible are covered Premium paid by employer Dismemberment benefits
Insurance Education Part #4 Optional Life Insurance
Optional Life Insurance Features Maximum coverage level of $500,000 Premium based on: Level of coverage Age as of previous December 31 st Benefit amount reduced at age 70 for active employees and retirees Portable
Optional Life Insurance (cont.) First $50,000 of coverage pretax No medical evidence needed if enrolled within 31 days of employment Coverage - three times salary, rounded down to nearest $10,000 increment, or $500,000, whichever is less
Optional Life Insurance (cont.) Accidental death benefit (double) Seat belt rider with 25 percent additional benefit
Optional Life Insurance (cont.) EstateGuidance benefit Employee must be actively at work one full day for benefit to become effective For more information go to: www.estateguidance.com/wills (promotional code - HFD1877)
Optional Life Insurance (cont.) Travel Assistance Program benefits Education and daycare benefits Felonious assault benefits Dismemberment benefits
Optional Life Insurance (cont.) Living benefits up to 80 percent of coverage amount if employee s life expectancy is one year or less Premium waiver for one year with disability Employee must be actively at work for coverage to be effective
Optional Life Insurance Beneficiary Designate beneficiary by legal name May make estate or trust beneficiary Designate percentage amounts for multiple beneficiaries
Optional Life Insurance (cont.) May change beneficiary throughout year by completing: A paper-copy NOE or An online NOE by visiting EIP s Web site: www.eip.sc.gov And click on: MyBenefits
Insurance Education Part #4 Dependent Life Insurance
Dependent Life Insurance Spousal Coverage New hire can enroll his/her spouse for $10,000 or $20,000 if spouse is Not employed by state insurance program participating employer and Not covered by state insurance program participating employer
Dependent Life Insurance (cont.) Can apply for additional spousal coverage with medical evidence of good health Cannot exceed 50 percent of employee s Optional Life Insurance coverage or Up to $100,000 maximum
Dependent Life Insurance (cont.) Employee must be actively at work for coverage to be effective Spousal premiums based on employee s age and amount of coverage
Dependent Life Insurance (cont.) Employee is beneficiary Accidental death and dismemberment benefits Suicide exclusion applies
Dependent Life Insurance Child Coverage $15,000 per child Premiums: $1.24 per month, regardless of number of children covered Can enroll eligible children throughout year without medical evidence of good health
Dependent Life Insurance (cont.) Covers listed dependents only Employee is beneficiary No double indemnity benefits Employee must be actively at work for coverage to be effective
Insurance Education Part #4 Basic Long Term Disability Insurance (BLTD)
Basic Long Term Disability Insurance Features Available to employees enrolled in any health plan Premium paid by employer BLTD income taxable 62.5 percent benefit, up to $800 maximum per month Insured by Standard Insurance Company
Basic Long Term Disability Insurance (cont.) 90-day waiting period Subject to pre-existing condition Two-year limit on Own Occupation disability At end of two years reviewed for Any Occupation definition for permanent disability 24 month mental health disability Insured by Standard Insurance Company
Basic Long Term Disability Insurance (cont.) Benefit amount reduced by deductible income including: Workers Compensation Social Security benefits Sick leave pay SCRS state retirement income Insured by Standard Insurance Company
Insurance Education Part #4 Supplemental Long Term Disability Insurance (SLTD)
Supplemental Long Term Disability Insurance Features Premium based on monthly salary, plan chosen and age Employee pays total premium 65 percent of monthly salary up to $8,000 per month maximum Choice of two plans: 90-day or 180-day waiting period before benefits begin Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance (cont.) Benefit amount reduced by Workers compensation, Social Security, sick leave pay, BLTD benefit and SCRS income Minimum benefit of $100 SLTD income not taxable Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance Exclusions and Limitations Pre-existing condition Own occupation/any occupation disability 24-month maximum mental health disability Conversion available Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance Maximum Benefit Period Age at Disability Maximum Benefit Period Age 61 or younger To age 65 or 3 years, 6 mo. longer Age 62 3 years, 6 months Age 63 3 years Age 64 2 years, 6 months Age 65 2 years Age 66 1 year, 9 months Age 67 1 year, 6 months Age 68 1 year, 3 months Age 69 and older 1 year Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance Lifetime Security Benefit Extends SLTD benefits indefinitely for disabled employees who: Suffer severe impairments, making them unable to perform two or more activities of daily living (i.e. bathing, dressing, continence, toileting, transferring and eating) Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance Monthly Premiums (Based on employee s age as of preceding January 1 st) Age Younger than 31 31-40 41-50 51-60 61-65 66 and older Plan One (90 days).00065.00089.00179.00360.00433.00528 Plan Two (180 days).00050.00069.00137.00277.00333.00406 Factor x Salary = Premium