Are benefits reduced by any other sources of income besides family Social Security and State Retirement? Define and describe how the pension offset would work under the current LTD plan design for employees eligible for a disability retirement benefit. Confirm you agree with the current coordination of benefits method and provide a specific claim example. List any differences from the current formula. 3. Does the contract contain a Work Incentive Benefit? 4. Does the plan provide for Partial Disability Benefits? Please describe. 5. Is the mental and nervous condition benefit limited? Are there any limits for self-reported conditions? Are there limits for any other types of condition (musculoskeletal, chemical/environmental, etc.)? 6. Is there a pre-existing condition clause under the plan? 7. Describe the definition of earnings your quoted plan assumes. 8. In determining how much you pay if a claimant is disabled and working, do you (a) look only at what they are earning; or (b) determine what they could be earning if working at maximum capacity? 9. Regarding your gainful occupation provision once a person reaches the any occupation phase of disability: (a) what is the income threshold for a potential new occupation (i.e. 60% of earnings)? (b) do you stop disability payments at the point when they could begin earning above the threshold or do you stop payments at an earlier date if the claimant is deemed able to work at the threshold level at some point in the future? 10. What age reduction schedule does your offer assume? Confirm it complies with ADEA. 11. Does your quote include a conversion benefit? A survivor benefit? Please describe. 12. Is the plan portable? If so, is it at the same rates and with the same benefits? 13. Does your quoted rate assume a Cost of Living Adjustment (COLA)? If yes, please describe. If no, what would be the rate increment to add your standard COLA? 14. What differentiates your company’s LTD product from your competitors? Please summarize. What changes, if any, are you proposing to the current benefits, including benefit limitations. What plan changes would you recommend to control costs?
Are benefits reduced by any other sources of income besides family Social Security and State Retirement? Define and describe how the pension offset would work under the current LTD plan design for employees eligible for a disability retirement benefit. Confirm you agree with the current coordination of benefits method and provide a specific claim example. List any differences from the current formula. 3. Does the contract contain a Work Incentive Benefit? 4. Does the plan provide for Partial Disability Benefits? Please describe. 5. Is the mental and nervous condition benefit limited? Are there any limits for self-reported conditions? Are there limits for any other types of condition (musculoskeletal, chemical/environmental, etc.)? 6. Is there a pre-existing condition clause under the plan? 7. Describe the definition of earnings your quoted plan assumes. 8. In determining how much you pay if a claimant is disabled and working, do you (a) look only at what they are earning; or (b) determine what they could be earning if working at maximum capacity? 9. Regarding your gainful occupation provision once a person reaches the any occupation phase of disability: (a) what is the income threshold for a potential new occupation (i.e. 60% of earnings)? (b) do you stop disability payments at the point when they could begin earning above the threshold or do you stop payments at an earlier date if the claimant is deemed able to work at the threshold level at some point in the future? 10. What age reduction schedule does your offer assume? Confirm it complies with ADEA. 11. Does your quote include a conversion benefit? A survivor benefit? Please describe. 12. Is the plan portable? If so, is it at the same rates and with the same benefits? 13. Does your quoted rate assume a Cost of Living Adjustment (COLA)? If yes, please describe. If no, what would be the rate increment to add your standard COLA? 14. What differentiates your company’s LTD product from your competitors? Please summarize. What changes, if any, are you proposing to the current benefits, including benefit limitations. What plan changes would you recommend to control costs?
RFP%2014-30%20Life%20Insurance%20%26%20Long%20Term%20Disability%20-%20140109%20-%20FINAL%20RFP.docx