An unexpected medical event could be costly for your family, even when you have medical insurance. Stanford offers an optional benefit to ease the burden of expenses not typically covered by health or disability plans.
We don’t expect to have a serious health issue and it is not always top of mind to consider if we’re prepared should one occur. Your medical plan will cover expenses like physician fees, surgery or hospitalization but have you thought about how you would pay for expenses that your health plan doesn’t cover, especially if you are unable to work for a while?
Stanford is partnering with MetLife to offer benefits-eligible employees and dependents additional coverage though a critical illness insurance plan. You select from three coverage options: $10,000, $20,000 or $30,000 and whom you would like to cover.
Then if you experience one of the covered conditions, upon diagnosis you can receive a lump sum payment of the coverage option you elected paid directly to you. The money you receive can be used as you see fit – living expenses, mortgage payments, out of pocket costs – it’s up to you to decide how to use it.
Because you pay your insurance premiums with after-tax dollars through a payroll deduction, the enrollment window is limited to:
- New hires within the 31-day enrollment period
- Active employees during annual Open Enrollment only
Elections are made through the My Benefits portal.
- Call MetLife at 800-GET-MET8.
- Summary of Benefits in Coverage
- Summary Plan Description
- Critical Illness Regulatory Disclosures
To calculate the monthly premium using this chart, multiply the Premium x Coverage Amount ÷ $1,000. Coverage options are: $10,000, $20,000 or $30,000.
For example, the cost for an employee (age 47) + Spouse for a $30,000 coverage plan is $1.84 x $30,000 ÷ $1,000 = $55.20 per month, or $27.60 per pay period.
|Employee + Spouse/
|25 and younger||$0.22||$0.43||$0.41||$0.63|
|25 to 29||$0.23||$0.47||$0.43||$0.66|
|30 to 34||$0.33||$0.66||$0.52||$0.86|
|35 to 39||$0.49||$0.99||$0.69||$1.19|
|40 to 44||$0.69||$1.40||$0.87||$1.58|
|45 to 49||$0.90||$1.84||$1.06||$2.00|
|50 to 54||$1.51||$3.08||$1.69||$3.26|
|55 to 59||$2.19||$4.51||$2.38||$4.69|
|60 to 64||$3.10||$6.38||$3.29||$6.57|
|65 to 69||$4.79||$9.88||$4.99||$10.08|
*These rates are for non-smokers. Rates are higher for smokers; view the full rate chart for smokers and non-smokers. You will be asked if you are a smoker when you enroll through My Benefits.