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Group Long Term Disability Insurance
The Gabor Agency, in partnership with
Standard Insurance Company (The Standard), is pleased to offer Group Long Term Disability Insurance for eligible employees of the State University System of Florida. This is a unique benefit that offers to a way to “insure your paycheck” in the event of a disability.
Losing your ability to work can be an emotionally and financially devastating event for you and your family. This program will replace 2/3 of your university income tax-free
to a maximum of $15,000 per month payable to Social Security Normal Retirement Age (SSNRA) , in the event that you are unable to work due to injury or illness.
The monthly cost to participate in the 30-Day Plan is $0.85 per $100 (STD and LTD combined premiums) of covered monthly salary. Should you elect to participate in the 90-Day Plan, the monthly cost is $0.59 per $100 (LTD premium) of covered monthly salary, collected on a bi-weekly basis.
To help you calculate your monthly premium cost, please refer to the examples provided below:
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ADDITIONAL FEATURES
ASSISTED LIVING BENEFIT *
LIFETIME SECURITY BENEFIT *
ANNUITY CONTRIBUTION BENEFIT *
COST OF LIVING ADJUSTMENT (COLA) BENEFIT *
REHABILITATION PLAN *
FAMILY CARE EXPENSES *
WORK INCENTIVE BENEFIT *
SURVIVOR BENEFIT *
*See brochure for explanation for a description of these additional features.
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PREMIUMS EXAMPLES
The monthly cost to participate in the 30 day Elimination Period Option is $.85 per $100 of covered monthly salary, Should you elect to participate in the 90 day Elimination Period Option, the monthly cost is $.59 per $100 of covered monthly salary, collected on a bi-weekly basis.
To help you calculate your monthly premium cost, please refer to the following examples below:
If you participate in the:
30 day Elimination Period Option
(STD and LTD Combined Premiums) :
$20,000 / 12 / 100 x $.85 = $14.17 Monthly Premium
( Annual Salary) (Months) (per $100 salary rate-based)
$40,000 / 12 / 100 x $.85 = $28.33 Monthly Premium
( Annual Salary ) ( Months ) ( per $100 salary rate-based )
$60,000 / 12 / 100 x $.85 = $42.50 Monthly Premium
(Annual Salary) (Months) (per $100 salary rate-based)
Benefits are paid on a WEEKLY basis once you have been disabled for 30 days.
90 day Elimination Period Option
(LTD Premiums) :
$20,000 / 12 / 100 x $.59 = $9.83 Monthly Premium
( Annual Salary) (Months) (per $100 salary rate-based)
$40,000 / 12 / 100 x $.59 = $19.67 Monthly Premium
( Annual Salary ) ( Months ) ( per $100 salary rate-based )
$60,000 / 12 / 100 x $.59 = $29.50 Monthly Premium
(Annual Salary) (Months) (per $100 salary rate-based)
Benefits are paid on a MONTHLY basis once you have been disabled for 90 days.
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Frequently Asked Questions
What is disability?
Accidents or injuries, illness, or maternity that limit you from performing the material and substantial duties of your regular occupation for the period specified in you certificate, and then any occupation for which you are reasonably suited for by education, training, or experience.
Why do you need long-term disability?
“What are the odds a disability could happen to me?”
- The Social Security Administration estimates that 3 out of 10 Americans entering the workforce will become disabled before they retire.
- Illnesses, not accidents, cause more than 90% of long-term absences.
- Every 90 seconds, someone files for bankruptcy in the wake of a serious illness. (American Journal of Medicine)
- Most workers believe their other benefits will cover lost income due to illness, when in fact nearly 90% of disabilities are not work-related and therefore not eligible for workers compensation benefits. (Council for Disability Awareness)
- Many people do not have adequate savings to cover the average long-term disability claim of 31.3 months, almost 3 years, long enough to cause a possible lapse in health care coverage.
What is your biggest asset? Your ability to earn a paycheck!
If your paycheck were to suddenly stop due to disability, would any of these options provide a viable solution?
- Health Benefits- Health insurance covers only portion of your medical bills, but it does not provide any income protection if you are unable to work and earn a living.
- Personal Savings- If you saved 10% of your annual income each year, one year of total disability would totally wipe out your personal savings!
- Social Security Disability Benefits - Approximately 65% of all Social Security Disability claims are rejected.
Why should you buy long-term disability insurance?
If a disability were to prevent you from earning an income, how ill you pay your bills, mortgage, your car payments, and other expenses? There is a lot that depends on your paycheck- that’s why disability insurance is important to consider.
- 77% of Americans are living paycheck to paycheck.
What can Voluntary Long Term Disability coverage do for you?
- Provide a tax- free income
- Offer guaranteed issue
- Offer partial disability benefits if you return to work part-time
- Offer Social Security disability benefits.
How do you enroll?
New employees
- Available to all new salaried employees of a State University working at least 20 hours per week
- Offered guaranteed issue during the first 90 days of employment or during an open enrollment period.
Existing Employees
Available with Evidence of Insurability
Something to consider…
Today, the top five causes of long-term disability claims include common medical conditions familiar to most Americans. (5)
- Cancer
- Complications of pregnancy
- Joint, muscle, or connective tissue problems
- Back injuries
- Cardiovascular disease
How to Enroll in Post-Tax Insurance
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Last modified: 13 October 2011
Human Resources Webmaster
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