You may recall that the Trustees voted last year to include a Life Insurance Benefit for all participants and their dependents starting in 2023.
The benefit will be $10,000 of Life Insurance for employees with medical coverage through the Trust, and $1,000 of Life Insurance for their covered dependents. An additional benefit of $10,000 ($20,000 total) for Accidental Death or Dismemberment is also included.
The Life and AD&D will be an added benefit paid for by the Trust and not billed to Employers. The Standard Insurance Company will underwrite coverage and service claims for Trust members.
Standard Insurance has advised the Trust that the coverage is now approved by the Oregon Insurance Division and will be effective for the Trust’s individual subscribers residing in Oregon beginning June 1st.
The Standard is awaiting regulatory approval of the plan from Washington and Idaho.
Unfortunately, enrolled members residing in Washington and Idaho will not be eligible for the coverage until The Standard receives notice of approval from those states.
We will keep you advised as things progress. Please feel free to contact us with any questions.