Johnson County Board of Education

Transcription

1 Johnson County Board of Education Your 2015 Voluntary Benefits Briefing

2 Colonial Life Colonial Agents will be available at BOTH Schools on: September 15 th and 16 th

3 Premium Only Plan Flexible Benefits Programs Also called Cafeteria Plans Premium Only Plan is available through your employer IRS Code Section 125 allows selected employee benefits to be deducted from Gross Earnings Lowers taxable income, increases spendable income Elections must be maintained for a year Exceptions: Family Status, Employment Status, Leaves of Absence, Major Health Plan changes

4 Premium Only Plan Flexible Benefits Programs As part of your benefits plan, you may have Medical, Dental or other non-colonial Benefits Each Enrollee should: Be aware of what the plan provides you Some plans have 100% paid benefits (wellness, preventive care) that make your premium contribution worthwhile Be aware of out-of-pocket expenses that can add financial stress to an already stressful event Co-payments, deductibles, annual maximums can limit your ability to maintain your lifestyle

5 Why Supplemental Insurance? Ask yourself, If something happened to me TODAY, could I Pay my rent or mortgage? Put food on my table? Keep my car on the road? Pay my bills? (especially heating and electricity) Provide for my children? Can you support or maintain your lifestyle in the face of reducing personal assets to meet your expenses?

6 Supplemental Insurance Benefits These Voluntary benefits are designed to protect your assets and reduce your out-of-pocket expenses Whole Life Special Offer for 2015 Critical Illness Insurance Special Offer for 2015 Short Term Disability Long Term Disability Life Insurance Group Term Life Universal Life Medical Bridge 3000 Accident Care Cancer Assist

7 Colonial Life The Advantage of Colonial Life plans: Most plans pay in addition to other benefits you may have with other insurance companies. Benefits are paid directly to you, unless you specify otherwise. You can keep your coverage even if you change jobs or retire. Plans are guaranteed renewable. Prompt and courteous customer service.

8 Colonial Life Short-Term Disability Insurance Helps protect your income and lifestyle if you are unable to work due to a covered accident or covered sickness. Use benefits to help pay for: Mortgage or rent payments. Utility bills and other household expenses Replace lost wages due to unexpected illness or injury Use the money where it s needed most Product underwritten by Colonial Life & Accident Insurance Company. Policies have exclusions and limitations that may affect benefits payable. All plans may not be available in all states and benefits provided may also vary by state.

9 Disability 1000 Short Term Disability Replace lost income in the event of disability due to accident or sickness Maximum 60% of salary coverage available Monthly maximum benefit of $5,000 For NEW EMPLOYEES, up to $3,000 is Guaranteed Issue Choice of elimination periods 0 day accident, day sickness If updating GA Educator, no 3 day elimination is available 3, 6, 12* or 24 month benefit period. If enrolling in UNUM LTD, choose the 12-month plan Pre-existing condition limitations: 12/12 Portable & Renewable to 65 & age 70 if employed

10 Georgia Educator Short Term Disability The Georgia Educator disability plan was discontinued in 2005 and is no longer available, for sale or increase. A significant number of Johnson Co. BOE employees still have this plan in force, and they will be honored. This is a review of these benefits. Benefits fill the gap between time of disability and long term disability Maximum 40% of salary coverage available, up to $2000 monthly Benefit amount selected at time of enrollment in $100 increments 3, 7, 14, 30, and 60 day elimination periods for sickness Elimination periods waived if admitted Pre-existing condition limitations 12 months from effective date Portable & Guaranteed Renewable to 65 & age 70 if still employed Employees may upgrade disability benefits by enrolling in Disability 1000

11 Georgia Educator Short Term Disability Optional Benefits were available with this plan. In some cases these were issued as policy riders (attachments); in other cases they were issued as stand-alone coverage. This coverage, while still honored, is dated and should not be confused with other Colonial plans Accident Only Benefits: Hospital Confinement - $1,200/month ($40 daily) for 3 months Medical fees for accidents - $25 Emergency Treatment - $25 minimum payment, only when other benefits are not payable. Complete Fractures - $120 to $1,500 depending on injury Complete dislocations - $120 to $1,3050 depending on injury Other injuries - $50 to $600 (burns, lacerations, tendon/ligament injuries, ruptured discs, eye injuries, knee cartilage) Sickness Benefits: Hospital Confinement - $1,200 month ($40 daily) More detailed accident or hospitalization benefits are available through Colonial s Accident Care or Medical Bridge 3000 plans.

