Faculty Benefits Committee Meeting
3:00 – 4:30
The following committee members were present:
The minutes of the February 11th meeting were approved.
The rollout of the new MetLife voluntary life insurance plan has gone smoothly. More than enough employees signed up to meet the MetLife minimum. The old ReliaStar plan will now be dropped.
Long term care insurance is becoming of increasing concern
The market for long term care insurance is maturing. The plans are becoming clearer and costs are stabilizing. Six major insurance companies currently write LTC insurance. These include:
<![if !supportLists]>§ <![endif]>MetLife
<![if !supportLists]>§ <![endif]>John Hancock (does not have local representation)
<![if !supportLists]>§ <![endif]>UnumProvident
<![if !supportLists]>§ <![endif]>CNA
<![if !supportLists]>§ <![endif]>General Electric Capital Assurance Company
LTC plans can either be reimbursement plans (where the policy holder is reimbursed for expenses) or indemnity plans (where the policy holder receives a specific insurance benefit if the policy holder requires LTC). Inflation riders are usually attached to these policies. Inflation can be calculated as either a simple or compound variable.
LTC benefits are provided when the policy holder needs help with at least two of six activities of daily living. These activities include bathing, dressing, eating, continence, toileting or transferring. LTC benefits are also provided when the policy holder needs help because the policy holder is cognitively impaired.
The Benefits Committee will present a final draft of the Benefits Comparison Analysis at the first meeting in the fall, for presentation in the Annual Report. LTC insurance will be taken up next year.