Benefits: Life Insurance Premium "Holiday"
We have some great news about your benefits. If you are enrolled in supplemental life, spouse life or child life insurance coverage, you will be receiving one free pay period of coverage.
Here’s why: Cook Children’s is a member of the Children’s Hospital Association consortium. Members of the consortium can purchase voluntary life insurance plans through The Hartford. Because the consortium purchased a higher volume of insurance than originally anticipated, all participating hospitals received a volume discount on their premiums, which resulted in a “refund” to Cook Children’s from The Hartford.
To put it even more plainly: We got a refund from our life insurance broker, and we will be passing on the savings to employees enrolled in the life insurance plans.
What this means:
• For Bi-weekly Employees: You will not be charged for the supplemental life, spouse life, or child life plans on your Sept. 29 bi-weekly paycheck.
• For Physicians: You will not be charged for supplemental life, spouse life, or child life plans on your Oct. 31 paycheck.
Your coverage is still in effect, you simply won’t have to pay for it on these paycheck(s).
If you have questions, please contact AskBenefits@cookchildrens.org.