Short-term disability insurance provides protection from loss of income due to disability resulting from an accident or illness after a waiting period of 30 consecutive days. Short-term disability pays a monthly payment equal to 66% of your gross monthly salary up to $10,000 of salary or $6,600 in benefits for up to five months.
Long-term disability (LTD) insurance provides protection from loss of income during extended absences due to total disability resulting from an accident or illness. A waiting period of 90 consecutive days must be satisfied before disability benefits become payable. Long-term disability payments are equal to 60% of your gross monthly salary up to $10,000 of salary, or $6,000 per month in benefits. LTD benefits for the first 24 months are based on disability from a specific job. After 24 months, it is based on disability from any job and approval by Social Security for disability benefits.
Short-term and Long-term Disability Insurance Combined
If an employee is covered by both short-term and long-term disability at the time they become disabled, benefits are payable at 70%. To receive a monthly benefit from either the short-term or long-term disability plan, you must meet the definition of total disability. Benefits will be reduced by the income you receive from other sources, such as Social Security benefits, workers' compensation, or your disability retirement plan benefits. No benefits are payable until all accumulated paid sick leave through the university is exhausted.
Pre-existing condition exclusion applies to both short-term and long-term disability programs.