How to Enroll Life, AD&D and Disability
How To Enroll When electing coverage outside of your annual enrollment period: Apply for employee, spouse and child Life Insurance, Optional AD&D, and Short Term Disability by completing the optional application. 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 employee, spouse, or child 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. 2
Optional Disability Insurance The Hartford 3
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 4
Optional Long Term Disability Insurance Employee paid ONLY AVAILABLE for enrollment during the annual enrollment period 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
Basic and Optional Term Life Insurance Securian Financial underwritten by Minnesota Life Insurance Company 6
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 7
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 Elect $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 Insures all children from live birth to age 26 A child may only be covered by one parent New elections are effective upon underwriting approval. Note: If your spouse or child is eligible for employee coverage, they cannot be covered as a dependent. 8
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. 9
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 10
Optional Accidental Death and Dismemberment (AD&D) Securian Financial underwritten by Minnesota Life Insurance Company 11
Optional AD&D Employee and Spouse Employee paid 12 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
Lifestyle Benefits No additional cost for Life Insurance participants Securian.com/legacy LifeBenefits.com/travel U.S./Canada: 1-855-516-5433 All other locations: 1-415-484-4677 Beneficiaries receiving $25,000+ will be notified of this program when the insurance claim is paid. 13 LifeBenefits.com/Lfg user name: lfg password: resources 1-877-849-6034
Need More Information? Visit the Web: ochsinc.com/stmn mn.gov/mmb/segip lifebenefits.com/plandesign/statemn Have Questions? Contact Ochs: 651-665-3789 1-800-392-7295 ochs@ochsinc.com 14
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 ochsinc.com 2018 Ochs, Inc. All rights reserved.