The Employee Benefits Division of Penn State's Office of Human Resources will announce the addition of long-term care insurance as an optional benefit toward the end of September, with a special mailing that will be sent to the homes of all benefits-eligible faculty and staff. Additional long-term care information will be included in the annual "Time to Choose" open enrollment material, and our newest benefit partner, John Hancock, will be responsible for providing individual enrollment assistance for this highly-specialized coverage. Presentations by John Hancock representatives are scheduled for all Penn State campus locations and at all of the benefit open houses at the University Park campus.
Individuals who are eligible for the long-term care insurance include benefits-eligible faculty, staff and retirees, their spouses or same-sex domestic partners, parents, parent in-laws, grandparents, grandparent in-laws, as well as adult children and siblings of eligible Penn State employees and retirees. It is important to note, however, that only faculty and staff members have a guaranteed issue offer when they initially become eligible for the plan. Coverage for eligible family members will be underwritten. In addition, employees may have the cost of this coverage conveniently deducted from their pay for themselves and their spouse or same-sex partner. All others who are accepted for coverage will make payment directly to John Hancock.
The Office of Human Resources is partnering with John Hancock to offer the coverage. Their commitment to long-term care insurance and their considerable experience in the higher education community were important considerations in the selection. The addition of long-term care insurance provides a valuable tool for our employee’s financial planning efforts.
The September mailing will include John Hancock contact information, both telephonic and Web site service, customized specifically to Penn State. While this benefit is optional, we encourage all faculty and staff to seriously consider their needs for this benefit and the security it provides.