Disability
Disability insurance can keep you financially stable should you become disabled and unable to work. It can help provide a sense of security, knowing that if the unexpected should happen, you’ll still receive a monthly income.
Medical Leave
Medical leave replaces your income, for up to 12 weeks for your own, serious medical conditions such as:
- Pregnancy disability and childbirth recovery (covered for at least 8 weeks)
- Prolonged illness or injury
- Surgery and recovery time
Long-Term Disability (LTD)
Eligibility: All employees working at least 30 hours per week
Monthly Benefit Amount Maximum: $20,000 per month
Pre-Existing Condition Exclusion Period: Any injury/sickness for which an employee received medical advice within 90 days prior to the effective date of insurance; this limit will no longer apply after 12 months of being insured
Elimination Period: 90 days
Gross Disability Benefit: The lesser of 60% of your monthly covered earnings or $20,000 rounded to the nearest dollar or your maximum disability benefit
Minimum Disability Benefit: The greater of $100 or 10% of your monthly benefit prior to any reductions for other income benefit
Taxable vs Tax-Free Basis
Stack AV offers employees the opportunity to choose if they would like their LTD benefits to be paid on either a taxable or tax-free basis.
- When electing a non-taxable LTD benefit, it means you pay no taxes on disability payments you may receive at the time of claim. In this case you will be responsible for paying premiums, on a post-tax basis.
- When electing a taxable LTD benefit, it means that you are paying taxes on the disability payments at the time of claim. In this case, Stack AV will be responsible for paying premiums on your behalf.