Has anyone set up a plan that is both an LTC and Life Insurance Plan?
We have a new benefit plan offering through Trustmark that is a Long Term Care and Life Insurance Policy combined. I am finding it challenging to set up the plan:
Requirements:
Coverage Options are $25k, $50k, $75K, $100K, $150k, $300k
Cost is based on Age, Coverage and Smoker Status
Employee can enroll Spouse in the plan
If the associate is age 71-75 they are only eligible for the life insurance
If the associate is in the plan prior to age 65, they can continue coverage.
If the associate joins the plan after 65 then they do not have a guaranteed coverage but are in the plan
The max age for the spouse is 70
Challenges:
- Tired to set it up as an Employee Life Plan however, the coverage is not a consistent increase amount (increments)
- Tried to set it up as a Health Plan with the Coverage Options as the amounts listed above, however, you cannot tie an Age Rate Table to a Health Plan therefore the cost cannot be calculated.
Can you have a life insurance plan where you can set the amounts and not just the increment box?
I am hoping that this can be done out of the box without a customization or IPA.
Any help is appreciated.
Casey
