Long Term Disability

Transcription

1 Long Term Disability

2 Executive LTD Enhanced Solutions for Executives and Professionals When it comes to long term disability (LTD) coverage, one of a company s most valuable resources your top executives and professionals are often under-protected. Inadequate income protection in the event of a long term disability can leave both you and your high-income earning employees exposed. For affected employees, lifestyles may be compromised or their standard of living impacted. As an employer, you also have a role to play in helping to ensure that your higher-income earners have access to the coverage and services that they need. With Executive LTD from Manulife Financial, both you and your top employees will know that they are financiallyprotected should they be unable to work for an extended period due to an injury or illness. Executive benefits Simple, affordable solution Our Executive LTD program helps to bridge the income replacement gap for high-income employees with a comprehensive and affordable Group Benefits long term disability solution that gives your qualified executives and professionals access to: increased LTD coverage without the need for full medical underwriting; premium executive-class services; easy application; simple set-up and administration processes; as well as intregrated disability claims practices and one-touchpoint access to our network of disability experts. Busy plan administrators will appreciate the ease of administration, familiar eligibility processes and one-stop customer service combined with a single, consolidated bill. Executive LTD uses simplified underwriting called Simplified Issue (SI) involving a 4-answer health questionnaire to provide a second layer of protection and increased coverage to qualified employees. For those employees seeking further coverage, above and beyond the non-evidence limit (NEL) and simplified issue amounts, a third layer of protection up to the maximum for your group plan is also available with full medical underwriting. The amount of additional coverage available under the second tier SI depends on the number of eligible executives and professionals in your group and their average salary. In addition, the overall maximum, or level of disability coverage available with full underwriting, will increase for some employers. 2

3 The Executive LTD difference Extra protection, 4 health questions Tier 3 Full Medical Underwriting Full Medical Underwriting Non-evidence limit (NEL) Tier 2 Simplified Issue (SI) 4 health questions Tier 1 Non-evidence limit (NEL) } Extra layer of protection Level of Coverage Standard LTD Tier 1 Provides coverage up to the existing NEL. Tier 2 Offers an added layer of LTD protection with a 4-answer health questionnaire. The amount of coverage available with SI depends on the number of eligible employees and the average salary of the group. Tier 3 Provides coverage up to the maximum available under your group plan, with full medical underwriting. Overall maximums will increase for some group sizes. 3

4 Simple, streamlined and well-priced Executive LTD makes it easy to give your top employees the executive edge. Premium protection, executive-class services Beyond increased financial protection, Executive LTD combines enhanced coverage and easy Group Benefits application, set-up and administration processes, with a portfolio of premium services to help you meet the unique needs of executives and professionals. If you are not already experiencing the benefits of these services: Health Service Navigator (HSN) This innovative service included as part of the Executive LTD program is designed to help your executive plan members, and their eligible dependants, access health information to cope with a critical, chronic or occasional health event. With access to information, tools and resources, this service helps busy executives and professionals navigate their way through the Canadian health care system. At a glance, Health Service Navigator provides members with a comprehensive health resource, plus access to a world-class medical second opinion service. Personal Health Assessments (PHA) Our Personal Health Assessment program includes a unique wellness opportunity for your executives and professionals. Offered in partnership with Medisys Health Group, a leading provider of executive healthcare services, the program delivers preferred pricing on executive health assessments at one of their exclusive clinics. Assessments include a variety of tests designed to guard against a range of preventable diseases such as forms of cancer and heart disease. If you do not have an existing relationship with Medisys, this optional service may be of interest to you. Absence Management Access (AMA) This ad hoc service gives you access to enhanced absence management tools, when needed, to help you address complex short-term absences. Available as an option, this service is designed to augment a self-insured, selfadministered short term disability (STD) program. Own Occupation to 65 Included among the optional features of Executive LTD, own occupation to 65 protects employees should they be unable perform the duties of their own occupation due to an illness or injury. Particularly attractive to executives and professionals, own occ to 65 does not require affected individuals to retrain for another job or take on duties outside of their profession. Speak to your plan advisor or Manulife Financial representative to learn more about the services available with Executive LTD. 4

5 Executive LTD At a glance Increased Group LTD coverage What it means for: Plan sponsors & plan administrators Addresses the unique coverage and income protection needs of your top employees Executives & professionals Improved coverage, greater income protection Simplified underwriting (Tier 2 amount) Easy application process, with no need for full medical underwriting a real time-saver for busy executives and professionals Integrated Group Benefits solution Affordable pricing Simple, single-carrier solution, one-stop benefits Familiar eligibility processes, easy plan set-up and administration One consolidated bill Simple, easy-to-understand benefit One-stop customer service support Smooth case management and claims handling experience Additional options and executive-class products and services Network of disability experts, plus integrated disability case management and claims handling processes Addresses the unique needs of executives and professionals: Own occupation to 65* Cost of Living Allowance (COLA)* Health Service Navigator Personal Health Assessments* Absence Management Access* Premium plan member experience *Available as optional plan features 5

6 Is Executive LTD the right fit for your employees? To qualify for Executive LTD certain program requirements must be met. Eligibility is based on a combination of group and employee requirement such as: Minimum of 5 executives or professionals within the same class who have reached the non-evidence limit (NEL) under their current plan Individuals must meet the occupation and minimum annual income requirements of the program Participation requirements = 100% of eligible executives and professions within the same class. All employees must complete the simplified issue application (Note: Employees that have not reached the NEL may still have access to executive services available under the Executive LTD program.) Benefit formulas for non-taxable plans Since Executive LTD is designed for higher income earning employees, a graded or tiered benefit formula is recommended if you have a non-taxable benefits plan. This approach will help to minimize the impact of a benefit cut-back at the time of claim due to the All-Source Maximum (ASM) on earnings. Several options are available. We will work to find the right solution for you. Learn more about Executive LTD Contact your plan advisor or Manulife Financial representative to find out if Executive LTD is the right fit for your high-income earners. Visit our website at: Executive LTD is available to qualified clients and employees as part of the WellConnected suite of disability and absence management products and services offered by Manulife Financial. This includes, Short Term Disability (STD) and Short Term Disability Adjudication Services (STDAS), Absence Management Solutions and Long Term Disability (LTD). When it comes to disability and absence management programs, we see our job as making your job easier. 6

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8 Final acceptance in the Executive LTD program is subject to underwriting approval by Manulife Financial. Manulife Financial reserves the right to deny coverage in instances where the minimum participation requirements have not been met. Executive LTD is sold as part of a complete Group Benefits LTD solution. It is not available as a standalone product. Executive LTD, WellConnected, Health Service Navigator and Absence Management Access are offered through Manulife Financial (The Manufacturers Life Insurance Company). Personal Health Assessments are offered to clients of Manulife Financial through referral to Medisys Health Group for which Manulife and its advisors receive compensation. Personal Health Assessments are provided directly and solely by Medisys Health Group The Manufacturers Life Insurance Company. All rights reserved. Executive LTD, WellConnected, Health Service Navigator, Absence Management Access, Manulife, Manulife Financial, Manulife Financial For Your Future logo and the block design are trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates under license. GL4932E 09/2011