Income Continuation Insurance Coverage Changes Effective February 1, 2024
November 27, 2023
Effective February 1, 2024, the standard and supplemental coverage levels in the Income Continuation Insurance (ICI) Program will be consolidated into a single coverage level. If you are currently enrolled in the ICI Program, you will automatically be covered up to $120,000 in eligible earnings.
Currently, the standard ICI coverage level includes eligible earnings up to $64,000 per year. The supplemental ICI coverage level includes earnings between $64,001 and $120,000. With the change to a single level of coverage, the supplemental coverage level will no longer be available.
How This Change May Affect Your ICI Monthly Premium Amount
Starting in February 2024, the Universities of Wisconsin will contribute towards the cost of ICI coverage up to $120,000 in eligible earnings. Currently, the Universities of Wisconsin contributes towards the cost of standard coverage and employees pay for the full cost of supplemental coverage.
Note: For Faculty, Academic Staff and Limited Appointees the employer contribution starts after you have completed 12 months of state service and varies based on the elimination period you elected. For University Staff employees the employer contribution is based on the amount of unused sick leave at the end of the previous calendar year.
What Action Do You Need to Take?
You do not need to take any action unless you wish to cancel your ICI coverage. To cancel coverage, submit a completed Income Continuation Insurance Application to your institution benefits contact.
More Information
More information on this change and the annual update process will be sent in January.
Visit the Income Continuation Insurance web page for more information about the ICI Program. Reach out to your institution benefits contact with questions.
Source: Universities of Wisconsin Office of Human Resources
Categories: Income Continuation Insurance (ICI)