LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF...
-
Upload
brian-garrison -
Category
Documents
-
view
215 -
download
1
Transcript of LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF...
![Page 1: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/1.jpg)
LIFE INSURANCE
![Page 2: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/2.jpg)
Who is eligible?
Lets find out!
![Page 3: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/3.jpg)
Eligibility Criteria
• Regular full time/ part time NAF civilian employee• Scheduled to work at least 20 hours per week
• US citizen or permanent resident alien employed in the United States (Overseas employees: the employee must be employed on the U.S. payroll, have a Social Security Number or Individual Tax Identification Number (TIN), and are subject to US Income Tax. Not subject to a Status of Forces Agreement provision that precludes eligibility.)
• 31 day window (from date of hire or status change)
• Flexible employees are NOT eligible!
![Page 4: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/4.jpg)
Dependent Spouse Eligibility Criteria
• Employee enrollment in Standard Life is a precondition
• Legally married
• Not a benefits eligible MCCS employee enrolled in Standard Life themselves
• Covered as long as employee is covered and meet criteria
• Employee enrollment is a precondition• An active employee enrolled in Standard Life may not
be covered by another employee under Dependent Life.
![Page 5: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/5.jpg)
Dependent Children Eligibility Criteria
• Legal dependent children (birth or adoption)• Unmarried under age 19 or• Unmarried under age 23 if full time student
• Employee must verify status annually with UniCare • 23 and over if permanently disabled
• Evidence of Dependent Disability required
• Covered as long as employee is covered and meet criteria• Age 26 does not apply to Life Insurance
![Page 6: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/6.jpg)
How do I process a Late Life Enrollment?
![Page 7: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/7.jpg)
Late Enrollment
• To obtain approval after eligibility period
• Employee Coverage: complete a GA17 Form (Personal Health Statement for Employee)
• Dependent Coverage: complete GA19 Form (Personal Health Statement for Dependent)
• Human Resource Office mails form(s) directly to Unicare• If denied, employee must contact Unicare for reason• If approved, UniCare will notify the activity directly
Within 10 days: Complete new MCCS 499 form and enroll in PeopleSoft
DO NOT FILL OUT 499 or KEY UNTIL APPROVAL RECEIVED
![Page 8: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/8.jpg)
Life Insurance Volume
Plan Name Volume of Coverage
Standard Life and AD/DAnnual Salary (rounded up)
+ $2,000*
Supplemental Life Standard Life Volume x 2
Supplemental Life Opt 2 Standard Life Volume x 3
*Use the 2011 Std Life Rates Sheet to determine premiums
Volume x 0.0113%= Standard premiumVolume x 0.00904%= Camp Lejeune premium
![Page 9: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/9.jpg)
Changes in Volume
• Life volume will increase or decrease as the salary changes
• Premiums change as volume changes• Optional Life changes based on age
![Page 10: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/10.jpg)
Dependent Life Insurance Volume
*Family Unit= all enrolled children and spouse
Optional Layers Volume (Spouse)
Volume (per Child)
Premium (per family unit*)
Optional Dependent #1
$5,000 $2,500 $2.80
Optional Dependent #2
$10,000 $5,000 $4.75
Optional Dependent #3
$15,000 $7,500 $6.42
Optional Dependent #4
$20,000 $10,000 $8.08
![Page 11: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/11.jpg)
Optional Life 1 Premiums
Age Rate Under 30 .027 30 - 34 .037 35 - 39 .041 40 - 44 .046 45 - 49 .074 50 - 54 .148 55 - 59 .240 60 - 64 .305 65 - 69 .586 70 - 74 .950 75 - 79 1.172 80 - 84 1.878 85 - 99 1.878
Volume of Coverage = $$$
$$$ x rate = Bi-weekly Premium
Example: Jen is hired at 41,539.00 annually. She is 40 years young. Calculate Jen’s optional life premium:
Volume of coverage $44,000.00
44 x .046 = $2.02/ bi-weekly
![Page 12: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/12.jpg)
