Photo: Jose Luis Pelaez Inc / Getty Images Long-term disability insurance (LTD) is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time. This can devastate a family financially without the safety net provided by a long-term disability insurance policy. Long-term disability insurance does not provide insurance for work-related accidents or injuries that are covered by workers' compensation insurance. But, they do cover an employee in the event of a personal accident such as a car accident or a fall. The Shortfall in Long Term Disability Coverage "In 2018, 42% of...
Continue reading...
Basic and Voluntary Disability Who’s eligible: E mployees with full, mid-level or core benefits Our premium estimator can help you understand your costs for Voluntary Disability Insurance. Why you should consider Voluntary Disability Insurance Time away from work for a pregnancy, illness or unexpected injury could mean months without a paycheck. While UC’s basic employer-paid disability insurance offers some protection — a benefit capped at $800 per month for six months — it probably won’t be enough to cover your expenses. For a modest monthly premium, UC’s Voluntary Disability Insurance replaces much more of your income — 60 percent of your...
Continue reading...
Read on, then decide. What if you were one of the people who unexpectedly couldn’t work? How would you replace your income? Long-term disability (LTD) insurance was created to help replace a portion of your income should you need it. It’s just that most people don’t think they are ever going to need it. Part of financial wellness is protecting what you have. For most everyone, your income is your lifeline. Sure, emergency savings could cover a few months. But what if you are one of millions diagnosed with a serious illness that keeps you out of the workforce for an extended period of time? Simply put, LTD protects your paycheck when you’re injured and unable to work. Depending on the type...
Continue reading...
No one thinks it will happen to them, but 1 in 4 20-year-olds will become disabled before they reach retirement age. Knowing the risk of becoming disabled and losing income while unable to work is one thing, but studies show that employees are also poorly informed about the benefits that could help cover their expenses if they’re one of the 25% of employees who become disabled. Disability insurance can help, and it’s one of the most popular benefits out there—98% of eligible employees participate in a short-term disability plan. But it’s not the only type of coverage that can help people who become disabled. It’s great that people have options, but those options can lead to confusion: A...
Continue reading...
Loss of income due to disability can severely impact an employee and dramatically affect those who are financially dependent upon the employee. Cancer is one of the leading causes of new and ongoing disability claims. Excess body weight, chronic health conditions and tobacco use are just a few of the many factors that may increase your risk of disability. Long-term disability (LTD) insurance is meant to help replace a portion of one's pre-disability earnings when that income is lost because of inability to work for longer than 90 days due to disease or injury. Because long-term disability insurance helps to protect the stream of income, it is among the most valuable components of a...
Continue reading...
Many individuals confuse Long Term Disability and Long Term Care Insurance. It may be because they both are triggered by health-related causes. However, these two insurance plans serve vastly different purposes in helping you manage the financial risk in your personal life: Long Term Disability Insurance is used to help protect your future earnings. It is designed to replace a portion of your income when you are not able to work due to a covered debilitating illness or disabling accident. Long Term Care Insurance pays a daily or monthly benefit towards the costs of care services from a skilled nursing home, assisted living facility, adult daycare or home assistance when you can no longer...
Continue reading...
Many people don’t bother with long-term disability insurance. They may think that being young, working behind a desk all day, or not taking a lot of personal risks (like skydiving or axe-throwing) means they don’t have to worry. So making sure your employees understand their long-term disability benefits might be more important than you think. It’s one of those benefits that ends up towards the bottom of your list during open enrollment presentations, but it’s worth spending a little extra time on—because chances are, some of your employees will use it in the coming year. Share these easy long-term disability insurance definitions with your employees to help them make more informed...
Continue reading...
EBRI, “The 2020 Retirement Confidence Survey,” 2020. Services not available in all states. The Work-life balance employee assistance program, provided by HealthAdvocate, is available with select Unum insurance offerings. Terms and availability of service are subject to change. Service provider does not provide legal advice; please consult your attorney for guidance. Services are not valid after coverage terminates. Please contact your Unum representative for details. Worldwide emergency travel assistance services, provided by Assist America, Inc., are available with select Unum insurance offerings. Terms and availability of service are subject to change and prior notification requirements....
Continue reading...
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...
Continue reading...
Long-Term Disability Insurance Overview Wayne State University provides long-term disability (LTD) insurance coverage to eligible employees at no cost. Long-term disability insurance through New York Life Group Benefit Solutions (formerly CIGNA) provides a monthly income benefit equal to 66-2/3% of your base salary up to a maximum benefit of: $7,000 /monthly for Non-academic represented employees $10,000/monthly for AAUP members and non-represented employees Typically, LTD benefits would begin the later of 180 days of being disabled from your occupation or the exhaustion of your illness bank. LTD benefits are offset by other benefits associated with your disability including, but not...
Continue reading...
