Long-Term Disability (LTD):
LTD begins after you have become disabled for 90-days and provides income replacement until you become eligible for Social Security Retirement Income (SSRI) at age 65 to 67. You have the option to purchase Long-Term Disability coverage for yourself up to 60% of your monthly income to a maximum of $6,000 per month.
| MONTHLY COST FOR EVERY $100 in WEEKLY BENEFIT | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Age | <30 | 30-34 | 35-39 | 40-44 | 45-49 | 50-54 | 55-59 | 60-64 | 65-69 | 70 + |
| LTD $ | $0.25 | $0.29 | $0.46 | $0.64 | $0.98 | $1.31 | $1.77 | $2.26 | $2.26 | $2.26 |
Example: Employee is 41 years old and earns $48,000 annually.
- $48,000 Annual Earnings / divided by 12 Months = $4,000 per month.
- $4,000 per month X $.64 Cents of Premium = $1,536 per month..
- $1,536 per month / divided by 100 = $15.36 Cost per month
To calculate your cost:
- $______ Annual Earnings / divided by 12 Months = $______ per month.
- $______ per month X $_________ of Premium = $________ per month.
- $______ per month / divided by 100 = $_______ Cost per month.
Eligibility: Employees regularly scheduled to work 20 hours or more per week are eligible to participate in the Company Long-Term Disability Insurance. Coverage is available the first day of the month following 60 days of employment. If you do not enroll when first eligible for this coverage and wish to apply for coverage later, Evidence of Insurability (EOI) is required. You will be required to complete a health questionnaire for review by the carrier.
