Word to the Wise: Protect yourself, protect your family. The money you spend on voluntary LTD insurance is money well spent. If you're not sure, ask yourself how long you could live on 50% of your income.
Disability insurance helps replace income lost when you are disabled as the result of an illness or injury and are unable to work.
Short-term disability (STD) insurance pays a benefit equal to 66 2/3 of your annual benefits salary once you have been disabled for 14 calendar days. To become eligible for STD insurance, you must have 90 days of regular employment with First Data. After that, you are enrolled automatically and the cost of STD insurance is paid in full by First Data.
Long-term disability (LTD) insurance picks up where STD leaves off. There are two types of LTD insurance:
- Basic LTD coverage for employees is paid in full by First Data. This coverage is equal to 50% of your annual benefits salary and pays a minimum of $100 per month and a maximum of $15,000 per month.
- Voluntary LTD coverage is paid for by you with after-tax dollars. Your rate is based on your benefits salary. This optional coverage is an additional 16 2/3% buy up on the basic LTD coverage and requires a payroll contribution. Your total coverage is equal to 66 2/3% of your annual benefits salary and pays a minimum of $100 per month and a maximum of $20,000 per month.
New for 2012 - you will be automatically enrolled in the Voluntary LTD coverage during enrollment, resulting in payroll deductions that will not be refunded. If you do not want the extra coverage, you must opt out to be enrolled in the Basic LTD coverage.
If you are newly eligible for the Long-Term Disability (LTD) Plan, the plan will not pay benefits for a disability those results from a pre-existing condition. If you are increasing your benefit from 50% to 66 2/3%, the plan will not pay the increased benefit amount for a disability those results from a pre-existing condition. A condition shall no longer be considered preexisting if the disability begins after you have been covered under the plan and in active employment for a period of 12 consecutive months or longer. The preexisting condition rules apply at your initial enrollment and at any later enrollment for an increase in coverage.
About Evidence of Insurability (EOI)
For future enrollments you may be required to provide EOI if you were previously eligible for Voluntary LTD insurance and you did not enroll.
If EOI is required, you will receive an EOI form through: (1) your secure mailbox, if that's the form of preferred communication you selected on the Your Benefits Resources Web site; or (2) the mail.
You must complete the form and send it back to MetLife. The coverage you elect will go into effect on the first day of the month after you have provided the required information AND your coverage has been approved by MetLife.
If you receive benefits under other disability plans, such as Social Security or Workers Compensation, the LTD benefit is reduced by the amount received under those plans. However, in no case would you receive less than the minimum benefit of $100 per month.
How much disability insurance do you need?
Use the Estimate Your Long-Term Disability Needs tool under Insurance on Your Benefits Resources.
For more information...
For EOI inquires or other inquiries, call MetLife at 877.638.4332, visit MetLife, or review the 2012 SPD.
To file a claim, call the Employee Resource Line at 888-348-4835.