BLET 290 Group Plan Example Life, AD&D, STD, LTD This - - PowerPoint PPT Presentation
Group Plan Example BLET 290 Group Plan Example Life, AD&D, STD, LTD This presentation is not a contract or policy of insurance. It contains general information and intended to explain some of the major features of the coverage provided by
This presentation is not a contract or policy of insurance. It contains general information and intended to explain some of the major features of the coverage provided by the group policy and certificate. The specific terms of your group policy and certificate will govern any claim for benefits you may make. Visit www.rrb.gov for specific information regarding RRB disability benefits.
Protect members and their families from loss
Railroad Retirement and current contract benefits.
Quick Facts
Group Voluntary Life /AD&D Example
– Member can elect limits of $10,000 to $500,000
– Spouse can apply for up to 50% of what member elects – Spouse is guaranteed issue $30,000 – Children are guaranteed issue $10,000 per child
accident causes loss of Life, two limbs, the sight of both eyes, one limb and the sight of one eye, or speech and hearing in both ears or quadriplegia.
injuries.
The Group Advantage
Accidental Death & Dismemberment
for injury
attained (Stackable with RR & Contract Benefits)
Short Term Disability
Member Earning $90,000 per year ($1,730 per Week)
Week 1 Week 2-13 Current Benefits (RRB STD)
$0.00 $330.00
The Hartford (60% of weekly)
$1,038.00 $1,038.00
Combined Total Payment
$1,038.00 $1,368.00
13 week income = $22,490 (taxable) STD RR 13 week income = $3,960 (non-taxable) With STD Hartford 13 week income = $17,454 (non-taxable)
Security Administration
Long Term Disability
Member Earning $90,000 per year ($7,500.00 per Month)
90 Day Waiting Period
Example 1 Example 2 Example 3 Railroad Retirement Board (Occupational Long Term Disability)
$0.00** $1,200.00 $2,400.00
The Hartford
$4,500.00* $3,300.00* $2,100.00*
Combined Total Payment (60% of Monthly)
$4,500.00 $4,500.00 $4,500.00
* Benefits are non-taxable **RRB requires 240 months of service to qualify for benefits
Benefits pay to age 66 or 67 if born after 1960.
BLET DIV 290 Member with a $90,000 per year income.
Member Engineer AGE 44
STD Premium: $67.51 LTD Premium: $29.25
Total: $96.76*
Member Life and AD&D (200K): $38.00 Spouse Life and AD&D (30K): $5.70 Child Life and AD&D (10K): $1.10
Grand Total: $141.56
*Premium is determined by age and income.
STD- 51 claims submitted
Total claim payments to union members= $334,129
LTD- 4 claims submitted
Total Claim Payments to union members= $29,874 Total Reserves for LTD claims= $26,708
Life- 2 claim submitted
Total claim payments to union members/families= $290,012.33
Total Claims Paid To Date: $654,015 Estimated Future Total: $680,723