Page 14 - 2017 Benefits Enrollment
P. 14
Disability Insurance Disability beneits are subject to
Have you considered what would happen if you couldn’t go to work as applicable taxes and are offset by any
other income or disability beneits you
a result of a disabling illness or accident? Disability insurance goes to receive (or are eligible to receive),
work when you can’t. such as Social Security and worker’s
compensation.
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. It can help you pay bills like your mortgage, tuition, car payments, and help cover expenses
for food, clothing, and utilities. 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 Cigna. The plan covers 60% of your pre-disability earnings up to $1,000 per week for
a maximum of 11 weeks. Coverage begins on the 15th day of your disability. The cost of the plan is paid through
convenient payroll deduction if you elect coverage.
Short Term Disability Cost Calculation Example—Premium Per Pay Period
Rate per $10 of Covered Weekly Beneit Estimated
Example Weekly Beneit (Annual Earnings/52 x 0.60) Cost
Example Annual Salary $50,000 $0.09 x $577 / 10 = $5.19
Input Your Costs $0.09 x / 10 =
Voluntary Long Term Disability
Long term disability (LTD) protects your family by providing you with a percentage of your income while you
are disabled for a longer period than short term disability would otherwise cover. We offer a voluntary LTD plan
which you can elect through Cigna. Eligible employees receive a beneit equal to 60% of your monthly salary
up to a speciic monthly maximum. Those eligible continue to receive LTD beneits until they are no longer
disabled or reach Social Security Normal Retirement Age. More speciic coverage details will be shared during the
enrollment process.
Long Term Disability Cost Calculation Example—Premium Per Pay Period
Example Rate per $100 of Covered Monthly Covered Payroll Estimated
(Annual Earnings/12)
Cost
Monthly Payroll
Example Annual Salary $50,000 $0.10 x $4,167 / 100 = $4.17
Input Your Costs $0.10 x / 100 =
14 2017 Benefits Enrollment
Have you considered what would happen if you couldn’t go to work as applicable taxes and are offset by any
other income or disability beneits you
a result of a disabling illness or accident? Disability insurance goes to receive (or are eligible to receive),
work when you can’t. such as Social Security and worker’s
compensation.
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. It can help you pay bills like your mortgage, tuition, car payments, and help cover expenses
for food, clothing, and utilities. 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 Cigna. The plan covers 60% of your pre-disability earnings up to $1,000 per week for
a maximum of 11 weeks. Coverage begins on the 15th day of your disability. The cost of the plan is paid through
convenient payroll deduction if you elect coverage.
Short Term Disability Cost Calculation Example—Premium Per Pay Period
Rate per $10 of Covered Weekly Beneit Estimated
Example Weekly Beneit (Annual Earnings/52 x 0.60) Cost
Example Annual Salary $50,000 $0.09 x $577 / 10 = $5.19
Input Your Costs $0.09 x / 10 =
Voluntary Long Term Disability
Long term disability (LTD) protects your family by providing you with a percentage of your income while you
are disabled for a longer period than short term disability would otherwise cover. We offer a voluntary LTD plan
which you can elect through Cigna. Eligible employees receive a beneit equal to 60% of your monthly salary
up to a speciic monthly maximum. Those eligible continue to receive LTD beneits until they are no longer
disabled or reach Social Security Normal Retirement Age. More speciic coverage details will be shared during the
enrollment process.
Long Term Disability Cost Calculation Example—Premium Per Pay Period
Example Rate per $100 of Covered Monthly Covered Payroll Estimated
(Annual Earnings/12)
Cost
Monthly Payroll
Example Annual Salary $50,000 $0.10 x $4,167 / 100 = $4.17
Input Your Costs $0.10 x / 100 =
14 2017 Benefits Enrollment
