All benefits-eligible employees may enroll in the Long-Term Disability (LTD) Insurance Program. Long-term disability insurance provides income replacement that may be used in conjunction with your annual or sick leave. This program has a 180-day elimination period. Income is replaced at 66 2/3% of your pre-disability earnings, reduced by deductible income.
If you become disabled before age 62, LTD benefits may continue during disability until you reach age 65. If you become disabled at age 62 or older, the benefit duration is determined by your age when disability begins as indicated in the Standard Insurance Long-Term Disability table.
- Monthly LTD benefit of $100 to $7,500
- 180-day elimination period
- Worldwide coverage
- Waiver of premium while disabled
Rates for long-term disability insurance are also based on your age and monthly wages.
Standard Insurance Company is the long-term disability insurance provider. Deductions for both disability programs are done on an after-tax basis. This assures that any payments you receive from the program are not taxed.