224-770-5305

BENEFITS & COSTS

IBEW Local 150

Summary of Benefits & Costs

For quick and easy enrollment, call Cornerstone at 224-770-5305 (M-F 8am-5pm CST)

Short-Term Disability (STD)

  • Pays a flat weekly benefit of $250 or $500
  • Benefit pays on day 15 for up to 24 weeks
  • Pre-existing conditions are covered
  • Covers off the job disabilities resulting from injury or illness
  • Stackable with other benefits up to 100% of pre-disability earnings
  • Benefits are paid tax free
Short-Term Disability (STD)
Pays on day 15 a Flat Weekly Benefit for up to 24 Weeks
Weekly Benefit 0 – 29 30-34 35-39 40-44 45-49 50-54 55-59
$250 $11.90 $12.75 $13.63 $15.28 $18.30 $22.08 $27.00
$500 $20.80 $22.50 $24.25 $27.55 $33.60 $41.15 $51.00

Long-Term Disability (LTD)

  • Pays after 180 day waiting period (starts when STD ends)
  • Pays a monthly benefit of 60% of your pre-disability earnings for up to 5 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
Long-Term Disability (LTD)
Monthly Benefit and Monthly Premium
Benefit Protects 60% of Your Earnings for up to 5 Years • Pays After 180 Day Waiting Period
Salary Benefit 0-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59
$50,000 $2,500 $6.55 $7.37 $9.82 $12.80 $20.42 $32.55 $46.07 $71.67
$60,000 $3,000 $7.26 $8.25 $11.19 $14.76 $23.91 $38.46 $54.69 $85.41
$70,000 $3,500 $7.97 $9.12 $12.55 $16.72 $27.39 $44.37 $63.30 $99.14
$80,000 $4,000 $8.68 $10.00 $13.92 $18.68 $30.88 $50.28 $71.92 $112.88
$90,000 $4,500 $9.39 $10.87 $15.28 $20.64 $34.36 $56.19 $80.54 $126.61
$100,000 $5,000 $10.10 $11.75 $16.65 $22.60 $37.85 $62.10 $89.15 $140.35
$110,000 $5,500 $10.81 $12.62 $18.01 $24.56 $41.33 $68.01 $97.76 $154.08
$120,000 $6,000 $11.52 $13.50 $19.38 $26.52 $44.82 $73.92 $106.38 $167.82

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-$150,000 (in $50,000 increments)
    • Spousal and child coverage is available when member life coverage is elected
  • Spousal coverage of $25,000
  • Child(ren) eligible for a flat $10,000 of coverage – All eligible children are covered for $2.39 per month
  • Life coverage is convertible & portable
Life and Accidental Death & Dismemberment (AD&D)
Benefit 0 – 29 30-34 35-39 40-44 45-49 50-54 55-59
Member Benefit & Monthly Premium
$50,000 $6.90 $7.50 $8.50 $11.25 $16.00 $24.65 $38.15
$100,000 $11.80 $13.00 $15.00 $20.50 $30.00 $47.30 $74.30
$150,000 $16.70 $18.50 $21.50 $29.75 $44.00 $69.95 $110.45
Spouse Benefit & Monthly Premium
$25,000 $4.45 $4.75 $5.25 $6.63 $9.00 $13.33 $20.08
Child(ren)/Dependent(s) Benefit & Monthly Premium
$10,000 All children covered at one cost of $2.39

Accident

  • No pre-existing condition limitations
  • 24/7 on and off the job coverage
  • Lump sum benefits paid directly to the member
  • Wellness Benefit for covered preventative screening
  • Covers accidental injuries including: fractures, burns, lacerations, etc.
  • Covers medical treatment including: ER visits, X-Rays, appliances, follow-up visits, etc.
Accident Options and Rates
Coverage Premium
Member $13.38
Member & Spouse $20.58
Member & Child(ren) $27.18
Family $34.39

Critical Illness

  • Lump sum benefits paid directly to the member for these Critical Health Events:
    • Heart Attack, Cancer, Stroke, Coronary Artery Bypass, Organ Transplant, End-Stage Renal Failure
  • Members can elect $15,000 or $10,000 Benefit
  • Spouse can be covered at 50% of Member Benefit
  • Dependent children covered at 50% of Member at no additional cost
  • Includes a $50 Health Screening Benefit
  • Rates are locked in at the age you enroll
Critical Illness Member Benefit and Premium
$10,000 Benefit $15,000 Benefit
Age Non-Smoker Smoker Age Non-Smoker Smoker
18-29 $8.34 $10.45 18-29 $10.74 $13.92
30-39 $11.60 $16.36 30-39 $15.64 $22.79
40-49 $19.59 $29.09 40-49 $27.62 $41.87
50-59 $35.06 $54.94 50-59 $50.84 $80.64
60+ $64.32 $99.06 60+ $94.73 $116.83
Critical Illness Spouse Benefit and Premium
$5,000 Benefit $7,500 Benefit
Age Non-Smoker Smoker Age Non-Smoker Smoker
18-29 $5.93 $6.99 18-29 $7.13 $8.72
30-39 $7.56 $9.94 30-39 $9.58 $13.15
40-49 $11.55 $16.30 40-49 $15.57 $22.69
50-59 $19.29 $29.23 50-59 $27.18 $42.08
60+ $33.92 $51.29 60+ $49.12 $75.18
IMPORTANT NOTE:

If you leave the union or retire it is your responsibility to contact our office immediately at 847-387-3555, and failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change. The IBEW does not make any endorsement or recommendations regarding these benefits. This program is voluntary and It is solely the members’ decision to enroll. 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 enrolled member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.

Time Left to Enroll

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Enrollment Ends 9/30/2020

Life/Disability Coverage Begins 10/1/2020

Accident/Critical Illness Coverage Begins 11/1/2020