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In today’s economy, financial protection is more important that ever. That is why Indiana University Health Bloomington Hospital supports programs such as discounted long term care insurance, and pays for eligible employee’s life insurance premiums. While many of these programs are automatic, others require employee contribution and enrollment, so a careful review is a good idea.
EMPLOYEES THAT CARE – HEART FUND
The Helping Employees with Assistance in Rough Times (HEART) Fund is established and operated by the Bloomington Hospital Foundation to benefit employees in need of financial assistance. Funds are only used when extreme circumstances cause an employee extraordinary financial stress as the result of uncontrollable or catastrophic events. Periodic fund-raising events will be conducted by the Foundation to gather dollars for the HEART fund. Employees that join the Fitness Center through the Circle of Excellence contribute to the HEART fund.
To request HEART fund assistance, employees that have worked at IU Health Bloomington for 12 months or more should visit Human Resources for an application. All requests remain confidential, and a designated six-person committee review all requests and distribution of funds. Employees are notified by mail if dollars will be granted.
Learn More...HR Policy – HEART fund
AFLAC INSURANCE PRODUCTS
IU Health Bloomington Hospital offers employees the opportunity to participate in AFLAC programs and products on an annual open-enrollment basis. All enrollment forms, policy questions and fund distribution occur directly through AFLAC.
To contact AFLAC visit: https://www.aflac.com/us/en/policyholders/default.aspx
LIFE INSURANCE
- Basic life insurance is paid 100% by the Hospital for employees with standard hours of 28 hours per pay period or more. The benefit will pay your survivors a one-time payment equal to two-times your base annual IU Health Bloomington income, rounded-up to the next $1,000 (not to exceed $250,000 total payment). The policy is managed by UNUM Insurance Company, and takes effect on your 91st continuous day of active employment.
- Covered employees are mailed the Summary Plan Description, also known as an SPD. It should be stored with other important financial documents in your home.
- To update your beneficiary information, visit Human Resources. The two-page from cannot be faxed or downloaded.
- To submit a claim, contact Human Resources for assistance. You may also contact UNUM directly at 800.321.3889, option 2.
- View the Basic Life Insurance SPD
- Supplemental and dependent life insurance may be purchased by the employee to increase the basic life insurance benefit. Bloomington Hospital will provide pay deduction to cover the premiums associated with this additional benefit
SUPPLEMENTAL: Employees who qualify for the basic life insurance may purchase an additional benefit equal to their annual IU Health Bloomington Hospital income. This will result in a total benefit equal to three times the base annual income payable to beneficiaries upon the employee’s death.
- Current rates are around $.18 per thousand dollars of coverage per month. For example, an employee making $10,000 annually will pay $1.80 per month (paycheck deductions are made every-other-pay, only).
- Enrollment occurs within 30 days of hiring, or because of an employment status change or marriage.
- At all other times, UNUM requires the employee to submit a medical underwriting form and will make individual decisions on coverage; see Human Resources if you are interested.< /li>
DEPENDENTS: Employees who qualify for the basic life insurance may purchase coverage for dependents. UNUM considers the following as dependents:
- Lawful spouse, even if legally separated
- Unmarried children age 14 days to age 19, or to age 25 if enrolled as full-time students at an accredited school.
There are two levels of coverage available for purchase.
OPTION A: $2.58 per enrolled dependent, per month. Provides spouse coverage at $5,000 and child coverage at $1,000
OPTION B: $5.16 per enrolled dependent, per month. Provides spouse coverage at $10,000 and child coverage at $5,000.
- Enrollment occurs within 30 days of hiring, or because of an employment status change or marriage.
- At all other times, UNUM requires the employee to submit a medical underwriting form and will make individual decisions on coverage; see Human Resources if you are interested.
- Whole life insurance is Boston Mutual offers the Ordinary Life Insurance Policy Option, which provides insurance for the lifetime of the policy holder, and the Life Plus Accumulator, which offers an interest sensitive endowment at 95.
Boston Mutual Life Insurance Company has demonstrated financial strength and stability for over 100 years.
To learn more visit: http://www.my-life-insured.com/bostonmutal.php
Short Term and Long Term Disability
IU Health Bloomington pays 100% of the premiums for both long and short term disability for employees with a schedule of at least 54 standard hours per pay period. The long term disability plan is administered by UNUM, while the short term disability plan is administered in-house. Employees are mailed a Summary Plan Document for the long term disability plan. Coverage is effective on the 91st day of continuous active employment. Employees are automatically enrolled in these programs if eligible.
- While there is no short-term disability coverage until day 46 of the disability, employees can receive pay either through their Paid Time Off bank or supplement programs such as those provided by AFLAC.
- Days 46 through 180 are paid at 80% of the employee’s calculated annual income, through the short term disability policy.
- Days 181 and on are covered at 60% of the employees calculated annual income through the long-term disability policy.
- To access the short and long term care programs, contact Human Resources.
As of January 1, 2010, the short term disability will begin at day 45.
Liability Insurance
IU Health Bloomington protects all employees with liability (as known as malpractice) insurance during paid hours of work.
Learn more...HR Policy – Liability Insurance