ESBD_358356_1715262995965_Proposed Premiums and Plan Provisions - LTD.xlsx
XLSX spreadsheet 14 KB Posted
- Attached to
- Group Long-Term Disability Plan
- Solicitation number
- RFP01-SBA-24-202
- Issued by
- Texas
About this file
This document is the Proposed Premiums and Plan Provisions for a Group Long-Term Disability Insurance Plan ("LTD") solicited by the Texas A&M University System ("A&M System"). The A&M System is seeking proposals from qualified vendors licensed in Texas to provide a fully-insured group LTD plan for the plan year beginning September 1, 2024. The RFP outlines the required plan provisions, including definition of disability, elimination period, pre-existing limitations, exclusions, minimum and maximum monthly benefits, work incentive, COLA, and offsets. Respondents are asked to provide proposed premiums for the initial 3-year term, including rates for non-tobacco and tobacco users, as well as indicate whether certain services are included in the quoted premiums or available as optional additional costs.
The current LTD plan provisions are provided for reference, and respondents are expected to address any issues with administering the current plan design. There is no mention of any set-asides, incumbents, or funding requirements. The A&M System intends to select one vendor to establish a services agreement to meet their LTD insurance needs.
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Text version
Premiums Provide your proposed premiums for the intial term of 9/1/2024 through 8/31/2027. Premiums must be guaranteed for the initial 3-year period.
Non-tobacco User: $ monthly rate per $100 of monthly salary
Tobacco User: $ monthly rate per $100 of monthly salary
| (The difference between non-tobacco and tobacco user premiums represents an incentive difference rather than an actuarial difference.) |
| The A&M System expects any costs of the services below to be included in the premiums quoted above. Complete the chart below indicating whether or not these costs are included. |
| Service | Included (Y/N) | Optional (Y/N) | Additional Cost |
| Promotional Materials | |||
| Review of Plan Booklet | |||
| List of required services noted in Section 3.1 of the RFP | |||
| Representation at annual enrollment meetings as described in Section 3.10 |
Plan Provisions
| Plan Provisions |
| Complete the chart below for the LTD plan. |
| Provision | A&M System Current Benefit | Carrier Standard Benefit | Comments / issues with administering current plan design |
| Definition of Disability | See LTD SPD | ||
| Elimination Period | 90 days | ||
| Pre-Disability Earnings | See LTD SPD | ||
| Temporary Recovery during Elimination Period | Max 15 days | ||
| Pre-existing Limitations | 3/12 – three months before insurance takes effect until actively at work and covered for 12 mos. | ||
| Definition of any occ. | See LTD SPD | ||
| Exclusions | See LTD SPD | ||
| Late Applicants - EOI | Not required | ||
| Mental/Nervous Health Limitation | 24-month benefit limitation unless disability results from organic condition | ||
| Minimum & Maximum Monthly Benefit | Min. – the lesser of 10% of monthly benefit or $100 | ||
| Max. – the lesser of 65% of salary or $8,000 | |||
| Work Incentive | After 12 months of benefits, monthly benefit reduced by 50% of amount earned by working | ||
| Maximum Benefit Duration | See page 17 of this RFP | ||
| C.O.L.A | 3% after 12 monthly benefit payments, up to 5 adjustments | ||
| Offsets | See LTD SPD | ||
| Family Care Rehab Benefits | See LTD SPD |
For easy reference, the LTD Plan Booklet can be found at: http://assets.system.tamus.edu/files/benefits/pdf/ae/FY18/SPD/spdltd.pdf
File details come from the government source that posted it. Updated .