New: Critical Illness Insurance
A major illness can blindside anyone, even if you have health insurance. Voluntary critical illness insurance from The Standard pays you a lump sum following the diagnosis of a serious illness or medical condition covered by the policy.
The benefit payment can be used for whatever you need most as you recover—for personal expenses such as medical plan deductibles, coinsurance, groceries, or rent; to replace lost income; or to cover any other financial obligations that may come up. There are no requirements as to what the funds must be spent on.
Coverage is available for you, your spouse, and your eligible children in the following amounts:
- Employee: $10,000 – $50,000 in increments of $10,000
- Spouse: $5,000 – $25,000 in increments of $5,000 (cannot exceed 50% of employee benefit)
- Children through age 25: Automatically covered at 50% of employee’s coverage
Check out the information, resources, and frequently asked questions below to learn more about this new plan.
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Key Benefits
Protect your loved ones. When you enroll in employee coverage, your eligible children through age 25 are automatically covered at 50% of your benefit amount. You can also enroll your spouse in $5,000 to $25,000 of coverage (not to exceed 50% of your benefit amount).
Annual $100 health maintenance screening incentive. Each year, both you and your covered family members have the opportunity to earn a $100 incentive for completing one of 22 eligible wellness screenings.
Reoccurrence benefit. If you receive a benefit under the plan and are later re-diagnosed with the same covered illness, you can receive a one-time reoccurrence benefit of up to 100% of the original benefit amount after a treatment-free period. You can also receive an additional benefit payout if you are diagnosed with a different and subsequent covered illness.
Enrolling is easy. Enroll yourself and your spouse in coverage during Open Enrollment or within 30 days of hire. Enrollment never requires medical underwriting (proof of good health).
Schedule a 1:1 appointment with The Standard
Do you have questions about the new Critical Illness policy? Are you unsure if this type of insurance is right for you? In addition to attending a webinar, you can also schedule a one-on-one appointment with a Benefits Counselor from The Standard to have your questions about this new benefit answered. Appointments are available on November 2 and 3.
Frequently Asked Questions
Critical illness insurance is a voluntary policy offered by The Standard that makes a lump-sum payment to the member following the diagnosis of a serious illness or medical condition that is covered by the plan. The benefit payment can be used to cover expenses such as medical care, groceries, or rent, replace lost income, or pay for other financial obligations during a time of illness.
No. Enrollment is allowed during Open Enrollment or within 30 days of hire. Medical underwriting (providing proof of good health) is never required to enroll. However, to be eligible for a benefit payout, the diagnosis of the covered critical illness must occur AFTER the effective date of coverage. This is regardless if it is the first time the condition was diagnosed or if it is a return of a condition after a period of remission.
The following individuals are eligible for coverage under the plan:
Full-time (75% FTE or greater) appointed academic and staff employees (including IU medical and optometry residents) actively employed by IU.
The enrolled employee or resident's legal spouse.
The enrolled employee or resident's dependent children (through age 25) are automatically covered at 50% of the employee's coverage.
Important notes:
IU spouses cannot enroll each other and must enroll in the employee coverage option.
Dependents cannot be full-time members of the armed forces of any country, cannot be insured by more than one employee, and cannot be insured as both an employee and a dependent.
Receive 100% of your coverage amount following a diagnosis of:
- Heart Attack
- Stroke
- Cancer
- End-Stage Renal Failure
- Major Organ Failure
- Coma
- Paralysis
- Loss of Sight
- Occupational Hepatitis
- Occupational HIV
- Amyotrophic Lateral Sclerosis (ALS)
- Advanced Alzheimer’s Disease
- Advanced Multiple Sclerosis
- Advanced Parkinson’s Disease
- Benign Brain Tumor
- Bone Marrow Transplant
- Loss of Hearing
- Loss of Speech
- 21 Childhood Diseases (see next question)
Receive 25% of your coverage amount following a diagnosis of:
- Severe Coronary Artery Disease with Recommendation of Bypass Surgery
- Carcinoma in Situ
What other illnesses does this plan cover?
The member must be diagnosed with a specific named condition from the list above to be eligible for benefits. For example, pneumonia is a serious illness but is not payable under the benefit as it is not named by the plan.
