Each of the ADA-sponsored Plans has introduced changes and enhancements in recent years, including such aspects as higher coverage limits, expanded eligibility, liberalized benefit provisions, and lower rates. You can explore the latest changes via this handy summary, or contact us at 866-607-5338 or ada@gwl.com to learn more about any product changes and how they might personally affect you.
The Term Life Plan now offers Preferred premium rates for healthy individuals, which can result in significant savings off the Plan's already competitive rates. Anyone who applies for at least $50,000 in life insurance coverage will automatically be considered for Preferred status — and the lowest available rates for ADA Term Life coverage. If you qualify as Preferred, all your new and any existing coverage will be billed at the lower Preferred rates (the lower rates go into effect for existing coverage at the next renewal). Medical underwriting is required according to the Plan's guidelines; click here for information about qualifying medically as Preferred. Preferred rates became effective April 1, 2004.
Coverage is now available for a member's Domestic Partner. All eligibility requirements, administrative operations, and coverage provisions applicable to a spouse will also apply to a Domestic Partner. The dependent children of a member's Domestic Partner can also now be covered. Coverage for Domestic Partners became available January 1, 2006.
Changes made in several areas of product design, benefits administration, and rates for the Income Protection Plan yield an even greater value for ADA members. All of the following changes became effective May 1, 2006.
Always get full benefits when totally disabled from dentistry. You can now collect your full monthly benefit — with no offset or reduction — if you choose to earn income from another occupation while totally disabled. Whether you are capable of earning income from other non-clinical occupations (like teaching, consulting, or sales) or simply choose to work as a way to stay mentally or physically active, your monthly disability income benefits under this Plan will not be adversely affected. In an unprecedented move, the ADA has chosen to extend this particular liberalization to participating dentists who were already disabled when the change went into effect, increasing the dollar amount of their monthly benefit payments in many cases. All current and future Income Protection Plan claimants who are totally disabled from dentistry and choose to work in another occupation will continue to benefit financially from this important Plan enhancement.
Higher benefits when partially disabled. If you're residually (or partially) disabled from dentistry and suffer a loss of income of 80% or more, you may now be eligible for your full monthly benefit amount. Eligibility determinations are based on your loss of income during the period of disability as compared to your pre-disability income.
Higher increases, extended eligibility for Future Increase Option (FIO). This coverage option enables you to increase your monthly coverage amount without a medical exam. FIO increments are now $500 per year, giving you up to $2,500 in potential extra coverage (subject to the Plan's current monthly maximum) without any medical underwriting. FIO increases can be exercised at renewal time, one per year for up to five years, by simply completing the documentation requested on your renewal notice and remitting the additional premium. If you have purchased this option and are eligible for an FIO increase, you will automatically be notified on your semi-annual renewal notice. The FIO option may now be requested until age 50 (for new or existing participants) and exercised until age 55.
Lower rates for all Plan participants. The Plan introduced its highest Premium Credit discount ever, 25% effective May 1, 2007. Favorable recent experience enabled the ADA to declare this significant discount to result in lower rates, despite the considerable enhancements being introduced at the same time.
Coverage for the Office Overhead Expense Plan now includes a higher salary replacement benefit. If you become disabled, it may be necessary to hire a replacement dentist to help keep your practice running while you recover or prepare to sell. To assist you with this cost, the Plan now pays up to 50% of your coverage amount on top of the limit paid for your covered expenses. Previously, the amount of additional benefit was capped at 25% of your monthly maximum.
The Office Overhead Expense Plan now also offers a survivor benefit that pays up to three months of benefits — for both covered expenses and salary replacement — to help your beneficiary transition your business after your death. Previously, this benefit would only be paid if you were disabled and collecting benefits at the time of death. Now, this benefit is available automatically to all participants, even those who have never been disabled. Changes became effective August 1, 2007.
Coverage is now available for up to 25 days of inpatient or outpatient cancer treatment, payable at 50% of your Daily Benefit. Other services that are also payable at 50% include home health care (provided by an RN, LPN, physical or occupational therapist, or Home Health Care Aide), nursing home confinement (including skilled or intermediate medical care, and custodial care) in a licensed nursing home, and skilled nursing care or rehabilitation provided under the direct supervision of a physician. Home health care, nursing home confinement, and skilled nursing care benefits are available for up to 100 days, as long as care is ordered by your physician and occurs within 7 days of being hospitalized for at least 3 days for the same condition. Coverage for cancer treatment became effective October 1, 2007; all other changes became effective October 1, 2006.
A member can now request up to $2,000,000 in permanent insurance protection under the Term Plus Plan. As before, Member life insurance coverage under both ADA life insurance plans (Term Plus and Term Life) can count toward a volume discount. Members can also request Term Plus coverage to a higher age, now 65. Changes became effective April 1, 2004.
ASDA members who sign up for $50,000 of free coverage under the ADA Term Life Plan get a special "gift" at graduation: The free insurance coverage doubles to $100,000 on July 1 of their graduation year — and remains free through December 31 of that year. In addition, graduates are eligible for three years of Post-Doctorate Discounts if they choose to renew the coverage beyond the free period (it can be renewed to age 81 without any medical exam ever); only individuals who participate in the program as students are eligible for the special Post-Doctorate Discounts after graduation. Changes became effective July 1, 2003.
Dental students interested in applying for additional life insurance, whether to protect family members or to serve as loan collateral, can now request up to $500,000 in life insurance (including the $50,000 of free coverage provided by the student program). Spouse coverage, if desired, is also available up to 100% of the Member's coverage amount. Higher coverage maximums became effective January 1, 2006.
Enrollment in the Student Disability Plan is now available any time of the year (instead of being limited to the months of September and October). All ASDA members under age 40 who are full-time students at an accredited dental school are guaranteed coverage under the Plan as long as they enroll before May 1 of their graduation year — coverage is convertible after graduation to the ADA Income Protection Plan for practicing dentists (ASDA members age 40 or older can also get coverage, subject to proof of insurability). A student loan repayment benefit has been recently added, further increasing the value of ADA Student Disability coverage. You can download an application to enroll right now. Year-round enrollment became effective January 1, 2006; the student loan repayment benefit became effective September 1, 2006.
The ADA Council on Members Insurance and Retirement Programs routinely reviews the ADA Insurance Plans to provide members with the best insurance value possible. Policy changes and enhancements are all pre-approved by the Council during its semi-annual meetings in March and August. Even though some news items may appear outdated, the latest product news for each Plan is included here for handy reference.