01 Nov 2009
HESTA members have access to great value Income Protection (IP), Total and Permanent Disability (TPD) and Death Cover.
Insurance is best purchased while in good health, and HESTA’s new online insurance application makes the process a fast, easy and convenient way to apply for or increase cover.
The low premiums are deducted from members’ super accounts and it’s free for those taking approved parental leave. HESTA’s insurance protects members 24/7 – not just at work.
Although some HESTA members have chosen different cover, most members will have the default insurance with 2 units of Income Protection Cover and 2 units of Death Cover.
Income Protection (IP) Cover
2 units of IP Cover provide a benefit of up to $850 per month. Members can apply for additional units to provide benefits up to $25,000 per month, subject to a limit of 85% of their income.
HESTA’s IP Cover can provide indexed payments until the employee’s 60th birthday if they are permanently disabled, and up to two years even if the employee is only temporarily or partially disabled.
Unlike cover available through other funds, IP Cover with HESTA can pay a benefit if a person is unable to perform their own occupation, rather than if they cannot perform any occupation.
Death Cover
2 units of Death Cover provide a lump-sum benefit of $170,000, which reduces from age 36. Your employees can apply for additional units of Death Cover providing benefits up to $2 million.
HESTA’s Death Cover insures your employees to age 70. Cover can also be fixed to ensure that your employees’ insurance remains at their chosen level until they reach age 70.
Have you changed your details?
If any of your employer details have changed, please let us know in writing — on your business letterhead with a signature — so we can update our records.
Changes we need to know about include:
business name (please provide a copy of your Business Registration Certificate)
business structure (e.g. business or company)
business address
business phone number
the contact person responsible for administering super in your workplace
your email address.
Updates to HESTA brochures and forms
HESTA’s publications are regularly updated.
There have been recent updates to:
Your health and community services industry fund (Product Disclosure Statement) – November, 2009. Download this publication at
www.hesta.com.au To obtain hard copies free call 1800 813 327.
Remember to dispose of any old copies you have as they may not reflect current processes or legislation.
Remember
Super Guarantee (SG) contributions for the quarter ending 31 December 2009 should reach HESTA by 28 January 2010. If you haven’t made your contributions by 28 January 2010 you must lodge a Superannuation Guarantee Charge Statement — Quarterly with the Tax Office and pay the SG charge to the ATO by 1 March 2010.
Any such payment does not extinguish your obligation to pay contributions to HESTA, and no offset can be claimed unless the payment to HESTA is made before an assessment is raised by the ATO. Note that since 1 July 2008 you must use ordinary time earnings as the basis for calculating SG contributions for all employees.
