Tag: accidental death and dismemberment insurance

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Updates to Accidental Death and Dismemberment (AD&D) Insurance for the 2022 Plan Year

Published on by Megan MacGregorLeave a comment

AD&D insurance is a voluntary, employee-paid benefit that provides various amounts of coverage for accidental death or dismemberment that occurs at any time (not just during work). AD&D insurance is available to all benefit-eligible employees and their spouse/other eligible individual (OEI) or dependent children. You can only enroll, make changes or cancel coverage in AD&D insurance during the Open Enrollment period in October.

AD&D coverage is available at 1 to 10 times your annual salary. Benefit levels vary by type of insurance selected (employee-only or family) and the extent of the injury. Benefit amounts for your spouse/OEI and/or child(ren) are based on a percentage of your benefit amount. To calculate your monthly rate, review the Support Staff Open Enrollment Guide or Faculty/Academic Staff Open Enrollment Guide.

Please review the Prudential brochure for AD&D insurance to find details about the plan. We’ve highlighted a few plan enhancements for the 2022 plan year below that may help you determine if this optional benefit is right for you and your family:

  • The maximum benefit has increased for employee coverage to $1,500,000 (from $1,000,000) and spouse/OEI coverage to $750,000 (from $600,000).
  • The child only benefit amount has increased from 20% to 25% of the eligible employee benefit.
  • The spouse & child benefit amount increased to 50% spouse/20% child (from 50% spouse/15% child).

Additionally, other updates for the 2022 plan period include benefit amounts for triplegia, motorcycle safety equipment, home alteration/vehicle modification, critical burns, mortgage payment, funeral expenses, monthly rehabilitation, and surgical replantation. Find details about these new benefits for the 2022 plan year here.

Questions? MSU’s plan administrator for AD&D insurance is Prudential. If you have questions, we encourage you to speak to a Prudential representative during the MSU Virtual Benefits Fair this October or contact Prudential at 877-232-3555. Additionally, find further details about AD&D insurance in the Prudential brochure available on the HR website.

Increase to Benefit Level for Optional, Employee-Paid Life and Accidental Death and Dismemberment Insurance

Published on by Megan MacGregorLeave a comment

Effective for the 2021 plan year, the benefit level for optional, employee-paid life insurance and accidental death and dismemberment (AD&D) insurance will increase to 1 – 10 times your annual salary (previously, it was available from 1 – 8 times your annual salary). There are also various levels of coverage available for your spouse/other eligible individual (OEI) or dependents.

Please Note: these changes are applicable to optional, employee-paid life and AD&D insurance only. MSU offers you several different types of life/accident insurance plans, which you can learn more about on the HR website.

MSU benefits-eligible employees can enroll in, change or cancel these optional benefits for the 2021 plan year during Open Enrollment in October. Use the following information to help you decide if these benefits are right for you and your family. You’ll also find information to help you calculate your monthly costs if you decide to enroll in one or both options.

Optional, Employee-Paid Life Insurance

Life insurance can provide a lump-sum payment to beneficiaries upon the insured’s death. Optional, employee-paid life insurance is available to all regular full- and part-time (50% or more) employees, as well as to your spouse/OEI and dependent children. There are various levels of coverage, and the cost of the plan varies according to the plan selected.

How to Calculate Your Monthly Cost: find formulas for how to calculate your monthly costs in this year’s Open Enrollment guides. Be sure to reference the appropriate guide: Support Staff Open Enrollment Guide or Faculty/Academic Staff Open Enrollment Guide.

Optional, Employee-Paid AD&D Insurance

AD&D insurance provides various amounts of coverage for accidental death or dismemberment or loss of sight, whether during business or pleasure. Optional family coverage is also offered. This is available to all regular full- and part-time (50% or more) employees, as well as to your spouse/OEI and dependent children. Benefit levels vary by type of insurance selected and the extent of the injury.

How to Calculate Your Monthly Cost: find formulas for how to calculate your monthly costs in this year’s Open Enrollment guides. Be sure to reference the appropriate guide: Support Staff Open Enrollment Guide or Faculty/Academic Staff Open Enrollment Guide.

Questions? You can learn more about your life/accident insurance options on the HR website or contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434.