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Retirees with PEBB life insurance have special, one-time open enrollment opportunity

Retirees currently enrolled in PEBB life insurance have a one-time opportunity from November 1–30, 2016, to increase their life insurance in 2017

The Public Employees Benefits Board (PEBB) Program will partner with Metropolitan Life Insurance Company (MetLife) as our new life insurance carrier starting January 1, 2017.

From November 1-30, 2016, retirees currently enrolled in PEBB retiree term life insurance will have a special, one-time open enrollment opportunity to increase their retiree term life insurance up to $5,000 with no health questions and/or medical exam. This amount is guaranteed, even if you’ve been turned down for life insurance before. Or you can choose up to $20,000 in retiree term life insurance by answering health questions and/or having a medical exam.

Your options during MetLife’s open enrollment: November 1–30, 2016

Retirees currently enrolled in retiree term life insurance through the PEBB Program may choose one of these two options during MetLife’s open enrollment (November 1–30, 2016):

  1. Increase your retiree term life insurance coverage with MetLife to:
  • $5,000 with no health questions and/or medical exam, or
  • Up to $20,000 (in $5,000 increments, so you can elect $10,000, $15,000, or $20,000) with health questions and/or a medical exam.

Under this new plan, your coverage amounts will not decrease as you age. However, your monthly premium will increase every five years as you age (for example, 60-64, 65-69, 70-74, etc.). See the enclosed 2017 Retiree Term Life Insurance Monthly Premiums.

OR

  1. Keep your current benefit under the Legacy Retiree Life Insurance Plan, administered by MetLife.

This coverage amount will decrease as you age as shown on the next page; however, your premium will remain at $7.75 per month from January 1, 2017, through December 31, 2018. The monthly premium may increase after 2018.

Age at death Amount of insurance
Under 65 $3,000
65 through 69 $2,100
70 and over $1,800

What action do I need to take to increase my retiree term life insurance?

In late October, MetLife will mail a packet to you, which will contain details about your options and the enrollment form needed to make changes. You may also get a form at www.hca.wa.gov/public-employee-benefits or by calling MetLife at 1-866-548-7139.

During MetLife’s open enrollment (November 1-30, 2016), complete and return the MetLife enrollment form to MetLife. You must also include your beneficiary designations, as these won’t transfer from the PEBB Program’s current life insurance carrier. MetLife must receive your completed form and beneficiary information no later than November 30, 2016. Your increased life insurance election will be effective January 1, 2017.

What happens if I do nothing?

You will remain in the Legacy Retiree Life Insurance Plan, which will be administered by MetLife in 2017. However, you must still contact MetLife to designate your beneficiaries, as these won’t transfer from the PEBB Program’s current life insurance carrier. You will never have the opportunity to increase your retiree term life insurance with MetLife in the future.

How much does the new retiree term life insurance cost?

See the enclosed 2017 Retiree Term Life Insurance Monthly Premiums.

Your cost depends on the amount of coverage you select and your age. The monthly premiums increase as your age increases and may change each calendar year. However, unlike the current retiree term life insurance, your coverage does not decrease as you age.

How will I pay for my retiree term life insurance premiums?

Your retiree term life insurance premiums will no longer be included with your PEBB Program medical plan premiums. What this means is:

  • If your retiree term life insurance is currently deducted from your pension: You don’t need to do anything. The life insurance information and premium will transfer automatically to MetLife. Note: If you increase the amount of your retiree term life insurance, this will increase your retiree term life insurance premium deducted for MetLife. Your premiums will be deducted separately from applicable medical and dental plan premiums.
  • If your retiree term life insurance premium is currently deducted from your bank account through the Health Care Authority’s (HCA’s) Electronic Debit Service: This will stop. You will receive a bill from MetLife for your retiree term life insurance premium and may choose to set up a new electronic deduction using the MetLife form, available by calling MetLife at 1-866-548-7139.
  • If you currently receive a bill from the HCA for your retiree term life insurance: This will stop. You will receive life insurance bills from MetLife, even if you make no changes to your PEBB Program retiree term life insurance. If you are also enrolled in PEBB Program medical (or PEBB Program medical and dental) coverage, you will continue to receive a bill from the HCA for these premiums. You will have to send checks to two different places to pay for your premiums—your retiree term life insurance premium to MetLife, and applicable medical plan (or medical and dental plan) premiums to the HCA.
For more information about your life insurance

Call MetLife at 1-866-548-7139 or visit www.metlife.com/wshca-retirees.

See life insurance FAQs on HCA’s website at www.hca.wa.gov/public-employee-benefits.

If you have other questions about your account, please call us at 1-800-200-1004.

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