12 Insurance Benefit UNUM Long Term Disability 24 hour coverage, worldwide coverage 365 day elimination period for injury or sickness Monthly Gross Disability Benefit = 60% Monthly Benefit Maximum = $6,000 Benefit period = to age 65 No premiums while disabled Coverage can be extended for 12 months if you leave workplace Pre-existing conditions not covered for 24 months Guaranteed issue for NEW employees only. Standard underwriting in effect for all others.

13 Insurance Benefit UNUM Long Term Disability When are you considered disabled? When proof is provided that you: are disabled due to sickness or injury require the regular care of a physician How is your benefit determined? Benefits are based upon a percentage of income to be replaced. What if your disability occurs again? If a disability reoccurs within 6 months, it will be treated as a continuation.

14 Insurance Benefit Short Term Disability Period of Disability STD LTD Return to Work Benefits End Short Term Ends File Long Term Elimination Period Ends File Short Term Start of Disability Enter Elimination Period

15 Colonial Life In general, there are two classes of life insurance: Permanent Life Universal Life, Whole Life Cash value builds as policy ages Premium never changes Invest in your own, or your families future Term Life: Easy to get and inexpensive Insurance Protection No cash build-up, no additional value Protect your family and their future

16 Colonial Life Group Term Life 1.0 Term Life is basically a death benefit type of insurance plan It pays benefits to the named beneficiary upon death of the insured Easy to get and inexpensive, especially at lower face values GROUP Term Life take all the eligible employees and rates them as one, rather than as individuals. This brings the rates down below what a normal term life plan would cost you. Group plans also include additional built in benefits, and offer option benefits not normally available

17 Colonial Life Group Term Life 1.0 GROUP TERM LIFE 1.0 is a term life plan It is Age Rated, rates are adjusted every 5-years for your age Convertible to individual coverage if you leave the school system This plan is GUARANTEED ISSUE FOR NEW EMPLOYEES No Health Questions will be asked for coverage up to $125,000 Spouse coverage up to $25,000 are GUARANTEED ISSUE Dependent Children up to $10,000 are GUARANTEED ISSUE The Employee MUST enroll to cover any dependents All others will be required to complete the standard health questionnaire

18 Colonial Life Group Term Life 1.0 Additional Benefits include: Accidental Death and Dismemberment Accelerated Death Benefits LifeWorks Employee Assistance Program Life Planning Financial and Legal Resourse These benefits are part of the basic plan at no additional cost Optional Benefits: You may choose one of the follow options in addition to the base plan: Catastrophic Suite benefits for Paralysis, Coma, Burns Family Suite Child Care, Career Adjustment Surviving Spouse, Education for Dependent Children

19 Colonial Life Group Term Life Rates Ageband Employee Non-tobacco Employee Tobacco Spouse Unitobacco Dependent Children DEPENDENT CHILDREN COVERAGE IS AVAILABLE UP TO AGE AD&D w/catastrophic Benefit w/family Benefit 0.035

20 Colonial Life Universal Life Insurance Permanent, cash-value insurance Combines cash building characteristics of Whole Life, with the higher face amounts of Term Life Guaranteed to build at 4% annually Guaranteed renewable and portable Several optional riders allow you to tailor plan to your needs: Additional Term Rider Accidental Death Waiver of Premium Guaranteed Purchase Option NEW!! Long Term Care Rider

