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Horizon Carpentry Your MetLife Benefit Package. Your Coverage's. Employer Paid Basic Life / AD&D Supplemental Employee Paid Life / AD&D Purchase Coverage for You Purchase Coverage on your Spouse Purchase Coverage on you Children Employee Paid Dental Employee Paid Short-Term Disability
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Horizon Carpentry Your MetLife Benefit Package
Your Coverage's • Employer Paid Basic Life / AD&D • Supplemental Employee Paid Life / AD&D • Purchase Coverage for You • Purchase Coverage on your Spouse • Purchase Coverage on you Children • Employee Paid Dental • Employee Paid Short-Term Disability • Employee Paid Vision
LIFE INSURANCE • Employer Paid Life/AD&D • Supplemental, Employee Paid Life/AD&D
EMPLOYER Paid Life / AD&D Who gets this benefit? – only for those who are enrolled in Medical Insurance Who pays for this? • 100% paid for by Horizon Carpentry
Supplemental EMPLOYEE Paid Life/AD&D Insurance A NEW benefit for employees to buy additional Term Life Insurance on themselves, your spouse, and child through your employer • Why do I need additional Life Insurance?? • #1Risk you can financially protect yourself against = DEATH • Yet many Americans have NO Life insurance - Nearly 1 out of every 5 employees with financial dependents have NO life insurance coverage
MetLife’s Supplemental EMPLOYEE Paid Life/AD&D HIGHLIGHTS • Convenience – monthly payment is payroll deducted • AFFORDABLE / INEXPENSIVE • $100,000 of Whole Life Coverage costs a 40 year old ~$100 per month • $100,000 of Term Life Coverage costs $24 per month • High Guaranteed Issue Amounts: One time enrollment w/ NO medical underwriting– GUARANTEED issue on employee & spouse purchases • Portable– if you leave your job, you can take your coverage with you • No Age Reduction Schedule – purchased benefit stays the same amount through 80 years of age • Free “Living Benefits” for those who participate • Living Will and Power of Attorney – Hyatt Legal Services
How do I buy? • Determine the amount of coverage you need • Items to consider: Life Insurance you already have, how much money you want to provide to a beneficiary in the event you pass away, and debt you will pass down when on dies • Calculate the amount of you will be charged – use chart below, reflected costs are based on MONTHLY premiums to be charged • Make sure to check off election on application NOTE - Spouse election must be 50% of employees chosen amount Rules Need 10 employee participants to offer coverage Rates portrayed automatically include AD&D Employee and spouse rate s are based on age in table below
DENTAL INSURANCE Employee Paid
EMPLOYEE Paid Dental Insurance Who gets this benefit? – Employees can buy coverage for themselves, spouse, and dependents Who pays for this? • 100% paid for by the employee How much does it cost? Monthly Rates Employee Only – $32.94 Employee & Spouse – $65.86 Employee + Child(ren) – $68.91 Employee + Family - $105.20 • Why should YOU buy dental insurance? • According to the National Institute of Health, tooth decay remains the most prevalent chronic disease in both children and adults, even though it is largely preventable. • Research reveals there's an association between dental disease and increased risk for systemic conditions – diabetes and cancer to name a few • Over 164 million work hours and 51 million school hours are lost each year due to dental problems.
Dental Plan Design Preventative = X-Rays, Cleanings, & Fluoride Restorative = Fillings, Simple Extractions, & Periodontal Maintenance Major = Root Canal, Oral Surgery, Bridges, Dentures, Implants, & Crowns
SHORT TERM DISABILITY INSURANCE Employee Paid
EMPLOYEE Paid Short Term Disability Insurance A NEW benefit for employees to buy Short Term Disability Insurance to protect one’s income in a situation where one becomes disabled and is no longer able to work/earn an income • Why do I need Disability Coverage?? • #1 MOSTimportant day to day risk you should cover = Earning Potential (the ability to earn) • ITEMS to CONSIDER • Monthly Paycheck – does your income support your family • Monthly Bills – how would you pay for ongoing charges and fees without an income • 60% of employees indicated they are very concerned about having enough money to pay bills during a period of sudden income loss • POTENTIAL IMPACTS OF A DISABILITY • FINANCIAL – loss of income due to inability to work PLUS the potential for increased expenses due to the disability such as: medical expenses, home care, etc. • NON FINANCIAL - • Mental Health • Stress • Divorce
EMPLOYEE Paid Short Term Disability Program HIGHLIGHTS • Affordable • ALL Benefit Elections Are Guarantee Issue at Initial Enrollment • True buy-up, incremental plan, NO underwriting applies. HOW MUCH WILL THE PROGRAM PAY ME IF I MAKE A CLAIM FOR DISABILITY? Benefit Amount – 60% of your weekly earnings Max Weekly Benefit - $1,000 • Employees can purchase equal to or less than 60% of their predisability WEEKLY base earnings down to a minimum benefit purchase of $100 per week, in $50 increments Example - Women making $1,000 / week would be eligible to receive a $600 / week disability check. Women can elect her coverage for less than what the plan design call for. She prefer to purchase $300 / week instead. • Benefit will pay out for up to 13 weeks, 8 weeks for maternity
How Do I Buy? • Determine the amount of coverage you need • Consider: amount of money one needs to cover themselves if disabled on weekly basis – mortgage, rent, car insurance, groceries, medical bills, ect. • Calculate the amount of you will be charged – use chart below, reflected costs are based on MONTHLY premiums to be charged (Election CANNOT exceed 60% of weekly earnings to a maximum amount of $1,000) • Program Rules • Need 10 participants to offer coverage
VISION INSURANCE Employee Paid
EMPLOYEE Paid VISION Insurance Who gets this benefit? – Employees can buy coverage for themselves, spouse, and dependents Who pays for this? • 100% paid for by the employee How much does it cost? Monthly Rates Employee Only – $8.27 Employee & Spouse – $16.59 Employee + Child(ren) – $15.56 Employee + Family - $23.83 • Why should YOU buy VISION insurance? • Research shows that what employees value most in vision benefits is overall savings on premiums and out-of-pocket expenses for themselves and their families. However, choice is also very important. Employees want to be able to go to different types of eye doctors — some prefer ophthalmologists and others optometrists. And they want to be able to choose from a variety of providers from private-practice providers to retail chains. Finally, they want access to a wide variety of quality eyewear.
