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- LTC provides a longer period of coverage and includes not only facility (skilled) care, but may also be used for assisted living and home care.
- LTC differs from disability insurance which replaces a portion of the disabled person's income which is needed to pay expenses (mortgage, utilities, food). LTC provides instead the monthly amount purchased by the employee for the custodial care. Reimbursement of actual expenses does not have to be proven to use LTC insurance.
- LTC may be purchased in increments of $1,000 to $8,000 per month. The liftetime maximum is 3 years, 6 years or Unlimited years. The insurance may be purchased with inflation protection (compound interest) or without.
- The rate is based on age at puchase. Thus, the younger the age when purchased, the lower the monthly premium. If you change employers or retire, coverage is maintained at affordable group rates.
- Please be aware: rates can change if an insurance company requests and the State Insurance Commissioner agrees.
- For New Employees (hired between the previous November 1 and a year later Oct 31) a guaranteed issue occurs their first November. The guaranteed issue guarantees a certain amount of insurance without completion of a medical questionnaire.
- Continuing employees, and eligible family members of all employees: parents, grandparents and in-laws, are also eligible for long term care insurance at the reduced group rate by completing medical questionnaires.
REMINDER: Significant premium rate increases expected to impact all coverages sometime after 6/2014
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Definitions
Custodial Care
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Voluntary Life and Accidental Death & Dismemberment (AD&D) Insurance
The University also makes available additional voluntary term life and AD&D insurance for regular full-time or regular part-time employees and their eligible dependents based on the information below.
Additional Voluntary Term Life & AD&D Insurance | |
| Employee | May be purchased in $10,000 increments up to $500,000 - medical underwriting (health statement) required. If enrolled in first 30 days of eligibility, guaranteed issue up to $150,000 with no health statement required. |
| Spouse | May be purchased in $5,000 increments. May not exceed the amount of the employee's additional voluntary amounts and limited to $250,000. If enrolled in first 30 days of eligibility; guaranteed issue up to $25,000 with no health statement required. |
| Dependent Child(ren) | May be purchased in $2,000 increments up to a maximum of $10,000. May not exceed the amount of the employee's additional voluntary amounts. If enrolled in first 30 days of eligibility; guaranteed issue up to $10,000 with no health statement required. |
| Voluntary AD&D is also available to you in the same coverage amounts as life insurance. No health statement is required for voluntary AD&D. | |
In order to purchase voluntary term life and AD&D coverage for your dependents, you must purchase coverage for yourself. Premiums are paid entirely by the employee through payroll deductions.
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In order to be eligible for the guaranteed issue amounts, new employees and their eligible dependents must enroll in voluntary life insurance during their first 30 days of eligibility.
Forms
- Cigna Insurance Application
- Cigna Term Life Standard Insurance Online Decision Support Tool
- Voluntary Life and AD&D Insurance Change Form Cigna and Beneficiary Designation FormUpdate