Page 14 - 2020AONBenefitGuide
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Life and AD&D Insurance
X Employer-paid life and AD&D: the company provides an
employer-paid life and AD&D beneit paid 100% by the employer;
this beneit amounts to one times annual compensation with a
minimum of $25,000, not to exceed $50,000
X Voluntary life with AD&D: amounts in units of $10,000 up to
$500,000, not to exceed 5× salary with guaranteed issue amount of
$350,000 for irst time eligible
Y Guaranteed issue only applies to newly eligible employees who
have not been offered coverage in the past; if you waived this
beneit in the past, you will be required to complete an evidence
of insurability (EOI) form to elect or increase coverage; an EOI
form will also be required if you request coverage exceeding the
guaranteed issue amount; coverage is not effective until approved
by the carrier
Y Dependent life: up to $250,000 on spouse, not to exceed 50% of
employee beneit, in $5,000 units; guaranteed issue amount of
$50,000; up to $10,000 on children; guaranteed issue amount of
$250 for infants at birth until 6 months of age, then $10,000 on
unmarried dependent children under 26 years of age.
Y Age reductions: to 65% at age 65; to 40% at age 70 and inally to
20% at age 75
Y Must elect beneiciary for life insurance plan
Y Please see American Oncology Network SharePoint and/or
SyncHR for rate sheet
X Any coverage amount exceeding $50,000 will be subject to imputed
income. Imputed income can be explained as follows: Life insurance
is a tax-free beneit in amounts up to $50,000. The Internal Revenue
Service requires you to pay income tax on the value of any amount
exceeding $50,000. The IRS-determined value is called “imputed
income” and is calculated from the government’s “Uniform Premium
Table I.” This Table can be found in the www.irs.gov website.
14 2020 Benefits Guide
X Employer-paid life and AD&D: the company provides an
employer-paid life and AD&D beneit paid 100% by the employer;
this beneit amounts to one times annual compensation with a
minimum of $25,000, not to exceed $50,000
X Voluntary life with AD&D: amounts in units of $10,000 up to
$500,000, not to exceed 5× salary with guaranteed issue amount of
$350,000 for irst time eligible
Y Guaranteed issue only applies to newly eligible employees who
have not been offered coverage in the past; if you waived this
beneit in the past, you will be required to complete an evidence
of insurability (EOI) form to elect or increase coverage; an EOI
form will also be required if you request coverage exceeding the
guaranteed issue amount; coverage is not effective until approved
by the carrier
Y Dependent life: up to $250,000 on spouse, not to exceed 50% of
employee beneit, in $5,000 units; guaranteed issue amount of
$50,000; up to $10,000 on children; guaranteed issue amount of
$250 for infants at birth until 6 months of age, then $10,000 on
unmarried dependent children under 26 years of age.
Y Age reductions: to 65% at age 65; to 40% at age 70 and inally to
20% at age 75
Y Must elect beneiciary for life insurance plan
Y Please see American Oncology Network SharePoint and/or
SyncHR for rate sheet
X Any coverage amount exceeding $50,000 will be subject to imputed
income. Imputed income can be explained as follows: Life insurance
is a tax-free beneit in amounts up to $50,000. The Internal Revenue
Service requires you to pay income tax on the value of any amount
exceeding $50,000. The IRS-determined value is called “imputed
income” and is calculated from the government’s “Uniform Premium
Table I.” This Table can be found in the www.irs.gov website.
14 2020 Benefits Guide
