Page 8 - First Bank- Open Enrollment Guide 2015
P. 8
Open
Enrollment
Long Term Disability Short Term Disability (STD)—Cigna
(LTD)—Cigna Short Term Disability is available for purchase at group rates through
Long Term Disability insurance is our Life and LTD provider, Cigna. Short Term Disability is coverage
provided to all eligible, full-time in the event you are not able to work due to illness or accident on a
employees of First Bank. short-term basis. This beneit will provide you with income during
your leave of absence. Evidence of Insurability is not applicable if you
In the event a disability keeps you elect the beneit when irst eligible, however, if elected later, Evidence
off the job for more than 90-days, of Insurability will be required. The cost to you is determined by your
LTD insurance will pay 60% of your rate of pay and, because the premium is paid by you as an after-tax
monthly income to a maximum of deduction from your pay, the beneit you receive is paid to you on a tax
$15,000 per month. As an added free basis. First Bank’s STD program pays 60% of income on a weekly
beneit, First Bank adds the cost of basis to a maximum of $1,000 per week. You are eligible to receive
the premium for LTD insurance to beneits under this plan after a waiting period of 14 days of disability.
your semi-monthly paycheck; then, Payments continue until you return to work, are no longer disabled, or
the Bank immediately deducts the LTD becomes effective. First Bank does not offer the STD beneit in
cost of this premium as an after-tax California, where employees are covered by a state disability plan.
deduction. Because this is shown
as an after-tax deduction on your Life Insurance with Long Term Care Protection—
paycheck, should you ever receive Trustmark
LTD beneits, they will be paid to
you on a tax-free basis—making your Life insurance is combined with a provision to pay for Long Term Care
income signiicantly closer to your services. The Long Term Care portion of the plan works similarly to
normal take-home pay. an accelerated death beneit. The Long Term Care payments are paid to
the insured while receiving qualiied LTC services, once an elimination
period of care is met. However, unlike most accelerated death beneits,
the original death beneit can be restored as the LTC beneits are being
used to provide the full face amount of the policy to the beneiciary
upon death. Rates are based on age at time of enrollment and Evidence
of Insurability is required if not elected when irst eligible.
8
Enrollment
Long Term Disability Short Term Disability (STD)—Cigna
(LTD)—Cigna Short Term Disability is available for purchase at group rates through
Long Term Disability insurance is our Life and LTD provider, Cigna. Short Term Disability is coverage
provided to all eligible, full-time in the event you are not able to work due to illness or accident on a
employees of First Bank. short-term basis. This beneit will provide you with income during
your leave of absence. Evidence of Insurability is not applicable if you
In the event a disability keeps you elect the beneit when irst eligible, however, if elected later, Evidence
off the job for more than 90-days, of Insurability will be required. The cost to you is determined by your
LTD insurance will pay 60% of your rate of pay and, because the premium is paid by you as an after-tax
monthly income to a maximum of deduction from your pay, the beneit you receive is paid to you on a tax
$15,000 per month. As an added free basis. First Bank’s STD program pays 60% of income on a weekly
beneit, First Bank adds the cost of basis to a maximum of $1,000 per week. You are eligible to receive
the premium for LTD insurance to beneits under this plan after a waiting period of 14 days of disability.
your semi-monthly paycheck; then, Payments continue until you return to work, are no longer disabled, or
the Bank immediately deducts the LTD becomes effective. First Bank does not offer the STD beneit in
cost of this premium as an after-tax California, where employees are covered by a state disability plan.
deduction. Because this is shown
as an after-tax deduction on your Life Insurance with Long Term Care Protection—
paycheck, should you ever receive Trustmark
LTD beneits, they will be paid to
you on a tax-free basis—making your Life insurance is combined with a provision to pay for Long Term Care
income signiicantly closer to your services. The Long Term Care portion of the plan works similarly to
normal take-home pay. an accelerated death beneit. The Long Term Care payments are paid to
the insured while receiving qualiied LTC services, once an elimination
period of care is met. However, unlike most accelerated death beneits,
the original death beneit can be restored as the LTC beneits are being
used to provide the full face amount of the policy to the beneiciary
upon death. Rates are based on age at time of enrollment and Evidence
of Insurability is required if not elected when irst eligible.
8
