Page 12 - PRO_2023 Client Benefits Guide

Disability Insurance
Disability insurance provides benefits that replace part of your lost income when you become unable to work due to a covered injury or illness.
Employer Paid
Option 1
A 7 day elimination period at a cost of $0.548 per $10.00 covered weekly benefit.
Option 2
A 14 day elimination period at a cost of $0.442 per $10.00 covered weekly benefit.
Voluntary Short-Term Disability
Provided at an affordable group rate through MetLife.
Benefit Percentage
60%
Weekly Benefit Maximum
$1,000
When Benefits Begin
After 14th day of disability
Maximum Benefit Duration
13 weeks
Voluntary Short-Term Disability Rates
How The Premium Is Calculated
For this example, the employee is 42 years old and makes $15.00 per hour. To calculate their rate, you would do the following:
} Take $15 (hourly rate) x 2,080 hours (# of hours in a year), this equals $31,200 (yearly salary).
} Take $31,200 (yearly salary) divided by 52 (# of weeks in a year), this equals $600 (weekly salary).
} Take $600 x .60 (60% benefit), which equals $360 (weekly benefit).
} Take $360 (weekly max benefit) divided by 10, which equals $36.00.
} Take $36.00 x $0.60 (your age rate cost), which equals $21.60 (monthly premium).
Age
Voluntary Employee Monthly Premium per $10
0-49
$0.600
50-64
$0.716
65+
$0.872
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