Published to Newsletter on Apr 22, 2024
Open Enrollment is a good time of year to review your UNM benefits choices including group short- and long-term disability insurance*. Many people confuse this important protection with long term care insurance, a benefit also offered by UNM.
Why does it make sense to have both kinds of insurance? Because they pay for different things. UNM’s group disability plans through The Hartford replace a portion of your pre-disability paycheck when you are unable to work due to an accident, injury, or illness. Group long term care insurance, offered by UNM through Unum, pays for some or all costs of custodial care for you and some family members who qualify for coverage. Custodial care provides help at home or in a facility with activities of daily living such as eating, mobility, bathing, and cognitive tasks.
More than 20% of twenty-year-olds today will experience a period of disability before they retire. Seventy percent of people who live to age 65 will need some type of long-term custodial care in their lifetime. Serious injury or illness can happen at any age. Losing a paycheck can be very difficult, and costs of custodial care are increasingly more expensive. Having both kinds of coverage will better protect you and your family financially and help to relieve the significant burden you and family members may experience when the unexpected happens.
To learn more, visit Short-term Disability, Long-term Disability (LTD), and Long-term Care (LTC) or email HRBenefits@unm.edu.
*Depending on the specific plan and timing of enrollment, participants may or may not be subject to health underwriting by The Hartford or Unum. We encourage you to explore these valuable group insurance opportunities for yourself and your family members.
Tags: Benefits
