University of Evansville - 2023 Open Enrollment
Get comprehensive accident and critical illness insurance coverage with benefits paid directly to you for medical expenses, lost income, and more. Enroll now for peace of mind.
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- accident insurance
- critical illness insurance
- benefits
- medical expenses
- lost income
- enrollment
- University of Evansville
Presentation Transcript
University of Evansville 2023 Open Enrollment
Accident Insurance Benefits Accident Risk Benefits paid directly to you to use as you wish based on the injury and treatments received 1 out of 8 Americans will seek medical attention for non-life threatening injuries each year Injuries can happen anywhere home, work, school, sports, automobile Out-of-pocket medical expenses like co-pays, deductibles, and co-insurance Lost income Convenient payroll deduction No limit on the number of times the policy can be used Your coverage is portable so you can apply to take your coverage with you upon leaving your employment Off-the-job coverage | 3
Based on the services Jacob received, he would be eligible for the following benefits: Accident Insurance Example SERVICE BENEFIT Jacob is in an auto accident suffering severe internal injuries and a shoulder dislocation. He is taken by ambulance to the emergency room. An MRI is performed, followed by abdominal surgery. He is released from the hospital after 4 days and begins physical therapy for his shoulder. Ambulance $300 Emergency room $202.50 MRI $200 Abdominal surgery $1,500 Hospital admission $1,500 Hospital confinement (4 days x $300 per day) $1,200 Physical therapy (12 sessions x $40 per session) $480 Shoulder dislocation $600 Follow-up office visit (up to 6 visits) $75 Total benefit paid to Jacob $6,057.50 | 4
Critical Illness Insurance | 5
The Benefits of Critical Illness Insurance Critical Illness Risk Pays a lump sum directly to you upon diagnosis of a covered critical illness Surviving multiple critical illnesses disrupting your financial plan for the future Additional costs creating financial pressure at the worst possible time Out-of-pocket medical expenses like co-pays and deductibles Loss of income Pays regardless of other benefits you may receive and you can use as you wish Convenient payroll deduction Portable coverage apply to take your coverage with you upon leaving your employment | 6
Critical Illness Benefits EMPLOYEE SPOUSE CHILDREN Choose in $10,000 increments to a maximum of $30,000 Coverage equal to 25% of employee s approved amount Benefit amount $10,000 Guarantee issue $30,000 $10,000 All amounts Pre-existing condition None None None Waiting period None None None | 7
Critical Illness Covered Conditions CHILDHOOD COVERED CONDITIONS ADULT AND CHILD COVERED CONDITIONS Alzheimer s Disease Invasive Cancer Cerebral Palsy Paralysis ARDS Loss of Hearing Cleft Lip or Palate Parkinson s Disease Benign Brain Tumor Loss of Sight Cystic Fibrosis RupturedCerebral, Carotid, or Aortic Aneurysm Carcinoma in situ (25%) Loss of Speech Down Syndrome Severe Brain Damage Coma Major Organ Failure Muscular Dystrophy Skin Cancer (25%) Coronary Disease (50%) Motor Neuron Disease Spina Bifida Stroke Heart Attack Multiple Sclerosis Type I Diabetes | 8
Critical Illness Multiple Occurrences Initial Occurrence Subsequent Occurrence Benefit Recurrence Benefit Lifetime Maximum Benefit Full benefit percentage listed for covered condition Different condition diagnosed 0 months or more later Same condition diagnosed 6 months or later 10 times the chosen benefit amount, consisting of initial, subsequent, and recurrence benefits combined 100% of the benefit for the covered condition 100% of the benefit for the covered condition Subsequent Example Recurrent Example Sally elected a $20,000 benefit and had a heart attack after her coverage began and a stroke eight months later. This is considered a subsequent occurrence. Her stroke was a condition not previously paid. The subsequent occurrence benefit is 100% of the elected benefit amount. The maximum lifetime benefit (10 times your elected benefit amount) is $200,000 over her lifetime. Elijah elected a $10,000 benefit and had a heart attack after his coverage began. He had another heart attack 12 months later. This is considered a recurrence because it is the same condition for which a benefit was paid and there was at least 6 months separating the two occurrences. The recurrence benefit is 100% of the elected benefit amount. The maximum lifetime benefit (10 times your elected benefit amount) is $100,000 over his lifetime. | 9
Hospital Indemnity Insurance | 10
Pays Daily Benefits For Hospital Admissions Hospital Indemnity Insurance Examples Include: Guarantee Issue No medical questions No pre-existing limitation No waiting period INJURY MATERNITY ILLNESS SURGERY OTHER TREATMENTS INTENSIVE CARE UNIT | 11
Based on Anns admission, she would be eligible for the following benefits Hospital Indemnity Insurance Example Ann was admitted to the hospital and delivered her baby She was released after 3 days BENEFIT AMOUNT BENEFIT AMOUNT FEATURE FEATURE Hospital Admission Benefit 1 per coverage year Hospital Admission Benefit 1 per coverage year $1,500 $1,500 ICU Admission Benefit 1 per coverage year $1,000 Hospital Confinement ($200x 3 days) $600 Hospital and ICU Confinement 30 days per coverage year $200 Nursery Admission Benefit $200 Nursery Admission Benefit 1 per coverage year $200 Nursery Confinement ($50x 3 days) $150 Nursery Confinement 10 days per coverage year $50 Total Benefit Paid to Ann $2,450 | 12
The Benefit of Having Multiple Plans Hospital Indemnity Accident Critical Illness Example All benefits paid to the insured regardless of other benefits If enrolled in more than one plan, may receive multiple benefits for the same services. If an employee has both Critical Illness Insurance and Hospital Indemnity Insurance and they have a heart attack, they may be eligible to receive benefits under both plans. If an employee has both Accident Insurance and Hospital Indemnity Insurance and they are hospitalized due to an auto accident, they may be eligible to receive benefits under both plans. | 13
