Short term disability is sometimes referred to as income replacement or paycheck insurance because it pays you benefits to replace a portion of the income if you’re unable to work due to an illness or off-the-job injury.
Short Term Disability (STD)
If you become too sick to work, sustain an off-the job injury that prevents you from working, or you have a baby and are off work, participation in the STD plan will allow you to submit a claim the elected weekly amount. Along with the claim, documentation about the medical necessity of your time away from work will need to be submitted to the short-term disability (STD) carrier for qualified employees.
Upon claim approval, benefits are paid to you directly.
Employees may choose the amount of coverage up to their annual salary. When a claim is filed, the benefit will pay the elected amount weekly up to a maximum benefit of $2000 per week.
Why consider short term disability coverage?
If you were unable to work because you were injured or became too sick, would you be able to cover your living expenses and additional medical bills? For most people, the answer is no. Short-term disability helps protect a portion of your income while you are off work. The University offers comprehensive sick, vacation and leave time. However, most employees do not have enough time banked to cover their pay in the event of an extended medically necessary absence. Additionally, the policies offered are individual policies that do not off-set other income, making the policy an affordable option to insure your financial security.
Unlike worker’s compensation, short term disability insurance pays benefits for an injury or illness unrelated to your job
Cost and coverage
The University offers 2 plan options to choose from for cost effective choice. Plans are age and coverage amount rated.
|Option 1, waiting period 15/15
Policy pays 15 day after qualified accident or 15 days after qualified illness
|Under age 35||$11.982|
|Option 2, waiting period 1/8
Policy pays 1 day after qualified accident or 8 days after qualified illness
(per $100 of weekly benefit)
|Under age 35||$15.183|
Informational estimate- actual claim determinations would be made by STD carrier:
Employee age 30; salary election $30,000 yearly
Monthly cost (refer to the Premium worksheet) based on election of $300 weekly benefit
Option 1 cost: 35.95 monthly
Option 2 cost: 45.55 monthly
Employee has surgery related to an off-the-job accident that requires 8 weeks of time away from work for rehab.
Option 1 payment: day 15 coverage for qualified accident service. Plan would pay weekly benefit election of $300 week for 6 weeks, which equals $1800 of benefit. Plan does not offset any sick or vacation time available.
Option 2 payment: day 1 coverage for qualified accident service. Plan would pay weekly benefit election of $300 for 8 weeks, which equals $2400.00 of benefit. Plan does not offset any sick or vacation time available.
Enrolling and changing
This is a voluntary addition to your other insurance and should not be considered as a replacement for health insurance.
Short term disability must be enrolled during new hire period, within 30 days of a qualifying event, or at open enrollment. Covered services must be incurred after effective date and pre-existing limitations may apply.
For more information, contact human resources.
Hartford allows for electronic claim filing. Set up your account, file your claim, track your payments. visit: www.abilityadvantage.thehartford.com/
- Legal employer name: Board of Governors for Missouri State Univeristy
- Policy #: 715060