Open enrollment for life extended

Most of us know about open enrollment for MRA’s health and dental insurance benefits in May and June, with changes effective on July 1. Did you know that there is also an open enrollment for group life and disability insurance?

For this year only you can request changes to your life and disability coverage in late June and early July. As long as the request is received by MRA Customer Service prior to July 21, any changes will be effective on July 1.

What can you change during open enrollment?

• If you (and your employees, if you have employees) are insured for the “old” $6,000 life benefit, you can move to the “new” plan and receive $10,000, $25,000 or $50,000 of coverage. Depending on the number of employees, some life insurance is “guaranteed-issue”—no health questions asked.

• If you already switched to the new plan, you can increase your benefit amount.

• You can sign up for supplemental life insurance or increase your supplemental life benefit. Some supplemental life may be guaranteed-issue, but you will have to provide evidence of insurability if you’re already insured and you wish to increase your supplemental life benefit.

• You can sign up for short-term disability coverage, or, if you already have disability coverage, you can increase the benefit. You don’t have to provide evidence of insurability to get short-term disability, but there is a pre-existing conditions limitation.

• You can change the beneficiary of your life insurance. I addressed the reasons for doing so in the May Retailer.

To make changes to your life and/or disability plan before the July 21 deadline, please call Customer Service at 800.366.3699 or e-mail Susan Stroup at sstroup@retailers.com.