Short-term Disability (STD) Insurance replaces a portion of your income when you are recovering from a covered illness or injury — a big help for keeping up while you are unable to work. You can feel better sooner knowing that your income is protected while you’re on the mend.
The Short-Term Disability plan is an optional insurance plan offered through The Standard which is fully paid for by the employee through payroll deduction (offered as an after-tax deduction only).
The weekly benefit is 60% of your weekly salary up to a maximum of $1,500 per week. The benefit begins on the first day of an accident (or on the fifteenth day of an illness), with a maximum duration of 26 weeks. The STD plan is guaranteed issued during open enrollment, but does have a pre-existing condition clause. This means you may not be eligible for benefits if you have received treatment for a condition within 3 months prior to your effective date until you have been covered under the policy for 6 months.
Why would I need Long-Term Disability insurance? If there’s one thing you can expect, it’s the unexpected. Whether you’re responsible for a family or just yourself, you may have rent or mortgage payments, tuition, and regular monthly bills. If you’re unable to work, there’s an affordable way to help protect your lifestyle and the people who depend on you.
Voluntary Long Term Disability (LTD) insurance from The Standard provides income in addition to disability coverage you may already have, such as the Oklahoma Teachers' Retirement System (OTRS). Or if you have no other income options available in the case of disability, then you should consider enrolling in Voluntary Long Term Disability (LTD) insurance to provide long-term income and protect the lifestyle you had before you became disabled.
Employees may participate in optional long-term disability plans by paying the low monthly premium. Premiums are deducted from your paycheck either before or after taxes are calculated. You must be off work at least 180 days (6-months) and be approved before benefits begin. Benefit payments are less when they are offset by other sources of income such as Oklahoma Teachers' Retirement System and Social Security. The benefit period is limited to two years if there is a mental health diagnosis.
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Plan 1 - 50 % of pay, does not include cost-of-living adjustment or a contribution to the Defined Contribution Plan.
Plan 2 - 66 2/3 % of pay, includes a cost-of-living adjustment and contributions to the Defined Contribution Plan.
High Option - 66 2/3% of pay, applies only to employees earning $70,000 or more annually.
