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Home  Benefit Plan Advantages Employee Benefit Plans: Disability
Disability
At any given age, the odds of becoming disabled are much higher than the odds of dying. Every year, 12% of the adult U.S. population suffers a long-term disability. One out of seven workers will suffer a five-year or longer period of disability before the age of 65, and if you are 35 now, your chances of experiencing a three-month or longer disability before you reach age 65 are 50%, according to the National Association of Insurance Commissioners (NAIC). Benefits from a disability plan can supplement your income to help you pay the following expenses:
- Mortgage or rent payments
- Utility bills and other household expenses
- Food, clothing, and other necessities
- Co-payments
- Medical costs not covered under other plans
- Travel and lodging expenses for treatment
Negotiated Plans Long-Term Disability (LTD)
This insurance is designed to partially replace income lost during a period of total disability which continues beyond the 52-weeks for which the Basic Short Term Disability Plan may provide benefits. Monthly benefits can be selected from $100 to a maximum of $1,500 per month.
Long Term Disability (LTD) salary protection can be provided at either 50%, 60% or 66 2/3% of contractual salary up to a $6,000 maximum monthly benefit. A monthly benefit is payable as long as an employee is totally disabled and up to the maximum benefit period.
A waiting period (elimination period) can be based on either calendar days or work days and must be satisfied before benefits are payable. Plans are also available where disability benefits begin after the expiration of the later of an employee’s accumulated sick days or a specified waiting/elimination period. Coordinated Short Term Disability Insurance
This option is coordinated with your participating employer’s negotiated Long Term Disability (LTD) Insurance. It will pay benefits during the LTD waiting period and begins on the 8th day of disability due to sickness. Weekly disability benefits can be selected from $20 up to a maximum of $500 per week. Group Short-Term Disability
Provides a weekly benefit payment, ranging from 13 to 52 weeks, while disabled.
Basic Short Term Disability Insurance
A member can elect a benefit commencement of either 8th day, 15th day, or 29th day depending on the plan for which you are eligible for disabilities caused by an accident, sickness or pregnancy. Weekly disability benefits can be selected from $20 up to a maximum of $500 per week.
Short-Term Disability (STD)
This important plan offers salary protection and provides weekly benefits in either a flat amount or a percentage of salary. Commencement of benefits generally begins after a stipulated number of days. Benefits for accident or sickness will begin on the later of the date in the application or the end of accumulated sick leave. This insurance provides a weekly benefit payment while disabled. Benefit duration generally ranges from 13 to 52 weeks, with an additional 52 week benefit payable at one-half (1/2) the selected benefit rate during a period of house or hospital confinement. Associated Mutual's individually purchased products offer disability benefits that can supplement your income to help you pay the following expenses:
- Mortgage, rent payments
- Medical costs not covered under other plans
- Utility bills, household
- Copayments
- Food, clothing, necessities
- Travel, lodging for treatment Basic Short Term Disability Insurance
A member can elect a benefit commencement of either 8th day, 15th day, or 29th day depending on the plan for which you are eligible for disabilities caused by an accident, sickness or pregnancy. Weekly disability benefits can be selected from $20 up to a maximum of $500 per week.
Coordinated Short Term Disability Insurance
This option is coordinated with your participating employer's negotiated Long Term Disability (LTD) Insurance. It will pay benefits during the LTD waiting period and begins on the 8th day of disability due to sickness. Weekly disability benefits can be selected from $20 up to a maximum of $500 per week.
Long Term Disability Insurance
This insurance is designed to partially replace income lost during a period of total disability which continues beyond the 52-weeks for which the Basic Short Term Disability Plan may provide benefits. Monthly benefits can be selected from $100 to a maximum of $1,500 per month.
In-Hospital Indemnity Insurance
Provides for $10, $20, $30, $40, $60, $80, or $100 (whichever amount the member selects) each day, up to 365 days of inpatient hospitalization. This insurance includes coverage for your spouse and/or dependents. Associated Mutual group policies contain certain exclusions, waiting periods, limitations, reduction of benefits or terms under which the policy may be continued in force or discontinued. For costs, applicable certificates, riders and complete details of coverage, contact your contracted agent or Associated Mutual. No policy limitation and/or condition is waived or modified by reason of omission from this publication. These products are only intended as a brief description and illustration of the benefit options available and not a contract. Benefits are available to employers based upon group size, underwriting and state requirements. Payments are based on the Associated Mutual approved amount, less any applicable deductible and/or copays required by the plan. For more information please contact your contracted insurance agent or Associated Mutual at (800) 370-4349 ext. 150. Associated Mutual Insurance Co.©Copyright 2011. All rights reserved. 1100904AMMktg
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