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Employees are like family.
Whether you want to provide a competitive benefits package or you feel the obligation to provide a salary continuation plan for your team of employees, it's a great idea to consider group long-term disability (Group LTD).
Group LTD is designed to cover 60% of earnings for anyone making $150,000 or less.
You're in luck because Optometry groups have some of the best rates across all categories!
Use the simple formula below to calculate what it would cost to protect your employees.
Annual income = the amount you pay your employee before taxes
X = an age-based coefficient shown in the table below.
Remember: We can only cover 60% of income for annual incomes of $150,000 or less. That means if you make more than $150,000 before taxes, then please use a the maximum income figure of $150,000.
who is eligible
In the immortal words of Elton John's Your Song, "You can tell everybody!"
Employers can enroll themselves and all their full-time employees (30+ hours per week) on a guarantee-issue basis.
If Group LTD coverage is desired then all full-time workers must enroll to spread the risk of disability.
1099 employees are technically self-employed and are therefore ineligible for group coverage. (Feel free to give us a call to review individual coverage options.)
Keep in mind coverage may not be offered to employees who are currently recovering from a disabling illness or injury.
what it covers
Total Disability* is protected with an Own Occupation definition for 3 years. An Own Occupation definitions means that each person is covered in their specific occupation. That comes in handy for anyone who has developed a recognized specialty.
Partial Disability* is also covered if significant income loss is attributable to a disabling illness or injury.
Either way, YOU--the employer--no longer have to manage the tricky question about whether or not you have to continue paying your employees because you've outsourced that decision, and the financial risk, to an insurance carrier in exchange for a modest premium.
The employee is protected, the employer is off the hook, and the carrier accepts the risk. That's what we like to call a win-win-win.
*See policy for coverage details