Long Term Disability Insurance (LTD) (Mandatory)
LTD insurance coverage can help protect your income in the event you become disabled and unable to work.
Who is Eligible?
Benefits eligible employees (if you are in an active work status).
Benefits eligible employees enrolling in the Choices Medical Plan must elect LTD insurance coverage.
- New benefits eligible employees may enroll in any coverage level during their initial enrollment period.
- Employees may increase one coverage level or drop to any coverage level during annual enrollment. However, an increase in coverage level will be subject to a pre-existing condition exclusion for disabilities occurring during the first 12 months that the increase in insurance is effective. Any coverage existing for at least 12 months prior to the increase will no be subject to the pre-existing condition exclusion.
- Employees may increase or decrease their coverage one level due to a qualifying event, as long as the change is consistent with the event.
Choices offers three (3) LTD insurance coverage options designed to supplement other sources of disability income that may be available to you:
|Long Term Disability Coverage Options|
|Option 1||60% of pay/180 days waiting period|
|Option 2||66 2/3% of pay/180 days waiting period|
|Option 3||66 2/3% of pay/120 days waiting period|
The three (3) LTD insurance coverage options differ in terms of the amount of your pay they replace, when benefits become payable, and premium costs.
Employees on a leave status may not be eligible for LTD insurance coverage. Please consult with your Human Resources/Benefits Office.
Amount of Benefit:
Option 1: 60% of pre-disability earnings, to a maximum benefit of $9,200 per month. The minimum monthly benefit is the greater of $100 or 10% of your LTD benefit before reduction by deductible income.
Option 2: 66-2/3% of pre-disability earnings, to a maximum benefit of $9,200 per month. The minimum monthly benefit is $100 or 10% of your LTD benefit before reduction by deductible income.
Option 3: 66-2/3% of pre-disability earnings, to a maximum benefit of $9,200 per month. The minimum monthly benefit is $100 or 10% of your LTD benefit before reduction by deductible income.
Do you have Other Disability Income?
The level of LTD insurance coverage you select ensures that you will continue to receive a percentage of your base pay each month if you become totally disabled.
Some of the money you receive may come from other sources, such as Social Security, Workers’ Compensation, or other group disability benefits. Your Choices LTD benefit will be offset by any amounts you receive from other sources. The total combined income will equal the insurance coverage option you selected.
Please review the group LTD insurance certificate and coverage highlights at the Standard Life Insurance.