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County hears voluntary hybrid life/long-term-care benefit presentation from insurer
Summary
An insurance representative described a voluntary hybrid life insurance policy with integrated long-term-care coverage for eligible county employees; enrollment is voluntary, payroll-deduction funded and requires no county contribution.
An insurance representative presented a voluntary hybrid life insurance policy that includes integrated long-term-care coverage to the Hardin County supervisors and staff during the March 26 meeting. The presenter said the product is voluntary for eligible employees (those averaging at least 20 hours per week) and requires no employer premium contribution.
Key features described by the presenter (first introduced at SEG 112): guaranteed-issue coverage up to $75,000 for employees, guaranteed-issue spouse coverage up to $20,000 for working spouses and $10,000 for nonworking spouses, and dependent-child coverage options. The presenter explained the long-term-care benefit is paid as a percentage (6%) of the death benefit and that some policies can pay up to 200% of the death benefit in long-term-care benefits; a $50,000 policy was used as an enrollment example to illustrate monthly long-term-care payouts.
The presenter emphasized portability: employees can take coverage with them if they leave county employment, and enrollment can be completed online. No formal board action was taken; staff indicated they would discuss the option further and may bring it back for consideration next week.