Example: Calculate Jen’s optional life 2 premium :
Volume of coverage $44,000
44 x .092 = $4.05/bi-weekly
AgeOpt Life 1 Rate
Opt Life 2 Rate
Under 30 .027 0.054 30 - 34 .037 0.074 35 - 39 .041 0.082 40 - 44 .046 0.092 45 - 49 .074 0.148 50 - 54 .148 0.296 55 - 59 .240 0.480 60 - 64 .305 0.610 65 - 69 .586 1.172 70 - 74 .950 1.900 75 - 79 1.172 2.344 80 - 84 1.878 3.756 85 - 99 1.878 3.756
Optional Life 2 Premiums
Coverage Volume
= $$$
Opt Life 1 Rate x 2 = Opt Life 2 Rate
$$$ x Opt Life 2 Rate = Bi-weekly Premium
![Page 13: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/13.jpg)
ACCELERATED LIFE BENEFIT
![Page 14: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/14.jpg)
Accelerated Life Benefit
• Benefit for terminally ill employees • Life expectancy of 12 months or less• Can request up to 50% of life volume• Request can be made only once (in writing)• Completion of appropriate forms
• Contact MRG Benefits for forms (Lisa Edenton)• Employee completes UniCare form GA6224• Physician completes UniCare form GA6223
• Reduces amount of insurance at time of death
![Page 15: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/15.jpg)
How do I file an employee life
insurance claim?
![Page 16: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/16.jpg)
Filing Employee Life Insurance Claims
• Beneficiary contacts local HR Office• Verify SSN & record the date of death (DOD)• Verify address of beneficiary (from 499 Form)• Complete section 1 of the Unicare U-2114 Form & mail to
beneficiary• More than 1 beneficiary- make copies of original & mail to each
• Beneficiary Completes & Returns Paperwork• Completes section 2 of U-2114• Provide CERTIFIED copy of the death certificate
• Mail completed U-2114, Group Policyholder statement, death certificate, and copies of all 499s to MRG Benefits for processing
• Enter DOD in PeopleSoft • Terminate in Job Data as indicated in modules
![Page 17: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/17.jpg)
Filing Employee Claim (example)
![Page 18: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/18.jpg)
Filing Employee Claim (example cont.)
04/15/2011 04/28/2011
28,000.00
28,000.00
56,000.00
![Page 19: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/19.jpg)
How do I file a dependent life
insurance claim?
![Page 20: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/20.jpg)
Filing Dependent Life Insurance Claims
• Employee contacts local HR Office• Verify SSN & record the date of death (DOD)• Complete section 1 & 2 of the Unicare U-2114 Form & give to
employee
• Employee Completes & Returns Paperwork• Complete page 2 of the U-2114• Provide CERTIFIED copy of the death certificate• Complete new 499 Form
• Mail completed GA617, death certificate, and copies of all 499s to MRG Benefits for processing
• Enter DOD in PeopleSoft and update/terminate insurances as necessary
![Page 21: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/21.jpg)
Filing Dependent Claim (example)
$5,000.00
![Page 22: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/22.jpg)
Continuation after Termination
• Termination of employment• Employee may request to convert to individual
coverage• Basic, Supplemental and Dependent Life
• Provide employee Unicare form GA22• Employee mails form to Unicare
• Unicare will notify employee directly of approval or disapproval
![Page 23: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/23.jpg)
Retiree Eligibility
• Continuation Requirements:• 15 cumulative years of participation in plan• Enrolled at the time of retirement• Request continuation at time of retirement
• AD&D does not apply to retirees.
• Premiums deducted from monthly annuity
• Volume will decrease at the rate of 25% (of initial volume) at ages 66, 67 and 68.
• All retiree death claims should be directed to MRG Benefits for processing
![Page 24: LIFE INSURANCE Who is eligible? Lets find out! Eligibility Criteria Regular full time/ part time NAF civilian employee Scheduled to work at least 20.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649e565503460f94b4ea97/html5/thumbnails/24.jpg)
Claims/Erroneous Enrollment
• Claims could be denied
• Could pay out premiums only
• Command may have to fund