In today’s unpredictable world, being prepared for the unexpected is crucial. That’s why IU offers voluntary supplemental accidental death and dismemberment (AD&D) and critical illness insurance to eligible employee and residents. These policies can safeguard employees, their loved ones, and their finances against unforeseen accidents and illness.

In this week’s Benefits Spotlight, we’ll explore these plans in detail, including the benefits, coverage and cost for 2024.

New for 2024: critical illness insurance

A major illness can blindside anyone, even when you have health insurance. Voluntary critical illness insurance from The Standard pays you a lump sum following the diagnosis of a serious illness or medical condition covered by the policy. Coverage is available for you, your spouse and your eligible children in the following amounts:

• Employee — $10,000 to $50,000 in increments of $10,000.
• Spouse — $5,000 to $25,000 in increments of $5,000. Cannot exceed 50% of employee benefit.
• Tax dependent children through age 25 — Automatically covered at 50% of employee’s coverage for no additional cost.

Benefits of enrolling in this coverage:

• Tax-free payout can be used for whatever you need most. Premiums are paid on an after-tax basis through payroll deductions; therefore, any benefit payouts are tax-free. The funds are paid directly to you in a lump sum and can be used for whatever you need most as you recover—for personal expenses such as medical plan deductibles, coinsurance, groceries or rent; to replace lost income; or to cover any other financial obligations that may come up. There are no requirements as to how the funds must be spent.
• Health maintenance screening incentive. By enrolling in this plan, you and your covered family members become eligible for an annual $100 incentive for receiving specific health maintenance screenings.
• Reoccurrence benefit. If you are re-diagnosed with a covered illness after a treatment-free period, you can receive up to 100% of the original benefit amount. You can also receive an additional benefit payout if you are diagnosed with a different and subsequent covered illness.
• Enrolling is easy. Enroll yourself and your spouse during Open Enrollment. Your eligible children are covered automatically when you enroll in employee coverage. The diagnosis of the critical illness must occur after you enroll, but enrollment never requires medical underwriting (proof of good health).

Visit the Critical Illness page of the Open Enrollment website for a full list of covered medical conditions, premiums and additional information about this new benefit.

Supplemental AD&D Insurance

Voluntary Supplemental AD&D coverage from The Standard provides you or your beneficiaries with an insurance benefit in the event of death or dismemberment due to a covered accident that occurs on or off the job, at home or while traveling. This coverage is in addition to the $50,000 AD&D benefit included with your IU-provided Basic Life Insurance.

The plan provides benefits if the covered accident results in:

• Death or dismemberment or loss of sight, speech or hearing caused by an accident.
• Paraplegia, quadriplegia or hemiplegia.
• Coma lasting more than 30 days.
• Permanent and total disability caused by an accident.

When AD&D insurance is payable, additional benefits may be available including:

• Higher education costs for your surviving children.
• Career adjustment benefits for your surviving spouse.
• Additional benefit if an insured member passes away due to an automobile accident and was wearing a seat belt or if their air bag deploys.
• Child care benefit to allow your surviving spouse to work or obtain training for work.
• Repatriation if you pass away more than 200 miles from home.
• Additional line of duty benefits for public safety officers.

The plan allows you to tailor your coverage according to your unique needs. You can choose between employee-only or family coverage, with benefit amounts ranging from $30,000 to $500,000. Specific payout amounts and benefit details can be found in the Supplemental AD&D Plan Certificate.

Enrolling in AD&D and critical illness coverage

Enrollment in these plans is only available during Open Enrollment or within 30 days of hire. IRS regulations require that your elections remain in place for the entire year unless you experience an IRS-defined qualifying life event. These events, such as marriage, divorce, loss of other coverage, or the adoption/birth of a child, allow you to make corresponding changes to your elections, but only within 30 days of the event. If you’re interested in these plans, make sure to enroll during Open Enrollment.

To learn more about these and other IU benefits, and explore plan changes and premiums for 2024, visit the Open Enrollment website. For questions, contact AskHR at askhr@iu.edu.