Insurance Premium Reductions

Negotiations with The Standard, the underwriter of the Supplemental Life and Long Term Disability plans, have resulted in a reduction in premiums, effective January 1, 2004.

Long Term Disability

The university’s LTD plan will have a 10 percent overall reduction in premiums. The LTD plan provides an opportunity for full-time employees to protect their income in the event of a disabling illness or accident, including a unique option to also protect retirement benefits.

Plan Highlights
• Monthly income payments up to 60 percent of salary
• Optional retirement benefit accumulations
• Annual 3 percent increase in benefits after 36 months

Supplemental Life Insurance

The premium reduction for those enrolled in the Supplemental Life plan applies to individuals in age categories 45 to 64 and age 70 and over. The reductions range between 2 and 8 percent depending on the employee’s age.

The Supplemental Life Insurance plan allows full-time employees to elect various levels of coverage in addition to university-paid Basic Life Insurance.

Plan Highlights
• Coverage is provided as a multiple of base salary up to one million dollars
• Premiums are waived for total disability

Out of 16,397 eligible university employees, 7,982 individuals are currently enrolled in the LTD plan and 5,281 in the Supplemental Life plan.

Enrollment
During the first 60 days after becoming eligible, full-time employees can enroll in either plan without consideration of health. After that period, enrollment or increase in coverage requires an application and a Statement of Health. (Unless there is a serious medical condition, late applications are generally accepted.)

LTD and Supplemental Life premium rates and other information are located at www.indiana.edu/~uhrs/benefits.

Next Article: Tax Saver Benefit (TSB) Plan Over-the-Counter Medicine Reimbursement