2019 Open Enrollment Summary State of Minnesota Life, AD&D and Disability

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1 2019 Open Enrollment Summary State of Minnesota Life, AD&D and Disability November 1 November 15, 2018

2 How To Enroll Electing coverage begins at your Self-Service Site Elect the following coverages guaranteed issue click here Optional Life Insurance (employee, spouse, child) Long Term Disability Apply for employee and spouse Life Insurance coverage beyond the guaranteed issue limits, Optional AD&D, and Short Term Disability click here 2 1. Submit your completed Application to MMB s address on the form. Optional AD&D elections are guaranteed issue. 2. MMB will forward your application for additional amounts of employee or spouse Life Insurance to the insurance company and they will mail you a health questionnaire with instructions. 3. Complete and return 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.

3 Guaranteed Issue Enrollment Opportunity No health questions or evidence of insurability required! Life Insurance Employee Spouse Child Guaranteed issue available during annual enrollment (see enrollment flyer for details) AD&D Insurance Employee Spouse Guaranteed issue available yearround, including annual enrollment Long Term Disability Employee Guaranteed issue available during annual enrollment (increased benefit subject to pre-existing conditions) 3

4 Optional Disability Insurance The Hartford 4

5 Optional Short Term Disability Insurance Employee paid Elect using the Optional Application - health questions are required 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 STD rates are increasing by 11.6% effective 1/1/

6 Optional Long Term Disability Insurance Employee paid 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) LTD rates remain the same effective 1/1/2019. 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 6

7 Basic and Optional Term Life Insurance Securian Financial underwritten by Minnesota Life Insurance Company 7

8 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 update beneficiary 8

9 Optional Term Life Insurance Employee paid - Available to benefit eligible employees Employee Spouse Child Elect $5,000 increments to a maximum of $500,000 Includes a matching AD&D benefit Cost base on age Rates remain the same Elect $5,000 increments to a maximum of $500,000 Includes a matching AD&D benefit Cost based on age Rates remain the same Elect $10,000 for $0.42 bi-weekly Insures all children from live birth to age 26 A child may only be covered by one parent New elections are effective 1/1/2019. Note: If your spouse or child is eligible for employee coverage, they cannot be covered as a dependent. 9

10 Life Insurance - Guaranteed Issue Offer Employee and Spouse Available to enroll for the amounts noted in the chart below in accordance with coverage currently in force. Employee and Spouse Current Optional Coverage $0 - $35,000 $40,000 - $55,000 $60,000 - $75,000 $80,000 - $95,000 $100,000 + Guaranteed Increase Amount $5,000 $10,000 $15,000 $20,000 $25,000 Note: Elections above these amounts will require proof of good health. Child Enroll for $10,000 one election covers all eligible children. 10 Make elections online for guaranteed issue amounts.

11 Life Insurance - How To Elect / Apply Elect guaranteed issue amounts Employee, Spouse or Child o Make elections on-line via your self-service site Apply for coverage beyond the guaranteed issue amount Employee or Spouse o Complete and return the paper Optional Application Note: Coverage will require proof of good health 11

12 Additional Term Life Features & Details Employee and Spouse Life Features Includes a matching AD&D benefit. Accelerated death benefit, if terminally ill with less than one year to live. Waiver of premium to age 70 if totally disabled. A no-cost post retirement benefit for optional life in force for 5+ years. Child Life Details Coverage is guaranteed issue each annual enrollment period, as well as with a qualified life event anytime during the year. Employee is responsible for terminating coverage when they no longer have an eligible child. To terminate coverage you must complete the paper Optional Application and submit it to SEGIP. 12

13 No Cost Post Retirement Benefit Applies to Employee and Spouse Optional Life To Qualify Premium for optional coverage must be paid for 5 years and until employee or spouse turns 65 or retires whichever is later. Post Retirement 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 benefit 13

14 Optional Accidental Death and Dismemberment (AD&D) Securian Financial Group, Inc. underwritten by Minnesota Life Insurance Company 14

15 Optional AD&D Employee and Spouse Employee paid 15 Accidental Death Loss of Sight Loss of a Limb Enroll or increase at any time during the year by submitting a paper application 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

16 Lifestyle Benefits No additional cost for Life Insurance participants 16

17 Guaranteed Issue Enrollment Opportunity No health questions or evidence of insurability required! Life Insurance Employee Spouse Child Guaranteed issue available during annual enrollment (see enrollment flyer for details) AD&D Insurance Employee Spouse Guaranteed issue available yearround, including annual enrollment Long Term Disability Employee Guaranteed issue available during annual enrollment (increased benefit subject to pre-existing conditions) 17

18 Need More Information? Visit the Web: ochsinc.com/stmn mn.gov/mmb/segip lifebenefits.com/plandesign/statemn Have Questions? Contact Ochs:

19 More value. More choice. More support. Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Services provided by LifeWorks US, Inc., PricewaterhouseCoopers LLP 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 provider websites. Securian Financial is the marketing name of Securian Financial Group, Inc. and its affiliates. Ochs, Inc. A Securian Company 400 Robert Street North, Suite 1880, St. Paul, MN ochsinc.com 2017 Securian Financial Group, Inc. All rights reserved.