Short Term & Long Term Disability
Voya Financial
| Col1 | Col2 |
|---|---|
| Short Term Disability | Paid 100% by Hafele |
| Elimination Period | 14 days |
| Benefits Begin | on the 15th day |
| Benefit | 60% of weekly earnings |
| Weekly Benefit Maximum | $2,300 |
| Benefit Duration | 11 weeks |
| Long Term Disability | Paid by Employee |
| Elimination Period | 90 days |
| Benefit Begins | on the 91st day |
| Monthly Benefit Percentage | 60% of monthly base earnings |
| Monthly Benefit Maximum | $10,000 |
| Benefit Duration | to Social Security Normal Retirement Age |
| Definition of Disability | The inability to perform your own occupation (for the first 24 months of disability); then the inability to perform the duties of any occupation for which you have been educated or trained. |
LTD Cost
Voluntary LTD coverage can be purchased for $0.50 per $100 of monthly salary. To calculate your post tax per pay period deduction, use the below formula:
Example: If your annual salary is $45,000, your per pay period cost would be as follows: $45,000 ÷ 12 = $3,750 ÷ $100 X $0.50 X 12 ÷ 26 = $8.65
Please note that if you do not elect LTD during your initial eligibility period, evidence of insurability will be required for a future election.
STD Benefit Summary
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