Disability Benefits
Short-Term Disability insurance is “paycheck” protection that pays a percentage of your salary if you become temporarily disabled for a period of weeks. Common short-term disability claims include injury, pregnancy and minor surgeries.
How to Calculate Your Per Paycheck Cost
1. Divide your annual salary by 52 to calculate your weekly earnings.
2. Multiply this amount by the benefit percentage defined above
For example, 60% would be .60. Now, you have your gross weekly benefit.
3. Find the monthly rate for you age in the table to the left. Multiply this rate by your gross weekly benefit, or the maximum gross weekly benefit, whichever is less.
4. Divide the total by 10. The result is your Monthly cost.
5. Multiply your Monthly cost by 12.
6. Divide by 26. The result is your Per Paycheck cost.
Benefits |
|
|---|---|
Benefit Amount |
60% |
Weekly Benefit Maximum |
$1,500 |
Waiting Period |
14 days accident & sickness |
Benefit Period |
11 weeks |
Monthly Cost by Age |
|
|---|---|
Age |
Employee |
0-29 |
$0.398 |
30-34 |
$0.439 |
35-39 |
$0.346 |
40-44 |
$0.323 |
45-49 |
$0.391 |
50-54 |
$0.457 |
55-59 |
$0.631 |
60+ |
$0.770 |
Long-Term Disability insurance protects your ability to earn a paycheck. It pays a percentage of your salary if you become unable to work for a long period of time, months or even years. Common long-term disability claims include musculoskeletal disorders, cancer or serious illness and mental health issues.
Benefits |
|
|---|---|
Benefit Percentage |
50% |
Monthly Benefit Maximum |
$3,000 |
Waiting Period |
90 days |
Definition of Disability |
5 Years |