BENEFITS & COSTS
IBEW Local 196
Summary of Benefits & Costs
Benefits are made available to full time, actively working members of the IBEW Local 196
For quick and easy enrollment, call Cornerstone at 224-770-5305 (M-F 8am-5pm CST)
Short-Term Disability (STD)
- Benefit pays on day 15 for up to 24 weeks
- STD Option A pays a flat weekly benefit of $250 or $500
- STD Option B pays a weekly benefit of 50% of pre-disability earnings
- 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
- Benefits paid are tax free
| STD Option A – Flat Rate Benefit | |
| $250 Weekly Benefit | $500 Weekly Benefit |
| $21.33 | $40.50 |
| STD Option B – 50% of Weekly Income | ||
| Salary | Weekly Benefit | Monthly Premium |
| $60,000.00 | $576.92 | $34.56 |
| $70,000.00 | $673.08 | $39.82 |
| $80,000.00 | $769.23 | $45.08 |
| $90,000.00 | $865.38 | $50.34 |
| $100,000.00 | $961.54 | $55.60 |
| $110,000.00 | $1,057.69 | $60.86 |
| $120,000.00 | $1,153.85 | $66.12 |
Long-Term Disability (LTD)
- Pays after 180 day waiting period (starts when STD ends)
- LTD Option A pays a flat $2,500 monthly benefit for up to 5 years
- LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 10 years
- Pre-existing conditions are covered after 12 months
- Covers on and off the job disabilities resulting from injury or illness
- Offset by other benefits
- Benefits paid are tax free
- Includes 24 months of own occupation coverage
| LTD Option A – Pays a Flat Monthly Benefit of $2,500 for up to 5 Years | |||||
| Benefit | 0-29 | 30-39 | 40-49 | 50-59 | 60-69 |
| $2,500 | $7.48 | $14.90 | $25.10 | $43.60 | $47.43 |
* Benefit cannot exceed 60% of your monthly earnings
| LTD Option B – Pays 60% of Monthly Earnings for up to 10 Years | ||||||
| Salary | Benefit | 0-29 | 30-39 | 40-49 | 50-59 | 60-69 |
| $60,000.00 | $3,000.00 | $9.24 | $19.89 | $34.20 | $60.21 | $65.70 |
| $70,000.00 | $3,500.00 | $10.28 | $22.71 | $39.40 | $69.75 | $76.15 |
| $80,000.00 | $4,000.00 | $11.32 | $25.52 | $44.60 | $79.28 | $86.60 |
| $90,000.00 | $4,500.00 | $12.36 | $28.34 | $49.80 | $88.82 | $97.05 |
| $100,000.00 | $5,000.00 | $13.40 | $31.15 | $55.00 | $98.35 | $107.50 |
| $110,000.00 | $5,500.00 | $14.44 | $33.97 | $60.20 | $107.89 | $117.95 |
| $120,000.00 | $6,000.00 | $15.48 | $36.78 | $65.40 | $117.42 | $128.40 |
* 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 $50,000-$250,000 (in $50,000 increments)
- Spousal and child coverage is available when member life coverage is elected
- Spousal coverage of $25,000 or $50,000, not to exceed 50% of member election
- Child(ren) eligible for a flat $10,000 of coverage – All eligible children are covered for $2.85 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
| Benefit and Monthly Premium | |||||
| Benefit | 0-29 | 30-39 | 40-49 | 50-59 | 60-69 |
| Member Monthly Premium Can be elected in increments of $50,000 |
|||||
| $50,000.00 | $9.30 | $10.40 | $16.45 | $38.40 | $68.90 |
| $100,000.00 | $16.60 | $18.80 | $30.90 | $74.80 | $135.80 |
| $150,000.00 | $23.90 | $27.20 | $45.35 | $111.20 | $202.70 |
| $200,000.00 | $31.20 | $35.60 | $59.80 | $147.60 | $269.60 |
| $250,000.00 | $38.50 | $44.00 | $74.25 | $184.00 | $336.50 |
| Spouse Monthly Premium Spouse Premiums Based on Member Age • Can’t exceed 100% of Member Life |
|||||
| $25,000.00 | $5.65 | $6.20 | $9.23 | $20.20 | $35.45 |
| $50,000.00 | $9.30 | $10.40 | $16.45 | $38.40 | $68.90 |
| Child(ren)/Dependent(s) Monthly Premium | |||||
| $10,000.00 | $2.85 | ||||
IMPORTANT NOTE:
Please note that coverage is for IBEW Local 196 members only. If you leave the union or retire, you may no longer be eligible for coverage and it is your responsibility to contact our office immediately at (847) 387-3555. If you do not contact our office within 30 days of leaving the union, there will be no refund for any premium paid. Your premium is originally determined by your age on the effective date of coverage. When you enter the next age band, your premiums will increase effective on the next policy anniversary date. Benefits effective date is subject to change. The IBEW does not make any endorsement or recommendations regarding these benefits. It is solely the members’ decision to enroll. This program is completely voluntary and benefits can be elected on an a la carte basis. 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 member with coverage obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.
WHY LOCAL 196 IS OFFERING THESE BENEFITS
Why Short-Term Disability (STD)
Why Long-Term Disability (LTD)
Why Life Insurance with Accidental Death & Dismemberment (AD&D)