State of Minnesota. Optional Benefits Overview State of Minnesota Life, AD&D and Disability

Transcription

1 Optional Benefits Overview State of Minnesota Life, AD&D and Disability 2018

2 Current Employees How to enroll outside of your annual enrollment period: Enroll at any time during the year for Life Insurance, Optional Accidental Death and Dismemberment (AD&D) and Short Term Disability by completing the Optional Application click here 2 1. Submit your completed Application to MMB s address on the form. 2. MMB will forward your application to the insurance company and, if applicable, they will mail you a health questionnaire with instructions.* 3. Complete the questionnaire as instructed. Upon the insurance company s receipt of your response, they will review your application and advise you of their decision. If approved, the State will also receive notification to begin payroll deductions. *Enrolling for Optional AD&D is guaranteed issue anytime during the year. Note: LTD can only be elected during your annual enrollment period.

3 Optional Disability Insurance The Hartford 3

4 Optional Short Term Disability Insurance Employee paid Enroll any time with evidence of insurability by completing the Optional Application. Benefit amount Elect a minimum of $300, up to approximately 66 2/3% of gross monthly earnings, not to exceed $5,000/month Benefits begin 1st day of an accident 8th day of an illness/maternity Benefit payable Up to 26 weeks Benefit Features Benefits not taxed Paid in addition to sick/vacation 4

5 Optional Long Term Disability Insurance Employee paid Enroll ONLY during your annual enrollment period. Elect online, no health questions required. Benefit amount Elect a minimum of $300, up to a maximum benefit in accordance to your annual earnings (refer to Hartford s chart), not to exceed $7,000 Benefits begin After 6 months of total disability Benefit payable Up to Social Security normal retirement age (age 65-67, depending upon your year of birth) Benefit Features Benefits not taxed Benefits integrate with other income (i.e. SS & MSRS) The greater of 15% of the enrolled amount or $300 minimum benefit 2 year exclusion for pre-existing conditions 5

6 Basic and Optional Term Life Insurance Securian Financial Group, Inc. underwritten by Minnesota Life Insurance Company 6

7 Basic Term Life and AD&D Insurance Employer paid Available to benefit eligible employees No enrollment required Amount varies according to bargaining unit or job classification Important to review and update beneficiary designations periodically 7

8 Optional Term Life Insurance Employee paid Available to benefit eligible employees Employee Spouse Child $5,000 increments to a maximum of $500,000 Includes a matching AD&D benefit Cost based on age $5,000 increments to a maximum of $500,000 Includes a matching AD&D benefit Cost based on age Elect $10,000 for $0.42 bi-weekly Covers all eligible children from live birth to age 26 Only one employee can cover a dependent child If your spouse or child is eligible for employee coverage, they cannot be covered as a dependent. 8

9 Additional Life Benefit Information Enroll at any time with evidence of insurability by completing the Optional Application. 9 Employee and Spouse Term Life Waiver of premium to age 70 if totally disabled Accelerated death benefit, if terminally ill with less than one year to live A no-cost post retirement benefit for optional life in force for 5+ years Child Term Life Enrolling for coverage during the annual enrollment period, or if you have a qualified life event, is guaranteed issue no health questions asked Employee is responsible for terminating coverage when they no longer have an eligible child. Cancelling/terminating coverage can only be done on the Optional Application

10 No Cost Post Retirement Benefit Applies to Employee and Spouse Optional Life Insurance To Qualify Premium for optional coverage must be paid for 5 years and until employee or spouse turns 65 or retires whichever is later. Death Benefit 15% of the smallest insurance amount carried during the 5-year period preceding age 65 or retirement whichever is later. Example: Assume $100,000 is the smallest amount of coverage 15% of $100,000 = $15,000 no cost death benefit 10

11 Optional Accidental Death and Dismemberment (AD&D) Securian Financial Group, Inc. underwritten by Minnesota Life Insurance Company 11

12 Optional AD&D Employee and Spouse Employee paid Enroll any time guaranteed issue by completing the Optional Application. Accidental death Loss of a limb Loss of sight Guaranteed issue with no health questions required. Enroll in $5,000 increments: Up to $100,000 employees up to age 60 Up to $50,000 employees 61+ Up to $25,000 spouse coverage cannot exceed employee coverage Semi-monthly cost per $5,000 unit: $.08 Example: $100,000 benefit cost $1.60 semi-monthly 12

13 LifeSuite Services and Resources Value Added Benefits - NO ADDITIONAL COST LEGAL, FINANCIAL and GRIEF COUNSELING Simple wills and estate planning documents LifeWorks.com (user name: lfg (password: resources) TRAVEL ASSISTANCE Emergency travel assistance when away from home LifeBenefits.com/travel LEGACY PLANNING SERVICES End of life planning and resources LegacyPlanningResources.com 13

14 Need More Information? Web: ochsinc.com/stmn mn.gov/mmb/segip or lifebenefits.com/plandesign/statemn Questions? Contact Ochs: / or ochs@ochsinc.com 14

15 More value. More choice. More support. This is a summary of plan provisions related to the insurance policy issued by the Insurance Company. In the event of a conflict between this summary and the policy and/or certificate, the policy and/or certificate shall dictate the insurance provisions, exclusions, all limitations, and terms of coverage. All election or increases are subject to the actively at work requirement of the policy. Services provided by LifeWorks US, Inc. and RedpointWTP LLC are their sole responsibility. The services are not affiliated with Securian or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services. To learn more, visit the applicable website. Ochs, Inc. A Securian Company 400 Robert Street North, Suite 1880, St. Paul, MN ochsinc.com 2017 Securian Financial Group, Inc. All rights reserved.