Disability
Disability insurance provides financial protection if you’re unable to work due to illness or injury. It replaces a portion of your income, helping you manage everyday expenses and maintain stability while you recover. Short Term Disability (STD) typically covers temporary conditions, while Long Term Disability (LTD) offers extended support for more serious or long-lasting health issues. This coverage offers peace of mind, ensuring you’ll still receive a steady income if the unexpected happens.
Short Term Disability (STD)
- You are eligible to receive STD benefits after you have been disabled for 30 calendar days due to a non-work-related illness or injury.
- Pays a taxable benefit of 75% of your pre-disability for up to 5 months.
- Continues to pay a benefit based upon your ongoing disability status and your age at the time your disability began.
Long Term Disability (LTD)
- You are eligible to receive LTD benefits after 180 days of disability
- Replaces up to 60% of your eligible income on a non-taxable basis, up to a maximum of $9,000 per month.
- Continues to pay a benefit based upon your ongoing disability status and your age at the time your disability began.
- LTD premiums are based upon your salary and your maximum LTD benefit. Premium contributions that the College makes on your behalf will be included in your gross income annually and taxed accordingly. As a result, any benefits you receive from the LTD plan are not subject to taxes.