Disability Insurance
EMPLOYEE BENEFITS
Cigna / New York Life ABOUT DISABILITY Disability insurance protects one of your most valuable assets, your paycheck. This insurance will replace a portion of your income in the event that you become physically unable to work due to sickness or injury for an extended period of time.
For full plan details, please visit your benefit website: www.mybenefitshub.com/lovejoyisd
SUMMARY OF BENEFITS If you had an unexpected illness or injury and were unable to work, how long would you be able to pay your bills and take care of your family? Disability insurance pays a portion of your salary if you’re unable to work due to a covered disability. By purchasing coverage through your employer, you also benefit from cost-effective group rates and convenient payroll deduction. Eligibility: If you are an active employee working at least 15 hours per week, you will be eligible immediately. Guaranteed Issue*: Initial Enrollment: If you are eligible on or before the policy’s effective date, you may enroll for coverage during the Initial Enrollment without submitting any evidence of good health. New Hires: If you were hired after the policy’s effective date, you may elect coverage once eligible without submitting any evidence of good health. Annual Enrollment: During annual enrollment, you may enroll for the first time or make coverage changes, if already participating, without submitting any evidence of good health. *The Pre-Existing Condition Limitation, as outlined in the Benefit Reductions, Conditions, Limitations and Exclusions section, will apply.
Employee Options Select Monthly Benefit: Option 1: 40% Gross Monthly Benefit1 Option 2: 50% Option 3: 60% Maximum Gross $8,000 Monthly Benefit Select from Five (5) Options: Accident/Sickness Option 1: 0 days/7 days Benefit Waiting Period Option 2: 14 days/14 days Option 3: 30 days/30 days Option 4: 60 days/60 days Option 5: 90 days/90 days Please refer to the “Maximum Maximum Benefit Period Benefit Period” Schedules below for more details 1. Your benefit amount will be reduced by any amounts payable to you by any of the sources listed under the “Effects of Other Income Benefits” section.
Monthly Cost of Coverage: Disability - per $100 in benefit (All Ages) Elimination 40% Benefit 50% Benefit 60% Benefit Period 0/7 $2.63 $2.76 $2.96 14/14 $2.14 $2.25 $2.42 30/30 $1.92 $2.03 $2.18 60/60 $0.83 $0.95 $1.10 90/90 $0.63 $0.73 $0.85 Notes: Benefits available at 40%. 50%, or 60% of covered payroll with a maximum benefit of $8,000. Rates are presented on a per $100 covered monthly payroll basis
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