2 Employer Paid Basic Life / AD&D Supplemental Employee Paid Life / AD&D Purchase Coverage for You Purchase Coverage on your Spouse Purchase Coverage on you Children Employee Paid Dental Employee Paid Short-Term Disability Employee Paid Vision Your Coverage's
Who gets this benefit? – only for those who are enrolled in Medical Insurance Who pays for this? - 100% paid for by Horizon Carpentry 4 EMPLOYER Paid Life / AD&D
5 Supplemental EMPLOYEE Paid Life/AD&D Insurance NEW A NEW benefit for employees to buy additional Term Life Insurance on themselves, your spouse, and child through your employer Why do I need additional Life Insurance?? #1 Risk you can financially protect yourself against = DEATH NO Yet many Americans have NO Life insurance - Nearly 1 out of every 5 employees with financial dependents have NO life insurance coverage
6 MetLife’s Supplemental EMPLOYEE Paid Life/AD&D HIGHLIGHTS 1. Convenience – monthly payment is payroll deducted 2. AFFORDABLE / INEXPENSIVE $100,000 of Whole Life Coverage costs a 40 year old ~$100 per month $100,000 of Term Life Coverage costs $24 per month 3. High Guaranteed Issue Amounts: One time enrollment w/ NO medical underwriting– GUARANTEED issue on employee & spouse purchases 4. Portable – if you leave your job, you can take your coverage with you 5. No Age Reduction Schedule – purchased benefit stays the same amount through 80 years of age 6. Free “Living Benefits” for those who participate Living Will and Power of Attorney – Hyatt Legal Services
7 How do I buy? 1. Determine the amount of coverage you need – Items to consider: Life Insurance you already have, how much money you want to provide to a beneficiary in the event you pass away, and debt you will pass down when on dies 2. Calculate the amount of you will be charged – use chart below, reflected costs are based on MONTHLY premiums to be charged 3. Make sure to check off election on application NOTE - Spouse election must be 50% of employees chosen amount Rules 1.Need 10 employee participants to offer coverage 2.Rates portrayed automatically include AD&D 3.Employee and spouse rate s are based on age in table below
EMPLOYEE Paid Dental Insurance 9 Who gets this benefit? – Employees can buy coverage for themselves, spouse, and dependents Who pays for this? employee - 100% paid for by the employee How much does it cost? Monthly Rates Employee Only – $32.94 Employee & Spouse – $65.86 Employee + Child(ren) – $68.91 Employee + Family - $105.20 Why should YOU buy dental insurance? 1)According to the National Institute of Health, tooth decay remains the most prevalent chronic disease in both children and adults, even though it is largely preventable. 2)Research reveals there's an association between dental disease and increased risk for systemic conditions – diabetes and cancer to name a few 3)Over 164 million work hours and 51 million school hours are lost each year due to dental problems.
SHORT TERM DISABILITY INSURANCE Employee Paid 11
EMPLOYEE Paid Short Term Disability Insurance NEW A NEW benefit for employees to buy Short Term Disability Insurance to protect one’s income in a situation where one becomes disabled and is no longer able to work/earn an income 12 Why do I need Disability Coverage?? #1 MOST important day to day risk you should cover = Earning Potential (the ability to earn) ITEMS to CONSIDER Monthly Paycheck – does your income support your family Monthly Bills – how would you pay for ongoing charges and fees without an income 60% of employees indicated they are very concerned about having enough money to pay bills during a period of sudden income loss POTENTIAL IMPACTS OF A DISABILITY 1.FINANCIAL – loss of income due to inability to work PLUS the potential for increased expenses due to the disability such as: medical expenses, home care, etc. 2.NON FINANCIAL - Mental Health Stress Divorce
13 EMPLOYEE Paid Short Term Disability Program HIGHLIGHTS Affordable ALL Benefit Elections Are Guarantee Issue at Initial Enrollment – True buy-up, incremental plan, NO underwriting applies. HOW MUCH WILL THE PROGRAM PAY ME IF I MAKE A CLAIM FOR DISABILITY? Benefit Amount – 60% of your weekly earnings Max Weekly Benefit - $1,000 – Employees can purchase equal to or less than 60% of their predisability WEEKLY base earnings down to a minimum benefit purchase of $100 per week, in $50 increments Example - Women making $1,000 / week would be eligible to receive a $600 / week disability check. Women can elect her coverage for less than what the plan design call for. She prefer to purchase $300 / week instead. – Benefit will pay out for up to 13 weeks, 8 weeks for maternity
How Do I Buy? 14 1. Determine the amount of coverage you need – Consider: amount of money one needs to cover themselves if disabled on weekly basis – mortgage, rent, car insurance, groceries, medical bills, ect. 2. Calculate the amount of you will be charged – use chart below, reflected costs are based on MONTHLY premiums to be charged (Election CANNOT exceed 60% of weekly earnings to a maximum amount of $1,000) Program Rules Need 10 participants to offer coverage
EMPLOYEE Paid VISION Insurance 16 Who gets this benefit? – Employees can buy coverage for themselves, spouse, and dependents Who pays for this? employee - 100% paid for by the employee How much does it cost? Monthly Rates Employee Only – $8.27 Employee & Spouse – $16.59 Employee + Child(ren) – $15.56 Employee + Family - $23.83 Why should YOU buy VISION insurance? Research shows that what employees value most in vision benefits is overall savings on premiums and out-of-pocket expenses for themselves and their families. However, choice is also very important. Employees want to be able to go to different types of eye doctors — some prefer ophthalmologists and others optometrists. And they want to be able to choose from a variety of providers from private-practice providers to retail chains. Finally, they want access to a wide variety of quality eyewear.