MMC Benefits Handbook
The Individual Disability Insurance Plan year starts on September 1st.
As a newly eligible participant, you can:
- enroll in an applicable coverage option during the Plan's enrollment period without going through medical underwriting.
As a currently eligible participant with waived coverage, you can:
- enroll in an applicable coverage option during the Plan's enrollment period with medical underwriting.
Coverage begins September 1 if you elect coverage when you are first eligible.
What is Eligible Insurable Income for the Individual Disability Insurance Plan?
The eligible insurable income includes any one or more of the following:
- a minimum base salary of $520,000; or
- current year bonus compensation as defined by the Marsh & McLennan Companies Long Term Disability Bonus Income* Plan of $300,000 or higher; or
- commissionable compensation of $10,000 or more paid as of December 31 of the previous year.
Importantly, the calculation of the Individual Disability Insurance benefit amount is automatically reduced by the value of benefits offered under the Marsh & McLennan Companies Basic Long Term Disability (Basic LTD), Optional Long Term Disability (Optional LTD) and Long Term Disability Bonus Income Plan (Bonus LTD), regardless of whether you participate in the Optional LTD and Bonus LTD plans.
*For definition of bonus compensation under the Marsh & McLennan Companies Long Term Disability Bonus Income Plan, see the Long Term Disability Bonus Income Plan section.
How do I enroll?
During the enrollment period, you will be provided with specific instructions for enrolling and the time frame for enrolling.
Coverage begins September 1 if you elect coverage during the enrollment period when you are first eligible.
Do I have to go through medical underwriting to get coverage from the Individual Disability Insurance Plan?
If you enroll in the timeframe specified when you are first eligible, medical underwriting is not required. You will only need to answer a few questions related to being actively at work and recent hospitalizations.
If you do not enroll in the timeframe specified when you are first eligible, medical underwriting may be required.
What does "No Medical Underwriting Required" mean?
If you are newly eligible and enroll during a designated enrollment period and are actively at work, you will not be required to go through full medical underwriting. You will only need to answer a few questions related to being actively at work and recent hospitalizations. No medical history records will need to be submitted and no physician visit will be required. If you defer enrollment until a subsequent year, you may be subject to full medical underwriting at that time. For Catastrophic Disability Benefits, you will be asked to meet additional requirements.
What is Guaranteed Standard Issue (GSI) coverage?
Guaranteed Standard Issue (GSI) is the monthly benefit amount that you can apply for without medical underwriting. GSI coverage is contingent on your answering a few questions in regard to being actively at work and recent hospitalizations at the time you submit your application for Individual Disability Insurance coverage.
What is the GSI benefit maximum?
The GSI benefit maximum is $15,000 per month. Your individual GSI benefit amount is calculated based on the Individual Disability Insurance plan design and your Eligible Insurable Income and could be less than the maximum.
Can the terms of my Individual Disability Insurance policy be changed without my consent?
No. As long as premiums are paid on time, your Individual Disability Insurance policy cannot be canceled and the policy provisions cannot be changed. The premiums for your policy will not change unless you choose to increase your coverage during a future enrollment.
Do I have to re-enroll for coverage each year?
You do not need to re-enroll for coverage each year. Once enrolled, your coverage will either stay the same or automatically increase as your covered compensation increases. You can also choose not to increase your coverage as your covered compensation increases and your policy and premium will remain the same. See "Will my cost change for Individual Disability Insurance coverage?" for more information.