HealthChoice Life Insurance Plan Reminders
The HealthChoice Life Insurance Plan is a group term life insurance plan. Term life insurance pays benefits upon the death of the insured, but has no cash surrender value.
HealthChoice Life coverage for members includes:
Basic Life: The first $20,000 of coverage. Basic Life includes Accidental Death and Dismemberment (AD&D) benefits.
Supplemental Life: Any amount above Basic Life, up to $500,000. It is offered in $20,000 units and requires a completed Life Insurance Application if more than Guaranteed Issue for new hires is requested. The first $20,000 of Supplemental Life also includes AD&D benefits.
Guaranteed Issue: The portion of Supplemental Life that is available only to new hires. Guaranteed Issue is two times the employee’s annual salary rounded up to the nearest $20,000. To enroll in the Guaranteed Issue amount, a Life Insurance Application is not required. If a new hire chooses to enroll in Supplemental Life greater than the Guaranteed Issue, a Life Insurance Application is required.
The maximum amount of life coverage allowed is $520,000 (Basic Life plus Supplemental Life).
Current employees who wish to enroll in or increase life insurance during the annual Option Period must complete a Life Insurance Application. Only an Option Period Enrollment/Change Form is required to enroll dependents in Dependent Life; however the primary member must be enrolled in Basic Life.
Life Insurance Application Process:
- Coordinators must complete the top portion of all applications. Any additional information requested, but not received by the deadline, results in a denied application. The member can reapply during the next annual Option Period.
- New hires who request Basic Life and Guaranteed Issue do not need to submit a Life Insurance Application. New hires who request coverage greater than Guaranteed Issue must complete a Life Insurance Application. All rules and deadlines apply.
- Submit only complete applications. Incomplete applications are denied. The application is not returned and a denial letter is issued.
- All information required on both pages of the application must be completed, including the applicant’s name, height and weight.
- Correspondence regarding the approval or denial of an application is sent to the applicant’s address on record and to the Insurance/Benefits Coordinator.
- For life insurance requests of $300,000 or greater, a minimum of two years of medical records or a statement of health from a U.S. licensed medical provider is required. Medical records printed through a patient portal are not accepted.
- Medical records are reviewed by the HealthChoice Health Care Management Unit (HCMU).
- Costs related to copying medical records are the applicant’s responsibility.
- HCMU does not call or fax provider offices for medical records.
- No applications are accepted after the close of the annual Option Period, except for new hire applications.
Only applications with the most recent revision date are accepted. Applications are at www.healthchoiceok.com under the Coordinators tab in the top menu bar. Select either Benefit Coordinator or Insurance Coordinator, and then Forms.
Note: Life insurance coverage can be decreased only during the annual Option Period. An Option Period Enrollment/Change Form must be submitted. Please do not send these requests to HCMU.