2023 Benefits Guide Life Insurance Basic Life/AD&D Having appropriate life insurance coverage is a critical part of planning for your family’s current and future financial needs. Proceeds from life insurance can help with salary replacement, mortgage protection, cost of childcare, debt repayment and children’s education expenses. WestCareprovides Basic Life insurance coverage of $15,000.This coverage includes an Accidental Death and Dismemberment (AD&D) provision that also pays $15,000 in the event of accidental death and certain other conditions. Basic Life and AD&D insurance is administered by New York Life and is paid for by Westcare. You are automatically enrolled in these benefits. (According to federal law, only the first $50,000 of employer-paid life insurance is not taxable. Premium paid by WestCare for coverage levels over $50,000 will be taxable to you and will be included on your year-end W-2 statement.) Voluntary Life Voluntary Life Amounts Available As a new hire, you can purchase Voluntary Life insurance for you, your legal spouse and dependent children Employee Increments of $10,000 to lesser of 5 without providing medical information up to certain times your salary or $500,000 guarantee issue (GI) amounts (see chart). If you leave WestCare, this coverage can be taken with you. Increments of $5,000 to $150,000, not Employee and spouse amounts applied for over the GI as a Spouse to exceed 50% of your coverage. The new hire will require you to provide Evidence of cost of coverage is based on age. Insurability (EOI) for review and approval by New York Life. Unmarried, Increments of $5,000 to $10,000 Dependent Maximum for children under six months Benefit amounts reduce at age 65. Please refer to the Child is $500. benefit summary for details. (to age 26) If you elect not to enroll within 31 days of your date of hire, To enroll in Voluntary Spouse and/or Child Life, you must you will still be able to purchase coverage in the future. be enrolled in Voluntary Employee Life. However, ALL amounts elected will be subject to the EOI *Guarantee issue is the amount of coverage you or your dependents can elect up to without medical questions. Guarantee issue is only available to newly benefit requirements provision. At that time, if your evidence of eligible employees. insurability is not satisfactory to NY Life, you will not have Voluntary Life coverage. Voluntary AD&D Employees can also elect to purchase Employee, Spouse and Dependent Child Voluntary AD&D coverage in increments and maximums equal to the Voluntary Life benefits. Employees pay the full cost of Voluntary Life and Voluntary AD&D insurance on an after-tax basis. 22 WestCare