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Long Term Care (LTC) Insurance
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Long term care insurance is voluntary and may be purchased by the employee at the University's negotiated group discount. Long term care insurance is used to pay for custodial care. LTC LTC differs from health insurance which pays for some short-term skilled care , but doesn't pay for custodial care.
- 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 lifetime 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 puchasepurchase. 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.
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Additional Voluntary Term Life & AD&D Insurance from Colonial Life | |
| 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$200,000 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 Premiums are paid entirely by the employee through payroll deductions. To enroll during open enrollment, you must meet with a Colonial Life Representative as our current computer systems won't allow self-enrollment. Open Enrollment meeting for 2024 plan year can be scheduled here: https://calendly.com/s-p-u. To enroll in Voluntary Life as a new employee, outside of open enrollment, please email Melissa.Marsh@ColonialLifeSales.com or call 269-205-3814 to get enrolled.
New Employees
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
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Accident, Critical Illness
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, Hospital Indemnity
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plans through Aetna are now available
You have the option to apply for voluntary benefits from Aetna each year during Open Enrollment, as a new employee, or during a Qualified Life Event change.
To learn more, click below to view a flier and summary plan description: