Oregon Educators Benefit Board 2018 Insurance Committee Meetings - - PowerPoint PPT Presentation

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Dec 31, 2023 118 likes •256 views

Oregon Educators Benefit Board 2018 Insurance Committee Meetings Life and Disability plan offerings Insurance options available from Standard Insurance Company to Oregon Educators Benefit Board members: Basic Life insurance Basic

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Oregon Educators Benefit Board

2018 Insurance Committee Meetings

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Insurance options available from Standard Insurance Company to Oregon Educators Benefit Board members:

Basic Life insurance
Basic Dependents Life insurance
Basic and Optional Accidental Death and Dismemberment (AD&D) insurance
Optional Life insurance
Short Term Disability insurance
Long Term Disability insurance

Life and Disability plan offerings

2 Company Confidential

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New for the 2018/2019 plan year:

Optional Employee Life Insurance - the Guarantee Issue level is increasing

from $100,000 to $200,000

Optional Employee Life Insurance Open Enrollment – during the 2018/2019

annual enrollment period, eligible members (whether enrolled or not) will be able to elect coverage amounts up to $200,000 without providing proof of good health

For Long Term Disability insurance, we are offering two new voluntary plans

(Plan 27 and Plan 28) that feature a longer Benefit Waiting Period of 180 days

Plan Changes for 2018

Company Confidential 3

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Financial support and stability for loved ones
Extra layer of support
Helps loved ones recover financially
Income replacement
Helps meet ongoing expenses not covered by medical insurance

Why is Life and Disability insurance necessary?

4 Company Confidential

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Coverage Plan Options Guarantee Issue Premium Participation Basic Life 18 options

($5,000-3x earnings)

All amounts Employer paid 100% Basic Dependent Life 2 options

($2,000 & $5,000)

All amounts Employer paid 100%

(Basic Life required)

Optional Life $10,000 increments

($10,000-$500,000)

$200,000 member $30,000 spouse $10,000 child Employee paid n/a voluntary Basic AD&D 17 options

($5,000-2x earnings)

All amounts Employer paid 100%

(Basic Life required)

Optional AD&D $10,000 increments

($10,000-$500,000)

All amounts Employee paid n/a voluntary

Life and AD&D plan options

5 Company Confidential

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Built into Basic or Optional Life insurance coverage:

Waiver of premium
Travel Assistance
Life Services toolkit
Accelerated benefits
Portability and conversion

Value added features

Company Confidential 6

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Benefit for employee STD plan includes one each of the following:

Short Term Disability (STD) Insurance

7 Company Confidential

Maximum Benefit Amount

(per week before reduction by deductible income*)

$1,500 Benefit Percentage

(based on weekly predisability earnings)

60% of the first $2,500 662/3% of the first $2,250 70% of the first $2,143 Benefit Waiting Period 7 days / 14 days / 30 days Maximum Benefit Period 60 days / 90 days

* Deductible income is other sources of income your employee receives or is eligible to receive while STD benefits are payable, such as Workers’ Compensation, Social Security and PERS.

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Benefit for employee LTD plan includes one each of the following:

Long Term Disability (LTD) Insurance

8 Company Confidential

Maximum Benefit Amount

(per month before reduction by deductible income*)

$2,000 / $4,000 / $6,000 / $8,000 Benefit Percentage

(based on monthly predisability earnings)

50% of the first $16,000 60% of the first $13,333 662/3% of the first $12,000 Benefit Waiting Period 60 days / 90 days / 180 days Maximum Benefit Period To age 65 or age-graded to Social Security Normal Retirement Age

* Deductible income is other sources of income your employee receives or is eligible to receive while LTD benefits are payable, such as Workers' Compensation, Social Security and PERS.

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What’s right for your company?

Mandatory
Voluntary

Eligibility details

For mandatory coverage, your employees will be automatically enrolled

upon the plan selection effective date

For voluntary coverage, employees can enroll within 31 days of

becoming eligible without having to answer health questions

Disability plans: mandatory versus voluntary

9 Company Confidential

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Workplace PossibilitiesSM program
Return-to-Work incentive
Reasonable accommodation benefit
Rehabilitation plan benefit

Helping employees return to or stay at work

Company Confidential 10

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What coverage will you offer your employees? For more information, please visit The Standard’s OEBB microsite at: www.standard.com/mybenefits/oebb

Options to fit your needs

Company Confidential 11

The policies described have exclusions, limitations, reduction of benefits, and terms under which the policy may be continued in force or terminated. Please review all materials or contact The Standard for additional information, including costs and complete details of coverage. The amount of benefits provided under the policies described depends on the plan selected.

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