The Principal Financial Group® (The Principal®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies.
As a premier provider of employee benefits, the Principal Financial Group offers group disability, life, vision and dental insurance to growing companies across the United States.
Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $513.5 billion in assets under management and serves some 19.5 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.
Principal Life Insurance Company
Life insurance provides a degree of financial protection against the certainty of death and can help survivors achieve specified financial objectives. Life insurance death benefits can be used to pay off a mortgage, provide funds for childcare, college educations and more.
Term Life Benefit
| GROUP TERM LIFE INSURANCE | Underwritten by Principal Life Insurance Company, Inc. | |
|---|---|
| Benefit Description | |
| Term Life Insurance Benefit | $10,000 |
| Important Information | |
| Guaranteed Coverage | The maximum amount of coverage available during your initial enrollment period with no medical information required. Coverage is for Primary Member only. |
| Coverage Effective Date | The date your membership in the Health Depot Association becomes effective and you have paid all required dues. |
| Benefit Waiting Period | There is a 60 day waiting period before you are eligible for this benefit. |
This summary of coverage provides a brief description of some of the terms, conditions, exclusions and limitations of the Association’s Policy. Definitions of capitalized terms in this Summary of Coverage can be found in the Certificate. For a complete description of the terms, conditions, exclusions and limitations of the Association’s Policy, refer to the appropriate section of the Certificate. In the event of a discrepancy between this Summary of Coverage and the Certificate, the Certificate will control. For a copy of the Certificate, contact the Association or Benefits Administrator. This Summary of Coverage is not a contract. Members are not necessarily entitled to insurance under the Policy because they received this Summary of Coverage. Members are only entitled to insurance if they are eligible in accordance with the terms of the Certificate.
Group Term Life Benefit Summary
Eligibility
You are eligible if you are an active Member of the Health Depot and:
- You have paid current dues to the association;
- You meet the eligibility conditions described in the Certificate.
A Member is not eligible if the Member is:
- Totally Disabled;
- Confined in a Hospital as an inpatient;
- Confined in any institution or facility other than a Hospital; or
- Confined at home and under the care or supervision of a Physician
On the day insurance is to begin. Insurance will not take effect until the first day of the month that follows the day after the
member is no longer confined. In addition, insurance for a Member who is unable to perform two or more Activities of daily
living (ADLs), whether or not confined, will not take effect until the first day of the month that follows the day the Member has
performed all the ADLs for at least 15 consecutive days.
Termination of Coverage
Your Life Insurance Benefit ends on the earliest of the day:
- the date the Policy terminates;
- the date you are no longer a Member of the association;
- the end of the month in which you turn age 65;
- you enter the Armed Forces, National Guard or Reserves of any state or country on active duty (except for temporary
- any applicable premium is due and unpaid;
- you do not satisfy any other eligibility conditions described in the Certificate.
active duty of two weeks or less);
Accelerated Benefit
If you are terminally ill you can receive up to 75% of your life coverage benefit in a lump sum as long as:
- your life expectancy is 12 months or less (as diagnosed by a physician), and
- your death benefit is at least $10,000.
When you use the accelerated benefit, your death benefit is reduced by the accelerated benefit payment. There are possible tax consequences to receiving an accelerated benefit payment. You should contact your tax advisor for details. Receipt of accelerated benefits could also affect eligibility for public assistance. The charge for this benefit is included in your premium.
Coverage Outside United States
Benefits will not be paid if you are outside the United States for certain reasons for more than six months
Group Term Life coverage is not available for residents of Alaska, Colorado, Maine, Montana, New York and Oregon.
Healthcare starts with Compass
Compass Professional Health Services is your champion for simpler, smarter healthcare. Compass can help you lower your healthcare costs while maintaining or improving the quality. With their unparalleled expertise in price transparency and patient advocacy services, Compass returns control to the patient in a way that benefits the entire healthcare system.
Better Care + Lower Costs = Happier Patients
One hospital might charge $1,500 for an MRI, while another charges $500—in the same city. Compass can help you make sense of medical treatment options and costs. From finding doctors to getting cost estimates to solving billing problems, Compass will serve as your personal healthcare advisor. You can rely on your Compass Health Pro® consultant to make you an empowered healthcare consumer who takes control of healthcare costs.
Compass’ service is simple to use and available to you & your family
Understand Insurance Benefits
Receive guidance in understanding your benefits throughout the year.
Find a Great Doctor
Find the best doctors, dentists and eye care professionals in your area who meet your personal preferences and healthcare needs.
Save Money on Medical Care
Get price comparisons before receiving care. Depending on the doctor, hospital or facility, costs can vary by hundreds or thousands of dollars — even in-network.
Pay Less for Prescriptions
Let Compass compare medication prices and explore lower-cost options for you.
Get Help with Medical Bills
Have your medical bills reviewed to make sure you are not overcharged.
Reasons to contact Compass right now.
- Struggling to understand your medical and benefits plan? Let Compass help you understand how your plan actually works.
- Moved recently or looking for a new provider? We’ll find great doctors, dentists and eye care professionals for you and your family
- Need an annual physical? We’ll locate the rightdoctor and set up your appointment.
- Upcoming medical procedure? We’ll estimate your out-of-pocket costs to ensure you pay a fair price.
- Tired of overpaying for brand-name prescriptions? Let Compass research the most cost-effective options for the prescriptions you’re taking.
- Wondering if a medical bill is correct? We’ll make sure you’re not overbilled.
| Vision Service | Participating Provider Benefit Amount Covered by the Plan | Non-Participating Provider Benefit Amount Reimbursed by the Plan |
|---|---|---|
| Annual Eye Exam | Covered in Full after $20 deductible | $20 |
Vision Benefits
The MES Vision Program has been developed to provide affordable eye examinations and eyewear for Members. Members receive one comprehensive vision examination every 12 months, after a $20 exam deductible has been paid to the participating provider. If you go to a non-participating provider, you will pay for the exam at the time of service and then file a claim to receive a $20 reimbursement.
Vision Program Benefits
Members and their families also receive a 20% discount¹ off the usual and customary charges for eyewear at any of the participating providers at the time of service. There are no authorizations or claim forms required. In order to receive the discount benefit, members identify themselves as MES Vision Program members at time services are rendered. There are no limits to the number of times the discount can be used.
The discount may be applied to:
- Lenses (single vision, bifocal, trifocal, hi-index, progressive, etc.)
- Frames
- Contact Lenses (see Exclusions)
- Photochromic Lenses
- Tints and Coatings
Locate Participating Providers
To locate participating vision care providers in your area, visit: www.ECNdiscount.com.
Additional Discounts
Discounted Contact Lenses are available through MESVision OPTICS. Discounts for conventional and custom LASIK procedures² are available through the TLCVision Advantage Program.
EXCLUSIONS
¹The discount does not apply to disposable, extended wear or frequent replacement contact lenses; frame repairs; promotional eye care or eyewear offers; medical/surgical treatment of the eyes; and services or materials provided by non-participating providers. There are no retroactive discounts allowed.
²LASIK vision correction is an elective procedure, performed by specially trained providers; therefore, this discount may not always be available from a provider in your immediate location.
Underwritten By:
Gerber Life Insurance Foundation
A separate subsidiary of Gerber Products
Home Office: White Plains, NY 10605