21 Colonial Life Universal Life Insurance Long Term Care Rider Allows insured to access Universal Life policy death benefit to pay for Long Term Care expenses 6% maximum on a monthly basis Insured must meet Activities of Daily Living Criteria prior to use Must need assistance in 2 of 6 ADL s Bathing, Continence, Dressing, Eating, Transferring, and Toileting Covers expenses for Long Term Care, Assisted Living, Home Health Care or Adult Day Care Facilities Restoration of Benefits Riders protects original death benefit If death occurs after Long Term Care benefits are utilized, this option restores the original death benefit

22 Colonial Life Universal Life Insurance Spouse Coverage Universal Life -- Duplicate the same benefits as offered to you -- even if you don t buy a policy for yourself Spouse Term Rider in addition to your Life Policy Juvenile Coverage Universal Life -- policy for each child Low rates at younger age, coverage continues even if health problems develop Opportunity to increase coverage at age 18, 21 & 24 without medical underwriting

23 Colonial Life Universal Life Insurance Additional Coverage Available Accidental Death* Additional benefit if death occurs due an accident. Waiver of Monthly Deduction* Maintains policy in force if named insured becomes permanently disabled prior to age 60 Additional Coverage Term Add additional term life benefit within a single policy Guaranteed Purchase Option Allows policy increase at planned intervals without medical underwriting Accelerated Death Benefit Not an option, built in to all Colonial Life insurance plans If the named insured is diagnosed terminally ill, with 12 months or less to live, Colonial will pay up to 75% of the death benefit in advance

24 Colonial Supplemental Insurance Whole Life1000 ** Special Offer for 2015 for ALL EMPLOYEES** Any amount of coverage that $6.00 weekly will purchase up to $50,000 maximum will be GUARANTEED ISSUE. Health question will be asked, but applications discarded by home office without review. Whole life is a traditional type of permanent life It is a cash-value insurance plan No benefit or price changes unless you change the policy Paid up at age 65 or 95 Policy if bought and paid for at that point No more payment, policy remains in force Paid up at 65 option available to age 45 This plan was recently updated with reduced underwriting requirements: Spouse - Any amount of coverage that $16.00 weekly will purchase TWO HEALTH QUESTIONS REQUIRED! - $25,000 maximum

25 Colonial Life Hospital Confinement Indemnity Insurance Often referred to as Gap or Medi-Gap plans Designed to supplement your existing major medical coverage. Lump-sum benefit helps you to pay medical and non-medical expenses associated with a hospital stay, such as: Deductibles or co-payments. Diagnostic Tests Emergency Room Fees Product underwritten by Colonial Life & Accident Insurance Company. Policies have exclusions and limitations that may affect benefits payable. All plans may not be available in all states and benefits provided may also vary by state.

26 Medical Bridge 3000 Hospital Indemnity Colonial s Medical Bridge 3000 covers: Hospital Confinement (in-patient) $500 or $1000 benefit you choose No annual maximum, benefit paid per admission Outpatient surgery in a hospital or surgery center $500 or $1000 benefit, depending on procedure $1500 annual maximum $250 Diagnostic Testing Benefit $150 Emergency Room Benefit $50 Wellness Benefit $25 Doctor s Office Benefit

27 Medical Bridge Hospital Indemnity Benefits are paid regardless of other insurance coverage and paid directly to you Coverage is portable Guaranteed renewable for life Pre-existing condition clause is in-force Monthly Rates : age (50-59) Confinement Benefit: $500 $1000 Individual: $30.85 ($40.10) $36.75 ($47.60) Employee + Spouse $62.75 ($82.70) $74.40 ($98.80) One-Parent Family $52.10 ($60.75) $73.90 ($71.95) Two-Parent Family $73.90 ($92.80) $88.00 ($110.75)

28 Colonial Life Accident Insurance Helps pay the direct (medical) and indirect (non-medical) expenses that may result from a covered accident. Provides benefits for initial care and treatment, in addition to some follow-up care that you may need. Product underwritten by Colonial Life & Accident Insurance Company. Policies have exclusions and limitations that may affect benefits payable. All plans may not be available in all states and benefits provided may also vary by state.

