Colonial Agents will be available on: September 17 th and 18 th Two days at Each school

Transcription

1 Johnson County Board of Education Your 2008 Voluntary Benefits Briefing

2 Colonial Supplemental Insurance Colonial Agents will be available on: September 17 th and 18 th Two days at Each school

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 coverage 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 i your lifestyle l in the face of reducing personal assets to meet your expenses?

6 Supplemental Insurance Benefits These Voluntary benefits are designed to protect t your assets and reduce your out-ofpocket expenses Short Term Disability Long Term Disability Accident Care Cancer Security Medical Bridge Critical Illness Insurance Life Insurance

7 Disability 1000 Short Term Disability Benefits fill the gap between time of disability and long term disability benefit Maximum 66 2/3% of salary coverage available Monthly maximum benefit of $ Choice of elimination periods 3612* 3, 6, or 24 month benefit period Pre-existing condition limitations: 12/12 Simplified underwriting Portable & Renewable to 65 & age 70 if employed

8 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

9 urance Benefit UM Long Term Disability 24 hour coverage, worldwide coverage 365 day elimination i i 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 e can be extended for 12 months if you leave workplace Pre-existing conditions not covered for 24 months Standard underwriting rules are in effect. Guaranteed issue for NEW employees

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

11 lonial Supplemental Insurance cident 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

12 ccident Care efits Initial Care Ambulance, ER Treatment, Doctor s Office Surgical Care Open or Thoracic Surgery Blood, Plasma, Platelets Transportation and Lodging Hospital Admission and Confinement Follow-up Care Accidental Death and Dismemberment

13 cident Care ry Benefits Dislocations Fractures Eye Injury Burns Knee Cartilage Concussion Eye Injury Prosthetic Devices Ruptured Disc Tendon/Ligament Rotator Cuff Lacerations Emergency Dental

14 cident Care ditional Options Health Screening Benefit Accident Only Disability Income Accident/Sickness Disability Income Sickness Hospital Confinement Monthly Rates: Individual: $14.25 Individual w/spouse $20.00 One-Parent Family $25.75 Two-Parent Family $31.50

15 lonial Supplemental Insurance cer 1000 he risk of developing cancer is, unfortunately, very real. The lifetime risk for men is 1 of 2, and for women 1 of 3 proved treatment and screening make cancer more detectable d 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 ancer costs exceed $174 Billion annually in the U.S. ONLY 35% are Medically related expenses Primarily indirect and hidden costs not covered by major medical plans

16 ncer 1000 efits Wellness Benefit. Annual benefit for 17 diagnostic tests performed $1,000 - $5,000 Initial Diagnosis Benefit Dfr Defray up-front, pfr immediate costs Bone Marrow donor/donation benefits. Inpatient Benefits Up to $300/day for 30 days Transportation and lodging for companion Benefits paid directly to you, regardless of other insurance

17 ncer 1000 reatment Benefits Radiation/Chemotherapy, Medication, Blood and Plasma, Prosthesis edical Imaging $250 per scan/$500 annual max npatient and Outpatient Surgery xtended Patient Care

18 ncer Security efits ividual, one-parent and two parent family plans 4 options available, select benefits to suit your needs ptional coverage First Diagnosis Progressive Payment Specified Disease onthly Rates: Individual: $26.50 One-Parent Family $30.00

19 dical Bridge pital Indemnity Hospital Indemnity to cover hospital or outpatient surgery expenses Supplement existing coverage deductibles, co-payments, transportation, or child-care Payable as lump some directly to you

20 dical Bridge pital Indemnity Colonial s Medical Bridge 3000 covers: Hospital Confinement choose $500 or $1000 benefit Outpatient surgery in a hospital or surgery center - $500 or $1000 benefit, depending on procedure $250 Diagnostic Testing Benefit $150 Emergency Room Benefit $50 Wellness Benefit $25 Doctor s Office Benefit

21 dical Bridge pital 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: Confinement Benefit: $500 $1000 Individual: $30.85 $36.75 Employee + Spouse $62.75 $74.40 One-Parent Family $52.10 $73.90 Two-Parent Family $73.90 $88.00

22 lonial Supplemental Insurance tical Illness Insurance Did you know? The average age at which Critical Illness strikes is 43. Stroke is the leading cause of serious, long-term disability in the U.S. 28% of stroke sufferers are under age 65 Every 29 seconds someone in the U.S. suffers a coronary event The chances of surviving a critical illness are better than ever -- could you survive the impact on your finances?

23 lonial Supplemental Insurance tical Illness Insurance overed Critical Illnesses Heart Attack % Stroke % Major Organ Transplant % End-Stage Renal Failure % Coronary Artery Bypass -- 25%

24 lonial Supplemental Insurance tical Illness Insurance enefits Lump Sum Payment -- paid directly to you and can be utilized for related expenses you choose Spouse coverage is available Guaranteed Renewable ealth Screening Benefit $50 Dollars per Calendar Year Paid for: Bicycle or Treadmill Stress Test, Fasting Blood Glucose, Bone Marrow testing, Serum Cholesterol test (HDL/LDL)

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

26 lonial Supplemental Insurance m Life 1000 Term Life provides affordable insurance protection. There are two plans available: 10, 20 and 30 year terms available Face amounts of $10,00 to $500,000 Guaranteed level premiums for the entire term, based on issue age Annual renewal after term is completed Conversion privilege to permanent life insurance Coverage available for Employees and spouses Child Term Rider is available for dependent children Up to age 18 to issue, coverage in force to age 25

27 lonial Supplemental Insurance versal Life Insurance ouse 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 venile 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

28 lonial Supplemental Insurance iversal Life Insurance Additional Coverage Available Accidental Death* Waiver of Monthly Deduction* Accelerated Death Benefit Additional Coverage Term Guaranteed dp Purchase Option

29 luntary Insurance Benefit rt Term Disability -Existing Conditions Exclusion: Applies to Disability 1000 and Medical Bridge 3000 for 12 months Applies to Long Term Disability for 24 months rtain pre-existing conditions may not covered for specified iod 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)

30 hy 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 i your lifestyle l in the face of reducing personal assets to meet your expenses?

31 estions??? ou can contact your Colonial Representative, Hal Doyle or more information prior to the open enrollment: AL DOYLE ell llph Phone mail

32 nual Enrollment Changes e effective 10/01/2008 olonial Benefit Representatives will available on September 17 th and th all employees must be seen