Page 18 - NC OE Guide
P. 18
Disability
Have you considered what would happen if you couldn’t go to work as a result of a
disabling illness or accident? Disability insurance goes to work when you can’t.
Voluntary Short Term Disability
If you’re unable to work due to a sickness or injury, short term disability insurance
can help you maintain your standard of living. By replacing a portion of your
income, short term disability insurance can help provide inancial security until you
get back on your feet and return to work. You may enroll for short term disability
coverage through UNUM. The plan covers 60 percent of your pre-disability earnings
(base salary) up to $1,000 per week. Disability payments begin after 7 days for an
illness or accident and may continue for a maximum of 12 weeks depending on the
situation. The cost of the plan is paid on a post-tax basis so beneits will be paid tax-
free.
If you do not elect coverage during this initial open enrollment period
and you would like to elect coverage at a later date, you must provide
evidence of insurability and be approved by UNUM.
In order for coverage to be effective on December 1, you must be
actively at work. If not, coverage will not be effective until you return
to active employment.
STD Premium Example
As you go online to enroll on the new MG+BW Lockton Marketplace
website, the cost of coverage will automatically be calculated based on
your current base salary. The cost is $0.63 per $10 of beneit.
$12 hourly rate * 40 hours = $480
$480 * 0.60 = $288/10 = $28.80
$28.80 * $.63 = $18.14
$18.14 * 12 = $217.73 annually/52 weeks = $4.19 weekly
18
2015 Open Enrollment
Have you considered what would happen if you couldn’t go to work as a result of a
disabling illness or accident? Disability insurance goes to work when you can’t.
Voluntary Short Term Disability
If you’re unable to work due to a sickness or injury, short term disability insurance
can help you maintain your standard of living. By replacing a portion of your
income, short term disability insurance can help provide inancial security until you
get back on your feet and return to work. You may enroll for short term disability
coverage through UNUM. The plan covers 60 percent of your pre-disability earnings
(base salary) up to $1,000 per week. Disability payments begin after 7 days for an
illness or accident and may continue for a maximum of 12 weeks depending on the
situation. The cost of the plan is paid on a post-tax basis so beneits will be paid tax-
free.
If you do not elect coverage during this initial open enrollment period
and you would like to elect coverage at a later date, you must provide
evidence of insurability and be approved by UNUM.
In order for coverage to be effective on December 1, you must be
actively at work. If not, coverage will not be effective until you return
to active employment.
STD Premium Example
As you go online to enroll on the new MG+BW Lockton Marketplace
website, the cost of coverage will automatically be calculated based on
your current base salary. The cost is $0.63 per $10 of beneit.
$12 hourly rate * 40 hours = $480
$480 * 0.60 = $288/10 = $28.80
$28.80 * $.63 = $18.14
$18.14 * 12 = $217.73 annually/52 weeks = $4.19 weekly
18
2015 Open Enrollment