29 Colonial Life Accident Care Colonial s Accident Insurance offers Family coverage for you, your spouse and your children Designed to help you recover out-of-pocket expenses Benefits paid directly to you Benefits paid regardless of other insurance Coverage is worldwide Policy is portable

30 Accident Care Benefits Accident Insurance Helps pay the direct (medical) and indirect (non-medical) expenses that may result from a covered accident. Initial Care - $150 ER benefit, $100 Ambulance benefit, $50 Doctors Office benefit Injury Benefits Broken bones, dislocations, burns, concussions, lacerations, and more Benefits range from $50 (broken toe or finger) to $4,000 (dislocated hip) Hospitalization - $750 on admission, $200 daily for 365 days Other benefits Follow-up doctor visits, physical therapy, wheelchairs, crutches, accidental death

31 Accident Care Injury Benefits Dislocations Dislocations Fractures Fractures Eye Eye Injury Burns Knee Cartilage Concussion Eye Injury Eye Injury Prosthetic Devices Prosthetic Devices Ruptured Disc Ruptured Disc Tendon/Ligament Tendon/Ligament Rotator Cuff Rotator Cuff Lacerations Lacerations Emergency Dental Emergency Dental Monthly Rates (Base Plan): On The Job On/Off The Job Individual: $14.25 $16.75 Individual w/spouse $20.00 $22.25 One-Parent Family $25.75 $27.75 Two-Parent Family $31.50 $33.50

32 Accident Care Additional Options Health Screening Benefit $50 annual benefits for any of 18 wellness examinations Sickness Hospital Confinement $100 daily benefits (for 30-days) for hospitalization due to sickness Spouse Accident Only Disability Income Spouse Accident/Sickness Disability Income

33 Colonial Life Cancer Insurance Helps protect you against the indirect costs and other expenses associated with cancer diagnosis and treatment. Benefits payable for: Specified cancer screening tests. Diagnosis of skin cancer. Hospital confinement and surgical benefits. Radiation/chemotherapy. Transportation and lodging. Product underwritten by Colonial Life & Accident Insurance Company. Policies have exclusions and limitations that may affect benefits payable. All plans may not be available in all states and benefits provided may also vary by state.

34 Colonial Supplemental Insurance Cancer Assist The risk of developing cancer is, unfortunately, very real. The lifetime risk for men is 1 of 2, and for women 1 of 3 Improved treatment and screening make cancer more detectable and survivable than ever. 5-year survival rate for screening accessible cancer is 80% It could be as high as 95% if everyone took advantage of regular screening Cancer costs exceed $174 Billion annually in the U.S. Approximately 35% are Medically related expenses Primarily indirect and hidden costs Not covered by major medical plans

35 Cancer Assist Benefits Cancer Assist is the newest version of Colonial's cancer plans FOUR plans are now available Wellness Benefit $75 Annual benefit regardless of plan selected 17 cancer diagnostic tests and 8 additi0on wellness tests = 22 total Optional $1,000 - $10,000 Initial Diagnosis Benefit Lump-sum Benefit payable upon diagnosis and submission of pathology report or prognosis Defray up-front, immediate costs Bone Marrow/Stem Cell benefits $3500, $4,000, $7000 or $10,000 per transplant $50 for screening, $500, $750 or $1,000 benefit if you are a donor Inpatient Benefits Up to $$100, $150, $250 or $350 daily for 30 days Benefits double at day 31 Transportation and lodging for companion 50 cents/mile for 1,500 mile round trip

36 Cancer Assist Benefits Treatment Benefits Radiation/Chemotherapy = $250, $500, $750 or $1,000 weekly Monthly maximum apply depending on administration methods Medical Imaging $75, $125, $175 or $225 for specific cancer studies Benefit payable twice annually Cancer Vaccine - $50 Other benefits include: Lodging, medications, surgery, experimental treatments, skilled nursing care, family care, hospice care, second opinions, prostheses

