Page 13 - PRO_2023 Client Benefits Guide

Disability Insurance (Cont’d)
Employer-Paid
You can choose to provide your employees with Long-Term Disability coverage. You have a 90 elimination period option at a cost of $0.343 per $100 of covered monthly payroll.
Voluntary Long-Term Disability
Provided at an affordable group rate through MetLife.
Benefit Percentage
60%
Monthly Benefit Maximum
$5,000
When Benefits Begin
After 90th day of disability
Maximum Benefit Duration
Social Security Normal Retirement Age
Employer-Paid Long-Term Disability
Benefit Percentage
60%
Monthly Benefit Maximum
$5,000
When Benefits Begin
after 90th day of disability
Maximum Benefit Duration
Social Security Normal Retirement Age
Long-Term Disability Rates
Age
Voluntary Employee Monthly Premium per $100
0-24
$0.069
25-29
$0.104
30-34
$0.184
35-39
$0.287
40-44
$0.495
45-49
$0.656
50-54
$0.921
55-59
$1.185
60-64
$0.909
65-69
$0.621
70+
$0.448
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 12 (# of months in a year), this equals $2,600 (monthly salary)
} Take $2,600 (monthly salary) divided by 100, which equals 26
} Take 26 x 0.495 (your age rate cost), which equals $12.87 (monthly premium)
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