Open Enrollment will begin on 10/16 and end on 10/31. Health plans for group will go out on 10/23. Our plan has been renamed to the Financial Advisors Benefit Plan aka Financial Advisors Network.
Please complete the enrollment form and ach/or credit card processing documents. You have also received a comparison of your current benefits with the benefits offered for next year and your defaulted plan. We know many of you want paper copies so complete the forms and either email them as a PDF or fax them to us at 1 866 817 3969. Also, the PDF's are fillable and you just have to complete them and click on the submit button.
We have created a short webinar for each of you to review. Click on the following link to watch a short webinar that will explain the benefits available to you in 2018:
Benefit Plan options for 2018
Open Enrollment October 16 - Oct 31. Confirmations will be sent on Nov 3 and are to be returned with updates by Nov 7.
We are doing a two part enrollment this year. With delays on the Federal Govt side with regards to potential changes with Healthcare, the renewal is delayed until later in October. We will send out that information directly to all who are enrolled currently this year. For all others, you are more than welcome to check out our large group, we can also look at small group office specific groups and individuals.
We are moving our plans for Dental and Vision to The Standard. The Standard Vision will be a direct contract with VSP, similar to what we have had in the past. You will be able to access all benefit information and cards, temp cards and enrollment information on The Standard Website post 1/1/18.
Dental, will be two plans. The plans will include an enhancement for overall annual benefit as well as the option of a rollover amount. Also, the out of network option pays at a higher rate, than what has been available before. We are pleased with this new partnership.
Vision will have a single plan, where the copays are improved to $0. Also the frame and contact lens benefits increased to $180 annually. This is still with VSP but will be offered through The Standard portal.
Short Term and Long Term Disability, we rolled out our transition to Unum in August. The benefit amounts and the income maximums remain the same. Short Term Disability 90 day benefit/60% of income, with a weekly maximum of $3500. Long Term Disability begins on day 90/60% of income with a monthly maximum of $15,000. The premium does not increase for either of these benefits.
Life/AD&D This has changed substantially for 2018. The plan is moving to UNUM. There is a mandatory life plan for all participants. Everyone is covered with $25,000 no application, no prequalification and no Evidence of Insurability. This is to provide a death benefit for all employees and business owners in the business. The monthly premium will be $11.90. Again, this is a mandatory benefit for all participants. We have had many deaths in the last several years, and we are finding that individuals are either not covered or under covered, and spouses and family members struggle and we spend a great deal of time helping your loved ones. So, we are attempting to be proactive, this amount will not go toward the maximum of the traditional benefit amounts.
The Life/AD&D Insurance plan, in updates with regs with ERISA, must move to age rated banding for all life benefits. Also, all of your maximums will transfer over up to a max of $1,200,000. During this enrollment ONLY, you will be allowed to increase your multiple to a max of 4x income and your income levels only without Evidence of Insurability. Please know this is only for this period of enrollment, once we reach Jan 1, 2018 there will be no further additions. New participants as of January 1, 2018 will have a maximum of $600,000 to enroll with the multiples. We will then build up the experience and increase the maximums over the next few years.
Spouse life is now equal to 100% of the employee life up to $500,000. This is a huge increase in the benefit amount. Evidence of Insurability will be required for those $25,000 and over. The same enrollment options are available for this benefit period only that will not have Evidence of Insurability.
Child Life continues at the same benefit level - $5,000 and $10,000.
An additional option is the enhancement of Accident and Critical Illness Insurance. These are options that you can use to help you with your High Deductible plans. These can be used even if you don't purchase health care through the benefit plan. We are attaching the summaries to this memo so that you can review the monthly coverages. You will also be receiving direct to your home with the enrollment documents for those benefits specifically. It is mandatory to choose an election or opt out. This is an option that many are finding beneficial in today's environment with regards to our changing health plans and health care costs. Please take time to review these options as they are beneficial to all. You all will be receiving a packet at your homes and these documents must be completed and returned or you must access the website from UNUM. : High Low Or Now - http://www.highloworno.com/ Employer: Financial Advisors Network