Disability Insurance Info
Post date: Dec 14, 2016 4:33:31 AM
First of all, this is a simple basic insurance/disability plan and we need 75% of the membership to make it work. In other words we need 84 members to commit and sign up using the questionnaire so we can move forward. We are currently at 63. It is recommended that you stay with Cornerstone until the new policy in in effect. Nothing has changed with Cornerstone and you are welcome to stay with them, but their rate has gone up substantially which is why a new offer is being looked at. Currently, our costs with Cornerstone are based on a group rate including thousands of people. With the new offer, our rates will be based solely on the members of Division 446. So if the claims are low then the rate will be low, if the claims become high then the rate goes up. The current Cornerstone plan is $112 per month and the new offer, with similar coverage, will only be $73 per month. You can complete the questionnaire here showing your intent to enroll. If you filled it out before and selected "Need More Info" and after reading this changed your mind, please revisit the questionnaire and select "Yes or No". If you have already selected "Yes or No" then you do not need to revisit the questionnaire. This questionnaire will help us keep things on track with our insurance offer. IF you have a question not answered below then you can click here to submit and someone will get back with you.
A few questions came up and were addressed in the Union Meeting.
You are grandfathered into what ever you had with Cornerstone and all time counts (this includes pre-existing 3/13 and benefits)
You are getting both Short Term and Long Term Disability for $68 + $5 processing fee
Long term disability kicks in as soon as the short term expires, so around 12 weeks (Cornerstone is after 1 year)
This means you will be getting a higher rate a lot sooner. Cornerstone long term pay is $2,000 and the new offer is $2,500.
You will be individually billed (just like it is now with Cornerstone)
It is age banded for Term Life insurance (the older you are the more expensive it is)
Your life insurance policy can go with you when you retire
All future rates, whether they go up or down, will be based solely on BLET 446 claims.
Enrollment will be either thru the phone/mail or in person
To cancel Cornerstone you will need to call or you can stop paying your premium.
This plan is not stack-able
You can purchase as much Term Life Insurance as you want. Just follow the formula on the rate table below for the total cost.
We would like to get started on registration paperwork. This paperwork will be collected and as soon as we have 84 people enrolled, it will be turned in and the group policy started. You can download the form authorization form here.
Short Term Disability
14 day waiting period
11 week benefit
Flat $500.00 per week
Long Term Disability
2 year benefit
Flat $2500.00 per month
3 month Survivor benefit (Life Insurance $7,500.00)
Voluntary Life Insurance (click here for the rate table)
Age banded rates
Guarantee Issue to $100,000 on Union Member
Guarantee Issue to $25,000 on spouse
$10,000 on child
All of the companies agreed that after 12 months if the plan runs well they will add a buy up option with a 5 year LTD benefit. The rate for the disability both STD and LTD is $68.00, we have a company that will do the individual billings for $5.00 per member per month. They are a little high but, in my experience they have done a great job. If a member changes accounts or closes an account they reach out to them personally to assure no disruption in coverage. These rates are guaranteed for 2 years. The rates will be based only on your division and the claims experience with Division 446.
Please let me know if you have any questions.
Thank you for the opportunity to work for you and your division.
MICAH HARRISON, GBDS
USI Southwest, Inc.
2505 E. Missouri, El Paso, Texas 79903
915.534.9495 | c: 915.373.0366 | f: 866.494.8803 | VOIP 79495
Micah.Harrison@usi.com | www.usi.com
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