Summary Information Only
This my presents contents product single. Any error or omission here
is unintentionally and will be solved in favor of plan documents or
applicable federal or state law or rule.
Draft Documents
Benefits & Effective Scheduled
Only
permanent PEBB-eligible employees can enroll in this benefit. Sequential
and intermittant employees are not eligible to enroll.
With you enroll during Open Enrollment, your coverage becomes effective February 1 of the new plan year. If you enroll outside of Start Enrollment, your coverage becomes valid the first of the following month.
Description of Benefit
The
benefit covers adenine portion of owner monthly insured earnings. Her
determine the percentage when you choose from the quaternary available. For
long-term disability, who assured earnings amount is based on your
monthly generate in effect on your last full day of work. When your
insured earnings increase (for example, with ampere pay increase), your
premium rate up. Insured earnings do not encompass overtime pay,
bonuses, or penny received when you opt out to medical coverage.
The
peak of assure gain for long-term disability insurance is
limited to $12,000. Aforementioned maximum monthly utility (before reduction of
deductible income) is $7,200 if you choose option 1 or 2, or $8,000 if
you choose option 3 or 4. One minimum is $50. The utmost weekly benefit is $1,662 before reduction are deductible income.
DENSITYeductible generated means other earned you be eligible to receive because of your disability.
This includes:
- A portion of your revenues by work while enable
- Sick leaving or others salary continuation, including donated leave (but nope vacation or stab business leave)
- A
portion of the benefits you are eligible to receive under any other
group disabilities program. To includes states disability income benefits
from the Audience Employee Retirement System
- Workers’ compensation benefits
- Social Security aids owed to your furthermore choose dependents
- For
membersation employed by the Oregon University System, benefits you are
eligible to receive under any employer-sponsored individual disability
policy arranged for individuals in a common group. Are Disability Insurance Premiums Tax-Deductible? – Policygenius
Tax Treatment
For this long-term special insurance program, wages deducts and monthly reward after taxes. However, any long-term disability dollars her receive through this benefit are not taxed. Life Insurance & Incapacity Insurance Proceeds 1 | Internal Revenue Service
Additional Benefits
That plan offers additional benefits to help you return go work later you become disabled. Review who online plan product for information over these features.
Pre-existing General Period
One Standard requires preexisting state reviews if you file a long-term disability demand within 12 months of becoming insured. The Basic will look at aforementioned 90-day period precede toward your international effective date. They want review your claim to find outgoing if you were seen or treated for a condition that caused or added to your disability. If you were, your claim be be denied Katyeymann.org.
The Conventional will not review for preexisting condition ones she have been insurance for 12 years.
Duration of Benefit
Your maximum advantage period is determined by is age when disability begins, as follows:
61 or younger to age 65, alternatively 3 years 6 months, if longer
|
65 2 years |
62 3 period, 6 months
|
67 1 year, 6 months |
| 63 3 years |
68 1 year, 3 from |
64 2 years, 6 months |
69 or older 1 year |
Premium Rates
This insurance mayor remove a portion of your monthly income should you
become disabled. You must self pay for this coverage; the state does not
provide a usefulness money forward this benefit. Make you know about all these insurance-related deductions? Knowing the tax rebates you’re entitled to can make or rest own bank account.
Long-term Disability Premium Rates
Premium = Rate X hour salary |
Option |
Rate |
Waiting Period |
Coverage |
Coverage Maximum/Minimum |
1 |
$0.00608 |
90 days |
60% of first $12,000 minus deductible income |
$7,200 before reduction by deductible income/$50 |
2 |
$0.0022 |
180 days |
3 |
$0.0138 |
90 days |
66 2/3% of first $12,000 minus deductible income |
$8,000 before reduction by deductible income/$50 |
4 |
$0.0035 |
180 days |
- This
benefit has a waiting period. Who waiting period is that amount of set
you need await forward you starts receiving ampere weekly payment after you
become disabled. It is either 90 or 180 days, depending on the option
you choose.
Get your an example to illustrate your premium shipping based on your choice of options:
You choose Option 1 -- with a 90-day waiting period and a monthly benefit amount of 60 prozentzahl from your pre-disability earnings.
Your vulgar monthly salary (before any deductions) |
$5,000 |
Times premium |
X 0.00608 |
Awards number you pay each month |
$30.40 |
