Disability
Disability Insurance is protection for one of your most important assets: your ability to earn an income. Disabling illnesses and injuries are more common than most of us realize. If you're out of work for weeks or months without an income, how would you pay your regular expenses? Disability Insurance could provide the security you need.
You may choose from 7 different waiting periods: the shortest waiting period is 7 days, and the longest is 180 days. Sick days will reduce your elimination period in the event of disability. You may also choose any monthly benefit amount in increments of $100 up to $7,000, not to exceed 60% of your monthly earnings. The longer the benefit waiting period, the lower the premium. Benefits are available up to age 65 (or normal retirement age) if you remain disabled.
Things to Consider
- The longer the benefit waiting period, the lower the premium
- Employee must exhaust accumulated sick leave before disability can be used
- Sick leave satisfies the waiting period
- Benefits are payable up to age 65
- If age 66-69, there is a limit of benefit duration; more information is available in the SPD on the Resources page
- Disability plans are not portable
Pre-Existing Conditions
12 Month Pre-Existing Condition Exclusion
The plan pays a limited benefit for disabilities caused by pre-existing conditions during the first 12 months of disability coverage.
A pre-existing condition is a sickness or physical condition for which you have been diagnosed or treated during the immediate 6 months prior to your coverage effective date.
You may elect up to the maximum benefit as a new hire with no health questions. Future increases in coverage will be subject to the pre-existing condition limitation.
Expectant Mothers
A “normal delivery” is the only situation in a disability plan where there is a pre-set benefit period: 6 weeks after delivery. This does not mean that you will receive 6 weeks of payment from the disability plan. Sick leave will be used first, then, if you have met the waiting period you selected, the plan will pay benefits for the remainder of the 6 week period. If you deliver by C-section or complications require you to be out longer, benefits can extend beyond the 6-week period.