37 Cancer Assist Individual, one-parent and two parent family plans 4 plans available, select benefits to suit your needs Optional Benefits First Diagnosis Progressive Payment Specified Disease Rates (per pay day): Base plans only: Level 1 Level 2 Level 3 Level 4 Employee Only $7.48 $9.12 $11.42 $15.55 Employee + Spouse $11.83 $14.26 $19.13 $26.05 One-Parent Family$7.55 $9.25 $11.63 $15.83 Two-Parent Family $11.91 $14.40 $19.34 $26.33

38 Colonial Life Critical Illness Insurance Helps protect your financial security if you experience a specified critical illness such as heart attack (myocardial infarction), or stroke Pays a lump-sum benefit upon diagnosis. The benefit is paid to you unless you specify otherwise use the money where it s needed most! ** Special Offer for 2015** - Up to $10,000 benefit will be Guaranteed Issue Health questions asked, but applications discarded without review. Product underwritten by Colonial Life & Accident Insurance Company. Policies have exclusions and limitations that may affect benefits payable. All plans may not be available in all states and benefits provided may also vary by state.

39 Colonial Life Critical Illness Insurance Did you know? The average age at which Critical Illness strikes is 43. Stroke is the leading cause of serious, longterm disability in the U.S. 1 in 3 men and women have some form of cardiovascular disease An estimated 1.2 million Americans will have a first or recurrent coronary attack this year The chances of surviving a critical illness are better than ever -- could you survive the impact on your finances?

40 Colonial Life Critical Illness Insurance ** Special Offer for 2015** Up to $10,000 benefit will be Guaranteed Issue Health questions asked, but applications discarded without review. Benefits Face Value from $5,000 up to $75,000 Spouse Benefit is 50% of named insured Dependent Children Benefit is 25% of named insured Lump Sum Payment -- paid directly to you and can be utilized for related expenses you choose Subsequent Diagnosis Benefit reduced benefit paid for previously diagnosed illness for which benefits have been paid Guaranteed Renewable and Fully Portable Rates vary depending age of names insured and face value

41 Colonial Life Critical Illness Insurance Covered Critical Illnesses Heart Attack % Stroke % Major Organ Transplant % End-Stage Renal Failure % Blindness 100% Coronary Artery Bypass -- 25%

42 Voluntary Insurance Benefit Pre-Existing Conditions Exclusion Pre-Existing Conditions Exclusion: Applies to Disability 1000 and Medical Bridge 3000 for 12 months Applies to Long Term Disability for 24 months Certain pre-existing conditions may not covered for specified period Any condition treatment or advice from the 12-months prior to the application date may not be covered for the 1 st 12- months of coverage (24 months for LTD) Any claim submitted in the 1 st 12-months a policy is in force will initiate a medical records review for the 12-months prior to the application date (24 months for LTD)

43 Why Supplemental Insurance? Ask yourself, If something happened to me TODAY, could I Pay my rent or mortgage? Put food on my table? Keep my car on the road? Pay my bills? (especially heating and electricity) Provide for my children? Can you support or maintain your lifestyle in the face of reducing personal assets to meet your expenses?

44 Questions??? For claims, assistance or questions contact: Hal Doyle, your Colonial Representative at or The Colonial Life Home Office at Claim forms can be downloaded at Colonial Policy holders can also access their policy information via the Colonial Website. Ask your benefits counselor to show you how.

45 Free Stuff Your Benefits Counselor will ask you to complete a brief online survey about our performance in order to see how we can improve. Any employee completing the survey will be entered into a drawing for an American Express gift card. Winners are selected quarterly by the Colonial Home Office. All employees that come to visit with us will be provided a WellCard Savings card. This is medical expense discount card that can be used for Doctor's Office Visits, Prescriptions, Dental and Vision needs and more. This provided to our Colonial clients free of charge

46 Annual Enrollment Changes are effective 10/01/2015 Colonial Benefit Representatives will be available on from September 15 th and 16 th.open Enrollment is the only time of year to make changes to your voluntary benefits

47 What Happens Next? Take advantage of your options. Don t be afraid to ask questions. We will meet with you individually to help you tailor your benefits plan to your needs.