BENEFITS & COSTS
SMART Local 85
Summary of Benefits & Costs
These coverages are guaranteed approved for all actively working/dues paying Members of SMART Local 85. No medical tests, questions, or underwriting. This group plan has minimum participation requirements for the plan to become effective. Failure to meet participation could prevent the plan from becoming effective, or delay the effective date.
For quick and easy enrollment, call Cornerstone at (224) 770−5305 (M-F 8am-5pm CST)
Short-Term Disability (STD)
- Benefit pays for up to 24 weeks
- Pays a flat weekly benefit of either $250 or $500
- Pays on day 15 for injury or illness
- Pre-existing conditions are covered after 12 months
- Covers off the job disabilities resulting from injury or illness
- Stackable with other benefits up to 100% of pre-disability earnings
- Includes $5,000 of Life/AD&D
- Benefits paid are tax free
| Short-Term Disability (STD) Weekly Benefit and Monthly Premium |
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| Age | $250 Weekly Benefit |
$500 Weekly Benefit |
| < 30 | $31.61 | $57.13 |
| 30 – 39 | $37.43 | $68.45 |
| 40 – 49 | $53.37 | $98.82 |
| 50 – 59 | $83.07 | $154.67 |
| 60 – 69 | $124.29 | $230.11 |
* Stackable with other benefits to 100% of pre-disability earnings
Long-Term Disability (LTD)
- Pays after 180 day waiting period (starts when STD ends)
- LTD Option A pays a flat $2,000 Monthly Benefit for up to 2 years
- LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 5 years
- Pre-existing conditions are covered after 12 months
- Covers on and off the job disabilities resulting from injury or illness
- Includes 24 months of own occupation coverage
- Offset by other benefits
- Includes $5,000 of Life/AD&D
- Benefits paid are tax free
| Long-Term Disability (LTD) Option A Pays a Flat Monthly Benefit of $2,000 for up to 2 Years |
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| Monthly Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 |
| $2,000 | $11.02 | $15.94 | $34.86 | $68.63 | $179.46 |
* Benefit is flat $2,000 unless salary is below $40k. Cannot Exceed 60% of pre-disability earnings.
| Long-Term Disability (LTD) Option B Pays 60% of Your Earnings for up to 5 Years |
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| Annual Earnings | Max Monthly Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 |
| $40,000 | $2,000 | $13.30 | $22.62 | $58.38 | $128.99 | $183.08 |
| $50,000 | $2,500 | $15.11 | $26.68 | $71.00 | $158.37 | $224.24 |
| $60,000 | $3,000 | $16.91 | $30.73 | $83.61 | $187.75 | $265.39 |
| $70,000 | $3,500 | $18.72 | $34.79 | $96.23 | $217.13 | $306.55 |
| $80,000 | $4,000 | $20.52 | $38.84 | $108.84 | $246.51 | $347.70 |
| $90,000 | $4,500 | $22.33 | $42.90 | $121.46 | $275.89 | $388.86 |
| $100,000 | $5,000 | $24.13 | $46.95 | $134.07 | $305.27 | $430.01 |
* Annual Earnings include your total compensation for the year including overtime. Call (224) 770−5305 to get premiums for annual earnings amounts not listed above. Benefits are subject to offsets.
Life and Accidental Death & Dismemberment (AD&D)
- Guaranteed approved coverage for member, spouse, and children – NO pre-existing condition limitations
- All life coverage includes an equal amount of AD&D. If death is caused by an accident, benefit doubles
- Member coverage from $10,000-$100,000 (in $10,000 increments)
- Spousal and child coverage is available when member life coverage is elected
- Spousal coverage from $5,000-$50,000 (in $5,000 increments), not to exceed 50% of member election
- Child(ren) eligible for a flat $10,000 of coverage – All eligible children are covered for $2.40 per month
- Life coverage is convertible & portable
Please Note: Life/AD&D guaranteed amounts may be lower or not offered at future open enrollments for those members that do not enroll initially
| Life and AD&D Benefit and Monthly Premium | |||||
| Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 |
| Member Monthly Premium Can be elected in increments of $10,000 |
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| $10,000 | $4.16 | $4.80 | $7.84 | $14.93 | $28.92 |
| $50,000 | $12.80 | $16.00 | $31.20 | $66.65 | $136.60 |
| $100,000 | $23.60 | $30.00 | $60.40 | $131.30 | $271.20 |
| Spouse Monthly Premium $5k increments. Based on Member Age. Can’t exceed 50% of Member Life. |
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| $5,000 | $3.08 | $3.40 | $4.92 | $8.47 | $15.46 |
| $25,000 | $7.40 | $9.00 | $16.60 | $34.33 | $69.30 |
| $50,000 | $12.80 | $16.00 | $31.20 | $66.65 | $136.60 |
| Child(ren)/Dependent(s) Monthly Premium | |||||
| $10,000 | All children covered at one cost of $2.40 | ||||
IMPORTANT NOTE:
If you leave the union or retire it is your responsibility to contact our office immediately at 847-387-3555. Failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change. This group plan has minimum participation requirements for the plan to become effective. Failure to meet participation could prevent the plan from becoming effective, or delay the effective date. SMART does not make any endorsement or recommendations regarding these benefits. This program is voluntary and It is solely the members’ decision to enroll. This is a basic summary of benefits and makes no guarantee or warranty on the processing of claims. Other limitations may apply. It is recommended that each enrolled member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.
Time Left to Enroll
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Enrollment Ends 6/30/2021
Coverage Begins 8/1/2021
(224) 770−5305