The IMF realizes that a flexible and comprehensive insurance offering is a valuable benefit to our staff and their families. In addition to Health Care Benefits and Pension Benefits, the IMF offers a range of other types of insurance, including:
The Fund's Group Life Insurance (GLI) Plan provides all regular and contractual employees with basic life insurance of one times net salary, as well as Accidental Death and Dismemberment Insurance. You may, in addition, elect to pay for several additional levels of life insurance for yourself and a limited amount of coverage for your spouse or domestic partner. The plan is underwritten by Metropolitan Life Insurance Company (MetLife).
Health insurance programs such as the Fund's Medical Benefits Plan, cover nursing home and home health care only when treatment for acute medical care is needed. Health care plans generally do not cover care that is primarily custodial in nature, such as that required for someone with a severe disability, chronic illness or debilitating condition. Long-term care insurance has become increasingly popular in the U.S. because of the escalating costs of these services, coupled with the lack of coverage under public programs such as Medicare. The Fund's Group Long-Term Care Insurance (LTC) Plan provides you with an opportunity to purchase insurance coverage for nursing home and home health care expenses for yourself and your family members. The plan is underwritten by the John Hancock Life Insurance Company.
The Fund provides a form of continuing income support (beyond that covered by sick leave) for staff members who become disabled and are unable to continue to work. Total and permanent disability coverage for regular, fixed term and limited term staff is included in the Staff Retirement Plan (SRP). Long-term disability coverage for contractuals is a non-contributory insurance program of income replacement benefits provided by Fortis Benefits.
Workers' Compensation provides financial protection in the event that you experience an accidental injury, illness, or die as a result of employment. Workers' Compensation covers all necessary or related medical expenses, provides income replacement benefits in the event of permanent disabilities, and also provides continuing income to your surviving dependents. The Fund has a self-insured Workers' Compensation program for its Executive Directors and employees.
The Fund's Business Travel Accident Insurance insures staff members and certain other insured persons against death, dismemberment or certain injuries resulting from an accident while in official travel status. The Fund bears the entire cost of the coverage and you are automatically covered without any need to enroll.
Should you die while in active service to the IMF, the Fund would provide a grant of $5,000 to the beneficiary you specified for the Staff Retirement Plan to assist your survivors in meeting immediate expenses arising as a result of your death.