Life Insurance Benefit Enhancements

The Health Trust is pleased to announce several enhancements to our life insurance benefits, offered through the Standard Insurance Company, and also a special open enrollment period for those who may wish to add or modify coverage.  These changes take effect April 1, 2024.

The maximum benefit for Basic Life will increase from one times the covered employee’s annual base salary up to $100,000, to one times the annual base salary up to $150,000.  If you are covered by a Health Trust health plan, the Basic Life benefit is included, and is paid for by the Trust.

This maximum salary increase will also be applicable to voluntary Supplemental Life elections of one, two or three times the employee’s annual base salary.  If you have this coverage and your salary exceeds $100,000, your premiums may increase based on the increased volume covered.

Members with the Dependent Life Option B plan may also see an increase in the spousal benefit.  This coverage is equal to half of the employee’s base salary.  Therefore, the maximum benefit will increase to $75,000, from $50,000.  The premiums for this plan increased to $3.75 per month January 1, 2024, and there will not be an additional increase April 1. (There are no coverage changes to the Dependent Life Option A plan.  Premiums for this plan increased to $1.75 per month, effective January 1, 2024.)

The Basic Life benefit for retirees who are covered by a Health Trust health plan will increase from $2,000 to $3,000.  This is paid for by the Trust.

The Health Trust will be offering a one-time special Open Enrollment Period February 15 through March 15, 2024 for an effective date of April 1, 2024.   If you did not enroll in Supplemental or Dependent Life coverage when you were first eligible, or if you would like to increase the amount of Supplemental or Dependent Life you currently have, you may do so during the Open Enrollment period.  If you elect coverage that is less than $375,000, your approval will be guaranteed, and you will not be required to submit medical Evidence of Insurability.  This is subject to the Standard’s eligibility policies, and the plans your employer offers.  If you were previously declined for Supplemental or Dependent Life coverage with your current employer through the evidence of Insurability process, you are not eligible during this special open enrollment period.

If you wish to add or change coverage for April 1, 2024 under this special Open Enrollment, the Life Plan Enrollment Form or Life Plan Change Form must be dated between February 15 and March 15, and received by the Health Trust no later than March 31, 2024.  Forms for established employees received after March 31, 2024 will be subject to evidence of insurability.  We encourage you to consider taking advantage of this one-time opportunity to add coverage to protect your family.

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