Page 16 - 2017 FutureSteps
P. 16
2017 Future Steps
Disability Insurance
No one likes to think about the possibility of becoming seriously ill or injured.
However, if you become disabled, you still need to pay your bills and meet
other inancial obligations. Short term and long term disability beneits replace
a portion of your earnings if you are unable to work for an extended period of
time.
Short Term Disability (STD)
W&T Offshore automatically provides all active full-time and part-time
employees with short term disability coverage through Reliance Standard
at no cost to you. The beneit amount is 70% of your weekly earnings to a
maximum of $2,300 per week, less any other sources of income. The STD
plan covers you for 12 weeks of disability. Beneit payments begin on the 6th
consecutive day of disability. Using this beneit allows you to balance your
weekly income by using only 30% instead of 100% of your vacation pay.
Vacation is intended for you to enjoy and to be used in other ways than to
replace wages during an extended illness.
Long Term Disability (LTD)
W&T Offshore automatically provides employees with a Long term disability
beneit through Reliance Standard should you be disabled for 90 days or
more due to an accident or illness. Once you meet the plan’s deinition of
disability and satisfy the waiting period, the plan pays up to 60% of your
monthly earnings to a maximum of $12,000 per month. Disability payments
are reduced by deductible sources of income, including Social Security.
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Disability Insurance
No one likes to think about the possibility of becoming seriously ill or injured.
However, if you become disabled, you still need to pay your bills and meet
other inancial obligations. Short term and long term disability beneits replace
a portion of your earnings if you are unable to work for an extended period of
time.
Short Term Disability (STD)
W&T Offshore automatically provides all active full-time and part-time
employees with short term disability coverage through Reliance Standard
at no cost to you. The beneit amount is 70% of your weekly earnings to a
maximum of $2,300 per week, less any other sources of income. The STD
plan covers you for 12 weeks of disability. Beneit payments begin on the 6th
consecutive day of disability. Using this beneit allows you to balance your
weekly income by using only 30% instead of 100% of your vacation pay.
Vacation is intended for you to enjoy and to be used in other ways than to
replace wages during an extended illness.
Long Term Disability (LTD)
W&T Offshore automatically provides employees with a Long term disability
beneit through Reliance Standard should you be disabled for 90 days or
more due to an accident or illness. Once you meet the plan’s deinition of
disability and satisfy the waiting period, the plan pays up to 60% of your
monthly earnings to a maximum of $12,000 per month. Disability payments
are reduced by deductible sources of income, including Social Security.
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