Accident, Critical Illness & Hospital Indemnity Wellness Benefit Examples of health screening tests covered under the policy: Covers any preventative health screening TESTING PROCEDURE DIAGNOSTIC $50 per person, per year, per policy Can be used by up to four covered individuals per family, per year Paid directly to you, regardless of other benefits Preventative includes, but is not limited to, tests, diagnostic procedures, routine examinations and immunizations. ALT/AST (liver function test) Biopsy for Cancer Bone density testing (DEXA) Blood test for triglycerides Breast Ultrasound Flexible sigmoidoscopy Bone marrow test Chest X-ray Hemoccult stool analysis Breast cancer blood test (CA15-3) Colonoscopy Hepatitis screening COVID-19 diagnostic test Dental Exam HIV screening Fasting blood glucose test Echocardiogram Mammography Genetic test Electrocardiogram Mental Health screening NEW Preventative Health Screenings* Ovarian cancer blood test (CA125) Skin cancer screening PAP test Vision Exam Ultrasound screening PSA (prostate cancer blood test) Hearing Exam Serum cholesterol test (HDL and LDL) Immunizations Serum protein electrophoresis (blood test for myeloma) Stress test (bicycle or treadmill) | 14
Life Insurance | 15
Life Insurance How much do I need? The amount of life insurance you may need is a personal decision based on many factors: Mortgage (and other debt) Years of income you want to provide your dependents College education fund for children Funeral expenses Experts recommend five to ten times your annual income in life insurance protection. It s important to re-visit this decision periodically, as needs change over time Birth of a child Change in marital status Buy a new house Pay off existing mortgage Change in income | 16
Life & Accidental Death & Dismemberment Eligibility Benefit: Please refer to MyUE for your benefit coverage Includes an equal amount of AD&D Employer-paid benefit for all active full-time employees Benefit reduces to: No Age Reductions | 17
Long Term Disability | 18
1 in 5 workers will be unable to work for at least one year, due to an illness or accident, before age 65 1 in 7 workers will be disabled for 5 years or more before retirement 56% of workers receiving SSDI are under age 55 Nearly 50% of all mortgage foreclosures are caused by disability (2% caused by death) Why Disability Insurance Is Important. | 19
Long Term Disability Benefits PLAN DETAILS CORE PLAN EMPLOYER PAID All Full-time employees working 30 hours or more per week Eligibility Elimination Period 150 days Monthly Benefit Percentage 60% Maximum Monthly Benefit Amount $5,000 Maximum Benefit Duration Social Security Normal Retirement Age Pre-existing Limitation 3/12 *Pre-existing limitations also apply to benefit increases. | 20
Value-Added Services portfolio
Travel Assistance Your 24-hour travel emergency companion with round-the-clock travel assistance services. 24 Hour, worldwide travel assistance for employees and dependents traveling more than 100 miles from home. Services are available whether traveling for business or leisure. Medical Assistance Safety and Security Travel Support Urgent Message Relay Emergency Travel Arrangements Return of a Traveling Companion Return of Vehicle Recovery of stolen items Recovery of lost items Legal Assistance Bail Bond Emergency Evacuation Medically Necessary Repatriation Visit by Family Member or Friend Medical Referrals for Local Physicians or Dentists Medical Case Monitoring Prescription Assistance Convalescence Arrangements Interpretation services Translation services Passport/Visa requirements Currency Exchange Rates Weather Information Inoculation requirements Health Hazard Advisory Consulate/Embassy Referral Travel Assistance services provided in partnership with On Call International. | 22
Bereavement Counseling Grief counseling services Employees, family members and beneficiaries are provided confidential support services to cope with the loss of a loved one. Available with up to 3 telephonic grief counseling sessions for assessment and referral. All sessions are conducted by licensed mental health clinicians. Legal and financial consultations Services include telephonic grief counseling sessions and legal and financial consultation. Available for estate planning, deeds, wills and trusts. Includes one 60-minute in-office or telephonic consultation with a local attorney and 25% discount for continued services. Includes telephonic financial consultation and an optional 30-day financial coaching benefit with a 90-day action plan. Services provided in partnership with ACI Specialty Benefits, a division of All One Health | 23
Identity Theft Prevention and Support Identity Theft Remediation Services: 24/7/365 hotline service to report theft Personalized ID Recovery Kit Assigned Paralegal ID Theft experts Systematic Fraud Alerts Ongoing Identity Monitoring Our program offers powerful monitoring and security tools, plus full-service remediation and reimbursement in the event an employee s identity is stolen. Dark web monitoring $25k loss reimbursement Encrypted Vault Dark web monitoring looks out for a participant s Social Security number. Should fraud occur, employees will receive remediation and up to $25K in identity fraud expense reimbursement for out of-pocket costs. This security feature allows employees to easily access and replace wallet contents. Bots and human intelligence will monitor closed hacker forums for compromised credentials and other personal information. The encrypted vault stores: User IDs & passwords ATM/credit cards Driver s licenses Health insurance cards *Insurance covering expense and stolen funds reimbursement is underwritten by Assurant. Identity Theft services provided in partnership with InfoArmor. | 24
Thank You | 25
