Individual and Family Life Insurance Enrollees can Increase Coverage, October 1-26, 2018
If you are a currently enrolled in the Individual and Family Life Insurance plan as of October 1, 2018, you may increase your coverage during the Annual Increase Option (AIO) period from October 1 – 26, 2018. The AIO period coincides with the Annual Benefits Enrollment (ABE) period. Coverage increases will be effective January 1, 2019 with new premiums deducted from December earnings.
Making the Decision to Increase Your Coverage
To review your current coverage, and your 2019 premiums if you decide to increase your coverage, use the personalized Individual and Family Annual Increase calculator: https://uwservice.wisconsin.edu/indfam-increase-calculator/
You may increase your current coverage during the AIO period by the following amounts:
- Employee coverage: $5,000; $10,000; $15,000 or $20,000
- Spouse/domestic partner coverage: $5,000 or $10,000
- Child(ren) coverage: $2,500
As you consider increasing your coverage, note the 2019 maximum coverage levels:
- Employee coverage: $300,000
- Spouse/domestic partner coverage: $150,000
- Child(ren) coverage: $25,000
Important Reminder: Spouse/domestic partner or child(ren) life insurance coverage may not exceed your total (employee amount) coverage.
Application Information and Deadline
To increase your coverage during the AIO period, submit your election via Self Service. Log into the MyUW portal for UW System institutions or for UW-Madison. Go to the ‘Benefit Information’ module and click on the ‘Enroll’ link. You will receive a Confirmation Statement via email after you have submitted your election.
All elections to increase coverage must be submitted online or received by your human resources office by 4:30 p.m. on October 26, 2018. If you mail your Annual Increase Option form, it must be postmarked by October 26, 2018. For more information go to the Individual and Family Group Life insurance page.
Decreasing or Canceling Coverage
If you decide to decrease or cancel your coverage, you must complete the Individual and Family Group Term Life Insurance application (decreasing or canceling coverage cannot be done through Self Service).You may decrease or cancel coverage any time during the year. Coverage decreases or cancellations are effective the first of the month following the receipt of the application.
Visit the Annual Benefits Enrollment website for more information about the Individual and Family Life Insurance plan and other benefits enrollment opportunities available this year. If you have questions, contact your human resources office.
Source: UW System Human Resources