How Does On-Demand Health Insurance Work?
When you enroll in the Bind medical plan, you automatically receive Core Coverage. Core Coverage provides substantial coverage of physician and hospital services - including preventive care, emergency and urgent care, office visits, inpatient and outpatient hospital visits and prescription drugs. Core Coverage also provides substantial coverage for common conditions and events, such as maternity care, cancer treatment and physical therapy.
Core Coverage does not provide coverage for certain excluded diagnostic and medical procedures. However, coverage for many of the excluded procedures are available by signing up for "Add-In" (short for "Additional Insurance") coverage.
Add-Ins are separate coverage options for 45 less common procedures including, for example, endoscopies, hernia repairs, hysterectomies, lumbar spine fusion and knee, should arthroscopies. This allows you to tailor the plan coverage to your needs.
LPG provides a competitive benefits package for all employees as part of our total compensation package. We realize you make benefit choices based on what’s important to you and the needs of your changing lifestyle. Therefore, along with our core benefits, we offer these additional benefits which help to provide financial support to employees. Additional benefits include:
LPG's dental plan provides comprehensive coverage to help you and your family maintain good dental health. Providers are part of the MetLife network, or you may see an out-of-network dentist of your choice. Be aware if you go out-of-network, your costs will be higher.
DID YOU KNOW?
LPG offers a voluntary vision coverage through EyeMed to help pay for eye exams, prescription glasses and contact lenses. You receive a higher level of benefits when you see a provider in the EyeMed Network. Review your coverage details in your Benefit Guide.
LPG provides you with Basic Life/AD&D coverage and Long-term disability income benefits at no cost.
Employees working 30 or more hours per week are eligible for $25,000 coverage payable to your designated beneficiary in the event of your death. An additional accidental death & dismemberment benefit (AD&D) is payable to you in the event of a covered dismemberment or to your beneficiary if your death is the result of an accident.
Who's Your Beneficiary? Naming a beneficiary is a crucial part of electing life insurance. Also, don't forget to update your primary or secondary beneficiary if you experience a life event, such as a divorce or birth of a child.
Long Term Disability
Disability benefits are designed to replace a portion of your income if you are unable to work due to an accident or sickness. Benefits begin after a 90 day elimination period are are equal to 60% of covered monthly earnings up to $5,000 for full-time employees. The benefit that is paid to you taxable.
Additional features of these benefits include access to an Employee Assistance Plan, Travel Assistance, and Life Services.
Enrollment for the FSA plans occurs in the fall for the calendar year. The Health Care and Dependent Care Flexible Spending Accounts (FSA) allow you to set aside pre-tax dollars to pay for eligible expenses. By contributing to one or both of the Flexible Spending Accounts you reduce your taxable income, so you pay less in taxes — which saves you money.
The election you make during enrollment is your election for the entire plan year. You may change it only if you have a qualifying life event and the change request must be consistent with the event.
You may contribute as follows:
Health Care FSA
Dependent Care FSA
How the Plan Works
You must incur your eligible expenses during the plan year — January 1 to December 31. An expense is considered to be incurred when the service is performed, not when you are billed or pay for the service. You do, however, have until March 31st annually to file your claims. Any funds after March 31 unclaimed will be forfeited.
All elections must be submitted by 4:00 PM on May 21. The benefits you elect during open enrollment will be effective from June 1, 2021 through May 31, 2022.
If you are not making any changes, no form is required. Your current benefits will carry over into this next plan year.
Flexible Spending Accounts are elected on the calendar year, therefore enrollment will be conducted in the fall.
To make changes, please download the following forms, complete and return to Maggie Wolfson in Human Resources by May 21.
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