MetLife, Inc. · NYSE:MET
MetLife — Conference Presentation (November 2022)
27 slides from MetLife's conference presentation, November 2022
Slide 1: New Hampshire Paid Family & Medical Leave
New Hampshire Paid Family & Medical Leave: What you need to know about purchasing coverage and worker enrollment November 2022 The information contained in this presentation is not legal or tax advice and should not be relied upon or construed as legal or tax advice. This presentation is for general
Slide 2: Today's agenda
Today’s agenda 01 Introductions 02 What is NH PFML 03 Purchasing Coverage 04 Enrollment R&R 05 Tools & Resources 06 Timeline of Activities 07 Wrap-up and Q&A Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 2
Slide 3: What is New Hampshire Paid Family & Medical Leave (NH PFML)?
What is New Hampshire Paid Family & Medical Leave (NH PFML)? Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 3
Slide 4: What is New Hampshire's PFML plan?
What is New Hampshire’s PFML plan? An optional insurance plan that provides wage replacement for employers and individuals who cannot go to work because of a qualifying common life event Paid Medical Leave Paid Family Leave Own Serious Health Child Bonding Family Caregiver Military Exigency Military
Slide 5: What are MetLife's NH PFML plan design choices?
What are MetLife’s NH PFML plan design choices? We recommend employers discuss these options with their broker to design a plan that best fits their workforce needs Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 5
Slide 6: How is the NH PFML premium paid?
How is the NH PFML premium paid? Employers have a choice ✓ 100% employer-paid ✓ Shared cost between employer and workers ✓ 100% worker payroll deducted Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 6
Slide 7: MetLife is the State of New Hampshire's PFML Insurance Partner
MetLife is the State of New Hampshire’s Paid Family and Medical Leave Insurance Partner Benefits of purchasing NH PFML insurance through MetLife Business Enterprise Tax Credit (BET) is only available when purchasing a NH PFML insurance plan through MetLife Employers may be eligible for a 50% BET cre
Slide 8: How do you purchase NH PFML?
How do you purchase NH PFML? Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 8
Slide 9: Request a quote
Request a quote Through Your Direct to MetLife Broker Please email NHPFML_Brokers@metlife.com for a quote. If going direct to MetLife, please send the following information: ✓ Census ✓ Group SIC code • Workplace zip codes ✓ Situs state • Age or DOB • Gender • Salary Metropolitan Life Insurance Compa
Slide 10: How much does NH PFML cost?
How much does NH PFML cost? MetLife’s NH PFML rates are derived from a state- wide pool and approved by NHID Each employer is individually underwritten • A census is needed for a binding quote Tax Credits Available • NH Business Enterprise Tax Credit MetLife only • Federal PFML Tax Credit Metropolit
Slide 11: Pricing – Example 1
Pricing – Example 1 ABC Employer has 150 workers and an annual covered payroll of $11,500,000. Rates are a percentage of $1 of monthly covered payroll. ABC Employer was underwritten, and the rate is 0.45%. Monthly Annual Covered Payroll1 $958,333.33 $11,500,000 Rate2 X 0.0045 X 0.0045 Premium $4,312
Slide 12: Pricing – Example 2
Pricing – Example 2 XYZ Employer has 150 workers and an annual covered payroll of $11,500,000. Rates are a percentage of $1 of monthly covered payroll. XYZ Employer was underwritten, and the rate is 0.75% Monthly Annual Covered Payroll1 $958,333.33 $11,500,000 Rate2 X 0.0075 X 0.0075 Premium $7,187.
Slide 13: Roles and Responsibilities
Roles and Responsibilities Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 13
Slide 14: Employer Responsibilities
Employer Responsibilities Select a NH PFML plan for your eligible NH workers or recognize 1 that your eligible NH workers can purchase individual coverage if you do not opt into the program. Support enrollment for your workers. MetLife will provide 2 employers with enrollment materials to be used du
Slide 15: What does the group enrollment process look like?
What does the group enrollment process look like? If employers share some or all of the cost for NH PFML coverage, works will generally have the choice to participate MetLife will work with We will provide employers Workers who opt out will not be Payroll deductions required for employers to establi
Slide 16: Leave request process
Leave request process How do workers file for benefits? Apply Submit supporting Stay connected for benefits documentation until return to work • Workers contact MetLife • Proof may be required • Employer and MetLife will within 30 days prior or before the claim need to have the worker’s within 20 da
Slide 17: Tools & Resources
Tools & Resources Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 17
Slide 18: Tools & Resources
Tools & Resources September Webinar : Replay | Presentation Deck www.metlife.com/pfml Employer FAQ Employee FAQ Statutory Benefit Guide PaidFamilyMedicalLeave.nh.gov Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 18
Slide 19: Timeline of Activities
Timeline of Activities Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 19
Slide 20: NH PFML Timeline of Activities
NH PFML Timeline of Activities September October November December January • NH PFML webinars • NH PFML webinars • NH PFML webinars • NH PFML webinars • NH PFML benefits o Brokers o Brokers o Broker o Employers payable o Employers o Employers o Employers o Workers • Individual coverage • Website go-
Slide 21: Wrap-up
Wrap-up Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 21
Slide 22: In Summary
In Summary NH PFML is designed to offer wage replacement benefits • When someone cannot work due to their own non-work- related illness or injury or due to common family life events • May help employers retain quality workers and enhances an employer’s benefits program All NH employers have responsi
Slide 23: How do you determine an employer's size?
How do you determine an employer’s size? Large Employer Small Employer Total Lives 50+ workers Less than 50 An employer’s size is workers across based on total lives across all all locations both working in New locations Hampshire and other states Metropolitan Life Insurance Company, New York, NY L1
Slide 24: When are workers eligible for NH PFML?
When are workers eligible for NH PFML? YES NO MAYBE ✓ When an employer has a physical ✓ When an employer does not have ✓ When a worker is a non- location in New Hampshire a physical location in New traditional worker, not classified Hampshire, even if the worker as an employee, but meets the ✓ When
Slide 25: Who can purchase coverage as an individual?
Who can purchase coverage as an individual? ELIGIBLE NOT ELIGIBLE New Hampshire workers who do not have coverage ✓ When an employer does not have a physical through their employer’s plans. Who: location in New Hampshire, even if the worker works 100% from a home office located in New ✓ Work for a ne
Slide 26: Are business owners eligible for NH PFML?
Are business owners eligible for NH PFML? YES NO ✓ When a business’s physical ✓ When a business owner’s income is location is in New Hampshire not considered wages, and does not and business owner wages are receive a regular paycheck received similarly to other employees in the business. NH PFML is
Slide 27: Q&A
Q&A If you have any questions after this webinar, please contact your MetLife Representative, or visit https://www.paidfamilymedicalleave.nh.gov Metropolitan Life Insurance Company, New York, NY L1022026902[exp1223][All States] © 2022 MetLife Services and Solutions, LLC 27