Your eligible children are covered for the 20 critical illnesses for adults, as well as the following additional childhood illnesses:
- Anal Atresia
- Anencephaly
- Biliary Atresia
- Cerebral Palsy
- Cleft Lip
- Cleft Palate
- Club Foot
- Coarctation of the Aorta
- Cystic Fibrosis
- Diaphragmatic Hernia
- Down's Syndrome
- Gastroschisis
- Hirschsprung's Disease
- Hypoplastic Left Heart Syndrome
- Infantile Hypertrophic Pyloric Stenosis
- Muscular Dystrophy
- Omphalocele
- Patent Ductus Arteriosis
- Spina Bifida
- Custica with Myelomeningocele
- Tetralogy of Fallot
- Transposition of the Great Arteries
What other illnesses does this plan cover?
The member must be diagnosed with a specific named condition from the list above to be considered for coverage. For example, pneumonia may be a serious illness but would not be payable under the benefit as it is not named.
The policy underwriter, The Standard, created the list of covered illnesses under the policy.
The tax-free benefit is paid directly to you as a lump sum. You can use it for whatever you need most while you recover, such as medical bills, prescriptions, or daily expenses such as rent or groceries. There are no requirements as to what the funds must be spent on.
No. The diagnosis of the covered critical illness must occur AFTER the effective date of coverage. This is regardless if it is the first time the condition was diagnosed or if it is a return of a condition after a period of remission.
A one-time reoccurrence benefit is payable if an initial critical illness benefit amount is paid, then the member is re-diagnosed with the same critical illness. However, for this reoccurrence benefit to be paid, you must have been continuously covered since the first diagnosis and payout, and you must experience a six-month treatment-free period while continuously insured.
A "treatment-free period" means you have not
- Consulted a physician or other licensed medical professional;
- Received medical treatment, services, or advice;
- Undergone diagnostic procedures, including self-administered procedures; or
- Taken prescribed drugs or medications.
No. If the covered individual passes away, benefits will be paid in equal shares to the first surviving class of the following: spouse, child(ren), parents, siblings, estate.
No. This policy is separate from IU's medical plans. The only requirement for your spouse and children to be enrolled is that you must be enrolled in critical illness employee coverage.
No. You must elect employee critical illness coverage to enroll your spouse. Your children are automatically enrolled at 50% of your benefit amount when you enroll in the plan.
Your employee critical illness coverage automatically includes coverage for your eligible children at 50% of your benefit amount. So, if you are enrolled at the $20,000 coverage level for yourself, and one of your children is diagnosed with a critical illness, you can receive a $10,000 benefit for them.
A covered employee can port their Critical Illness coverage to an individual policy at the employee group rate by submitting a completed portability application (available soon) and the first premium payment to the policy underwriter, The Standard, within 31 days of group coverage ending. Age and other eligibility requirements may apply. Review the portability application (available soon) for details.
A covered spouse can port their Critical Illness coverage to an individual policy at the group rate by submitting a completed portability application (available soon) and the first premium payment to the policy underwriter, The Standard, within 31 days of group coverage ending. Age and other eligibility requirements may apply. Review the portability application (available soon) for details.
You and your covered family members can each receive a $100 incentive once per year when you receive one of the following covered health screening tests:
- Abdominal Aortic Aneurysm ultrasound
- Ankle Brachial Index (ABI) screening for peripheral vascular disease
- Biopsies for cancer
- Bone density screening
- Breast ultrasound
- Cancer antigen (CA 125) blood test for ovarian cancer
- Cancer antigen (CA 15-3) for breast cancer
- Carcinoembryonic antigen (CEA) blood test for colon cancer
- Colonoscopy
- Complete Blood Count (CBC)
- Comprehensive Metabolic Panel (CMP)
- COVID-19 testing and antibody testing for COVID-19
- Electrocardiogram (EKG)
- Hemocult stool analysis
- Hemoglobin A1C
- Human Papillomavirus (HPV) vaccination
- Lipid panel
- Mammography
- Mental health Assessment
- Pap smears or thin prep pap test
- Prostate Specific (PSA) test
- Stress test on a bicycle or treadmill
Once the test has been performed, you submit a claim form directly to The Standard (available in 2024).
Learn more about the Health Maintenance Screening incentive.