Chances are you already purchase home and auto insurance to protect against the loss of or damage to property. So what steps have you taken to help shield yourself and your loved ones from an unexpected loss of income? Would you be able to meet your financial obligations if you became disabled and unable to work?
Both Short Term Disability (STD) and Long Term Disability (LTD) insurance are designed to pay a benefit to you in the event you cannot work because of a covered illness, injury or pregnancy. These benefits replace a portion of your income, thus helping you meet your financial commitments in time of need.
The risk of disability is greater than most people think. And if you're like most people, you probably think disability is something that only happens to someone else. Here are the facts:
The STD and LTD plans are designed to work together. Take a moment to review the plan highlights below.
|STD Plans||LTD Plan|
|Option 2-5: 60% of predisability earnings, reduced by deductible income||The lesser of 60% of your monthly earnings or 70% of your montly earnings reduced by income from other sources (i.e. Social Security, PERA).|
|Eligible Employees may choose 1 of the 4 STD Plans||Eligible Employees must enroll in LTD insurance|
|Benefit Waiting Period|
|7, 14, 30, or 45 days, depending on the STD plan you select and cause of disability||90 days|
|Weekly benefit - $100||Monthly benefit - Greater of $100 or 10% of your monthly LTD benefit reduced by your deductible income|
|Weekly benefit - $ 2000||Monthly benefit - $8,500|
|Maximum benefit period|
- minus your benefit waiting period,
- minus accrued leave if leave balances extend beyond waiting period.
|If you become disabled before age 62, LTD benefits may continue during disability until you reach age 67.|
For answers to commonly asked questions, costs, exclusions, limitations and reductions, as well as STD plan options you may select from, please review the STD page, Short Term Disability Insurance Booklet, and Certificate of Insurance. For additional information on LTD please visit the LTD page, review the Long Term Disability Insurance Booklet and Certificate of Insurance.
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