The Standard’s Long Term Disability Plan
The Standard’s long term disability plan provides a nontaxable monthly income to age 65 in the event of total disability. If total disability occurs at age 60 or older, different rules apply. New hires have 31 days from their date of hire to enroll without a statement of health. Total disability is defined as being completely unable to perform the duties of your own occupation for the first 24 months of disability, plus the six-month elimination period. Afterwards, disability means the inability to perform any occupation for which you are reasonably suited by education, training, or experience. The benefit begins after six full months of continuous disability. The basic monthly income benefit replaces 60% of your monthly wage base up to a maximum of $10,000 per month before offsets (Workers’ Compensation, Social Security Disability, employee sick leave). The benefit is non-taxable.
In addition, The Standard pays a monthly annuity benefit to a TIAA-CREF or Great West retirement account, which equals 12% of your monthly wage base.

 

 

MetLife Long Term Care
Long term care insurance helps protect your assets and retirement savings, as well as helps to maintain your financial independence and preserve your family’s lifestyle. The policy pays benefits for custodial and skilled care received at home, in an adult day care center, assisted living facilities, or in a hospice facility. Employees, their spouses, parents and parents-in-law between ages 18 and 84 may apply for the coverage. Eligibility for coverage is based on cognitive impairment or inability to perform daily activities (bathing, dressing, transferring, toileting, continence, and feeding).Call Rachel Wood at MetLife 304-284-9874 for plan design.