Standard Insurance Long Term Disability (LTD) rates
Plan descriptions
|
|
2023 monthly rate of payroll
|
2024 monthly rate of payroll
|
% Increase from 2023
|
|
Option 1:
60% benefit
90-day elimination
|
.404%
|
.404%
|
0
|
|
Option 2:
60% benefit
180-day elimination
|
.341%
|
.341%
|
0
|
|
Option 3:
67% benefit
90-day elimination
|
.516%
|
.516%
|
0
|
|
Option 4:
67% benefit
180-day elimination
|
.433%
|
.433%
|
0
|
Low risk group rates
|
|
2023 monthly rate of payroll
|
2024 monthly rate of payroll
|
% Increase from 2023
|
|
Option 1:
60% benefit
90-day elimination
|
.331%
|
.331%
|
0
|
|
Option 2:
60% benefit
180-day elimination
|
.280%
|
.280%
|
0
|
|
Option 3:
67% benefit
90-day elimination
|
.423%
|
.423%
|
0
|
|
Option 4:
67% benefit
180-day elimination
|
.355%
|
.355%
|
0
|
Entities with more than 100 employees will be individually underwritten by Standard Insurance.
Notes:
- If employee is out of the office on sick/vacation/donated leave due to a disability, the employer will want to continue paying LTD and life premiums.
- Standard Insurance will review the LTD disability claim form and documentation to make a disability determination. Both the employee and the employer will receive the approval/denial letter from Standard Insurance.
- If the employee qualifies for “total disability”, then “waiver of premium” will apply once the employee has met their waiting period. At that time, the employer will discontinue paying the LTD premiums. The benefit will remain in force for the disabled employee.
- Maximum benefit mount: $12,000 per month before deductible income is applied which is 60% of the first $20,000 or 67% of the first $17,910 of employee pre-disability earnings. Minimum benefit amount: $100 or 10% of salary.
For additional information on the LTD process, feel free to contact an AWC Trust staff member.