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When Coverage Ends
Your coverage under the Long-Term Care Insurance Plan will end on:
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The premium due date on or after you request to cancel your coverage;
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The date the plan is discontinued;
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The date you reach the total lifetime benefit amount;
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The date you fail to pay a required premium when due (subject to any nonforfeiture protection you may be eligible to receive); or
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The date you die.
Portability
If you're participating in the Long-Term Care Insurance Plan and your employment with JPMorgan Chase ends, or you no longer meet the plan's eligibility requirements, you and eligible individuals may continue long-term care insurance by making premium payments directly to MetLife, the claims administrator, outside of the JPMorgan Chase Long-Term Care Insurance Plan. To continue long-term care insurance, please contact MetLife. Please see the "Plan Administration" section of this Guide for contact information.
If the Long-Term Care Insurance Plan is discontinued, you can continue your coverage by making premium payments directly to MetLife, unless coverage is replaced within 31 days of termination by other group coverage that:
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Is effective on the day following termination of coverage; and
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Provides benefits which are identical to or are determined, as required under applicable law, to be substantially equivalent to or exceed those provided by the Long-Term Care Insurance Plan group policy; and
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Calculates premiums based on your age at inception of coverage under the Long-Term Care Insurance Plan group policy.
Guaranteed Renewable
The Long-Term Care Insurance Plan is guaranteed renewable and may not be cancelled due to an increase in your age or a change in your health. Premium rates can be raised only as a result of a rate change made on a class-wide basis. Coverage cannot be cancelled as long as premiums are paid and coverage does not end due to any of the reasons listed above.
Reinstatement Provision
In situations where a participant has a five-month lapse in paying premiums for long-term care insurance under the Long-Term Care Insurance Plan due to a functional loss or severe cognitive impairment, coverage can be reinstated within 12 months of the lapse date at the same premium rate. (Please see the definition of "Severely Cognitively Impaired" under " Important Terms.") Evidence of insurability will not be required. However, you must submit proof of severe cognitive impairment or functional loss, and any required back payments must be paid.
In situations where a participant has a lapse in coverage for any other reason, coverage can be reinstated within 12 months of your lapse date and premiums will be based on your original entry age into the plan. Evidence of insurability, however, will be required and all back premiums must be paid.
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