1 HSTA Voluntary Employees Beneficiary Association (VEBA) Trust VEBA General Information.
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Transcript of 1 HSTA Voluntary Employees Beneficiary Association (VEBA) Trust VEBA General Information.
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HSTA Voluntary Employees Beneficiary Association
(VEBA) Trust
VEBA General Information
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Who and What is the VEBA Trust?
• The VEBA Trust was established for active and retired HSTA members and their eligible dependents.
• The Board of Trustees is comprised of teachers who are members of HSTA. Trustees represent the various segments of the HSTA population. All Trustees are teachers, with two being retirees.
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When you are a HSTA member, you can take advantage of
these products that are available to you.
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Highlights of the Voluntary Products
• Life Insurance– Basic Life for only $1.50/month with a benefit
coverage of $15,000.00 (up to age 65).– Basic Plus Life up to $161,000 coverage.
Coverage and premiums is based on age.
Life
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• Disability Income Protection– Short Term (STIP)– Long Term (LTIP)
Highlights of the Voluntary Products
STIP/LTIP
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What is the difference between Short and Long Term Income
Protection?
• The elimination waiting period.• The length of coverage.
STIP/LTIP
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What is STIP?• If you become temporarily disabled, you can
receive up to 60% of your monthly salary. Premiums are based on your monthly salary and length of benefit (either 90 or 180 days).
• If you depend on your paycheck for your daily living expenses; you should consider short-term income protection plan that will help pay your basic expenses while you are temporarily disabled.
STIP
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How can I take advantage of this offer?
• Become an HSTA member• When you sign up for STIP, the Trust will
subsidize a portion of the premium. The subsidy is up to $10.00 per month for qualifying members who elect to cover 60% (max coverage) of the monthly gross salary.
STIP
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Premium Calculation• Monthly gross salary: $3,000.00• Length of coverage: Plan 1 (90 days)• Selected monthly disability benefit: 60%
(maximum %) of monthly gross salary or $1800.00 per month. $25.56 Per Month or $12.78 Per Paycheck
STIP
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The VEBA Trust subsidyMonthly Premium: $25.56Less the subsidy: ( 10.00)*You pay only: $15.56 per month for STIP
coverage.
*The HSTA VEBA Trust will subsidize up to $10.00 per month for qualifying members who elect to cover the maximum % of the monthly gross salary.
STIP
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What is LTIP?
• If you become totally disabled, you can replace up to 50%, 60%, or 66-2/3% of your monthly salary. Premiums are based on your monthly salary, age, and elimination period (either 6 or 9 months).
LTIP
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For Example:Hoku is a 32 year old teacher who gets into an automobile accident which leaves him totally disabled. He has 140 days sick leave; enough days to cover a 6-month period. His disability continues beyond the 6 months.
If Hoku enrolled in LTIP, he may be covered for those additional months if he continues to be under doctor’s care.
LTIP
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Premium Calculation• Monthly gross salary: $4,000.00• Elimination Period: Plan 1 (6 months)• Age: 32• Selected monthly disability benefit: 66-
2/3% (maximum %) of monthly gross salary.
$11.60 Per Monthor $5.80 Per Paycheck
LTIP
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•Critical Illness Insurance Provides coverage for specific critical
illnesses and helps offset expenses not reimbursed by other types of insurance.
It is not a replacement for traditional medical or disability insurance – rather it is a complement to these other coverages.
Highlights of the Voluntary Products
CII
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Critical Illness Insurance Health Screening Benefit
• After your coverage has been in effect for 30 days, MetLife will provide an annual benefit of $50 (for $15,000.00 of coverage) or $100 (for $30,000.00 of coverage) per calendar year for taking one of the eligible screening/prevention measures.
15CII
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• Long Term Care Insurance (LTC)LTC can help you preserve your independence and financial security, and can help relieve your family members of the burden of making decisions about how to pay for care.
Highlights of the Voluntary Products
LTC
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Savings Buffer = Asset Protection
Ass
et P
rote
ctio
n
Funds needed fora LTC event.
RetirementSavings
SavingsBuffer
• Reverse mortgage• Annuity• LTC insurance• Etc. LTC
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Your Long Term Care (LTC) monthly premium is based
on the following:Plan TypeMonthly Facility Benefit AmountFacility Benefit DurationYour age at the time of enrollment
LTC
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Plan 1
Long Term Care Facility
Professional Home Care
Plan 2
Long Term Care Facility
Professional Home Care
Total Home Care
Plan 3
Long Term Care Facility
Professional Home Care
Simple Inflation
Plan 4
Long Term Care Facility
Professional Home Care
Non Forfeiture
Base Plan
Plan Types
LTC
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Plan Types (continue)
Plan 8
Long Term Care Facility
Professional Home Care
Total Home Care
Simple Inflation
Non Forfeiture
Plan 7
Long Term Care Facility
Professional Home Care
Simple Inflation
Non Forfeiture
Plan 6
Long Term Care Facility
Professional Home Care
Total Home Care
Non Forfeiture
Plan 5
Long Term Care Facility
Professional Home Care
Total Home Care
Simple Inflation
Most Popular
LTC
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LTC Calculation Example:Current Age: 29Plan: 5Monthly Facility Benefit Amount: $5,000.00Facility Benefit Duration: 3 years
Formula: Rate for plan chosen x Facility Monthly Benefit
Amount /500 = Monthly Premium $2.65 x $5,000.00/500 = 13,250/500 =
$26.50 per month or $13.25 per paycheck
LTC
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How much do you think that same coverage would cost if you enrolled when you are
30 years older?
LTC
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Calculation ComparisonFormula: Rate for plan chosen x Facility Monthly
Benefit Amount /500 = Monthly Premium Age 29, Rate $2.65, Facility Month Benefit $5,000
Monthly Premium is $26.50
Formula: Rate for plan chosen x Facility Monthly Benefit Amount /500 = Monthly Premium
Age 59, Rate $9.70, Facility Month Benefit $5,000Monthly Premium is $97.00
You would pay 3x more if you wait.
LTC
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SummaryIf you enroll in Basic Life, or Basic Plus Life Insurance, or Short or Long Term Income Protection, or Critical Illness, the HSTA VEBA Trust will enroll you in the LTC Base Plan at no additional cost to you. The VEBA Trust subsidizes the LTC Base Plan for you.The most affordable option is to enroll in the Basic Life Insurance plan for $1.50 per month or $.75 per paycheck, and receive both the Basic Life Insurance and LTC Base Plan.
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HSTA VEBA Trust Contact Information
Office Hours: 8 a.m. to 5 p.m. Monday thru Friday
Phone: 440-6940 (Oahu)Neighbor Islands Toll Free: 1-800-637-4926Fax: 440-6941Email: [email protected]: www.hstaveba.orgAddress: 1259 A’ala Street, Suite 202
Honolulu, Hawaii 96817