June 9, 2003
Volume 81, Number 23
CENEAR 81 23 p. 40
ISSN 0009-2347


ACS COMMENT
WIDENING THE PROTECTION UMBRELLA

PETER CHRISTIE, CHAIR, BOARD OF TRUSTEES, GROUP INSURANCEPLANS FOR ACS MEMBERS

The Member Insurance Program is able to offer you plans that are often less expensive and provide better benefits than you can purchase as an individual.
I
am pleased to announce that the Board of Trustees (BOT), Group Insurance Plans for ACS Members, has added a valuable member benefit to its portfolio of insurance plans—the Auto & Homeowners Plus Plan. In 2002, the Membership Affairs Committee (MAC), based on member input, asked the board of trustees to consider the feasibility of adding this type of insurance coverage to the Member Insurance Program portfolio. This ongoing MAC-BOT partnership keeps BOT aware of what’s important to the membership and allows it to provide, when appropriate, desired insurance offerings. After extensive evaluation of potential plans, BOT chose the Auto & Homeowners Plus Plan for addition to its existing range of insurance coverages for ACS members.

The Auto & Homeowners Plus Plan, underwritten by Liberty Mutual, is a comprehensive program that features auto, home, renters, and other personal property insurance. BOT negotiated an exclusive group discount for ACS members of up to 10% off already competitive rates. Benefits of this new plan include 12-month rate guarantees; convenient payment plans, including automatic checking account deduction; 24-hour emergency roadside assistance; and round-the-clock claims service. Free coverage evaluation and no-obligation rate quotes can be obtained by calling a dedicated customer service representative at (800) 283-1601, or an online quote is available from Liberty Mutual at http://www.libertymutual.com/lm/chemistry.

BOT sponsors and endorses a broad spectrum of portable insurance and retirement plans. Spouses, children, parents, and even in-laws are eligible to participate in many of the plans. You’re probably already aware that ACS offers attractive group discounts on term life, but you may not know that there are several other valuable insurance plans that are especially important in these changing times. A few selected plans are highlighted below to give you a better understanding of how ACS membership helps you personally, as well as professionally.

  • Long-Term Care—Did you know that women have more of a financial risk than men if they don’t carry long-term care insurance? Women make up almost 75% of the residents in a nursing home, according to “The Elder Law Handbook” by Peter J. Strauss and Nancy M. Lederman. Women have historically been the family caregivers to their husbands as well as to their parents. BOT is especially interested in promoting plans that are helpful to the growing population of women in ACS.
  • Disability Income Insurance—According to the Health Insurance Association of America, at age 40 you have a 19% probability of suffering at least one disability lasting more than 90 days. And according to the Federal Housing Authority, nearly half of all mortgage foreclosures occur because someone in the family becomes disabled. ACS has an affordable disability income insurance plan that’s competitively priced with flexible waiting periods determined by you. Even if your employer provides disability coverage, you may be eligible for additional coverage. And, best of all, unlike employer plans, ACS benefits payments are tax-free.
  • Short-Term Medical Coverage— Looking for a job or contemplating a change? Are you a new graduate whose student medical coverage has ended? If so, you’re probably wondering how to address your continuing need for this essential coverage. ACS has the perfect short-term medical plan for recent college grads, people between jobs, or those waiting for other insurance to take effect. It offers $1 million of protection, covering hospitalization, surgery, and outpatient expenses for up to 12 months.
  • Supplemental Retirement Plans— Investing in an individual retirement account or a tax-deferred annuity allows you to add to other sources of retirement income so you can live comfortably during your retirement. BOT is pleased to offer both IRA and fixed annuity supplemental retirement plans, in addition to the other insurance plans offered, as another of the many benefits of being a member of ACS. While the board is not responsible for the performance of the retirement funds, we carefully oversee the selection of the funding carrier to ensure that it meets certain criteria for financial stability and investment performance.

Through the purchasing power of the large ACS membership base, the Member Insurance Program is able to offer you plans that are often less expensive and that can provide better benefits than you can purchase as an individual. Another reason to turn to ACS for insurance is that ACS insurance plans are portable. Your coverage stays with you even if you change jobs! That’s an important feature in today’s employment environment.

Browse our website (http://www.chemistry.org/insurance) today to find out more about how you can protect your family and save for retirement using your ACS member benefits. And remember, the ACS Member Insurance Program is self-supporting. ACS member dues are not used in any way to maintain or promote ACS insurance plans.


Views expressed on this page are those of the author and not necessarily those of the Trustees.



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