Insurance

• Insurance
• Disability Insurance
• Life Insurance
• Long Term Care Insurance
• Transition Health Insurance




Insurance


In response to a large number of inquires, the PTOS Board of Directors is excited to announce the rollout of a number of new member benefit programs. These programs are aimed at helping members supplement coverage or reduce costs on their current employee benefits to balance out their family protection needs. These new programs are designed to deal with the four most common areas where PTOS members have identified the need for additional help.

Working with Financial Advantage Asociates, Inc. (FAA), the PTOS is now providing access to insurance professionals, through e-mail, phone, and brown bag lunches, to help design and shop for coverage at no additional cost. Listed below is a brief summary of each program and why it is of value to you.

Disability Insurance — Currently, the government provides a disability insurance benefit to its employees. This coverage may pay out a taxable benefit that ranges from 40-60% of one's income if disabled. During the time of disability, 40-60% of income may or may not be enough for you and your family. With the Disability Insurance benefit provided through the PTOS, you will be able to supplement your current coverage to meet the balance of your financial needs at discounted member rates. Additionally, this coverage is fully transportable if you leave the government but remain employed in the private sector. For more information or to speak with disability insurance experts who can help you design your disability insurance plan, please click here.

Life Insurance — While most PTOS members qualify for the government sponsored Federal Employee Group Life Insurance plan (FEGLI), this coverage is often not sufficient to meet your needs, can be more expensive and does not continue beyond your employment or retirement (except for a very small amount). With a its membership having wide range of life insurance needs, the PTOS has decided to give its members additional choices for their life insurance programs. These programs are designed to offer alternatives to address these various needs. Through this PTOS member benefits program, you will have the ability to talk to experts who will be able to tailor your life insurance coverage to meet your specific needs and also confirm if less expensive options are available. If you would like more information on this topic, please click here.

Long Term Care Insurance — As with Disability Insurance, the government also provides a Long Term Care Insurance benefit to its workforce. While a good benefit overall, this coverage is very basic in design with minimal ability to customize the coverage to the unique needs of the individual and family. Through the PTOS, FAA will be offering you coverage that can be tailored to meet your specific needs while also offering a discounted price. To find out more information regarding this benefit, please click here.

Transition Health Insurance — Over the years, many people will leave the Patent and Trademark Office, or present employer, and in turn leave their health insurance behind. Even if a job is lined up after departure, there is often a waiting period and high costs to start up this new health coverage. Additionally, you may have college age children who are no longer eligible for group coverage but are still in school. In response to this challenge, the PTOS is presenting the Transition Health Insurance program. This program will help you when you are in need of bridging-the-gap between plans through a job or life transition. If you would like to find out more, please click here.




Disability Insurance


As an employee of the Federal Government, you currently have disability insurance coverage. This coverage was designed as a safety net in case you become disabled. Depending on which retirement system you are in, either CSRS or FERS, your disability income situation will be drastically different. If you are a CSRS member, please contact Jason Silverberg at 1-800-804-4736 x3002 for specific details. You can also e-mail him at jason@finadvinc.com for specific details.

Under FERS, your disability benefit will come in two pieces. The first piece will be for the first year that you claim disability. It equals 60% of the average of your highest 3 years of salary. The second piece will be for every year after and that will be equal to 40% of your highest 3 years of salary. These benefits are fully taxable to you. For example, if you are a Patent Examiner earning $100,000 a year (or $8,333 per month), your disability income benefit will be $5,000 a month for the first year and $3,333 a month every year after that, before taxes. Obviously, you will not be able to live the same lifestyle you were used to when were earning $8,333 a month.



To see how much of your income is unprotected in the event of a disability, please click here.

The Government's disability income program does give you a solid foundation for your overall disability plan. As a member of the PTOS, you are now eligible to purchase supplemental disability insurance that can be designed and customized to fill in the gaps. As an added bonus, you will be able to receive this benefit at a discounted cost with proof of PTOS membership.

To learn more about this program or for answers to any of your questions, please contact Jason Silverberg at at 1-800-804-4736 x3002 or jason@finadvinc.com.




Life Insurance


As an employee of the Federal Government, you currently have life insurance coverage through the Federal Employee Group Life Insurance program (FEGLI).

This program is a great benefit to have for basic insurance coverage. It was designed to be the foundation of your life insurance plan. One of its main advantages is that you do not have to go through underwriting and will automatically qualify for coverage equal to a multiple of your salary. On the other hand, the FEGLI coverage does not reward you for good health. This is why the PTOS has decided to offer the Life Insurance Member Benefit Program.

As a member of the PTOS, you may be able to qualify for a less expensive rate on your life insurance if you are in good health and a non-smoker. Also, unlike the FEGLI coverage, your coverage through the PTOS is portable. Since it is held outside of the government's benefit program, you have the ability to move your coverage from job to job (government to private sector, and back). While the FEGLI coverage does give you up to 5 times your salary, most families need upwards of 10 times their salary to be adequately covered. The benefit provided by the PTOS will allow you to fill in that gap by designing a customized plan with help from insurance experts.

If you would like to find out more or if you have any questions, please call Jason Silverberg at 1-800-804-4736 x3002 or jason@finadvinc.com.




Long Term Care Insurance


As you know, the Federal Government already provides Long Term Care insurance to you as an employee benefit. While this coverage is a good basic plan, it is not as customizable to your needs as other plans could be.

Because of this lack of flexibility, the PTOS is now providing a more flexible option. You will now be able to work with industry experts to design your Long Term Care Insurance plans. They can answer any questions you may have, as well as help you take advantage of the discount program the PTOS has put in place for its members.

These experts will explain and help you choose the appropriate characteristics that apply to you. Some of these include: the elimination period, the benefit amount, the benefit period, and inflation protection choices.

With all the options that Long Term Care insurance has, there is no question that you will need some guidance along the way. If you have any questions or would like to start designing your plan, please contact Jason Silverberg at 1-800-804-4736 ext 3002 or jason@finadvinc.com.




Transition Health Insurance


As more and more people leave and enter the workforce, there is an astounding need for health insurance. Many people entering the USPTO or private corporations cannot qualify for health insurance immediately and have a need for something to bridge this gap until coverage with their employer starts. Additionally, those who are leaving the USPTO or private corporations can qualify for COBRA to fill their medical insurance need, however, these costs are usually very high. This same need may arise for college students who can no longer qualify under their parent's health insurance. They need something to bridge-the-gap between where their parents' insurance leaves off and where their future employer's plan picks up.

For these situations, the PTOS is offering Transition Health Insurance that will allow you to put health insurance in place for a period of up to 12 months for a low cost. This will help those in need of filling the gap until they qualify under their new health insurance programs through their new employer or on their own.

If you would like more information or fill out an online application, please click here. If you would like to discuss how this impacts your entire financial picture please contact Jason Silverberg at 1-800-804-4736 x3002 or jason@finadvinc.com