Disability Insurance
Employees may choose short-term and long-term disability income coverage. Premiums vary depending upon the employee's salary and are payroll deducted. The following are the disability options offered by SCF:
Short Term Disability (STD):
If the employee meets the definition of disability, they would be entitled to 60%
of their pay to a maximum of $800 per week. There is a seven day elimination period
which means that they employee must be absent seven consecutive work days. Employees
can receive STD for up to 12 weeks.
Plan Highlights
| Age | Rate | Age | Rate |
|---|---|---|---|
| <25 | $0.36 | 50-54 | $0.34 |
| 25-29 | $0.36 | 55-59 | $0.41 |
| 30-34 | $0.33 | 60-64 | $0.49 |
| 35-39 | $0.31 | 65-69 | $0.57 |
| 40-44 | $0.30 | 70-74 | $0.62 |
| 45-49 | $0.31 | 75+ | $0.67 |
Your premiums are calculated by:
Weekly Salary X 60% = Your Weekly Benefit
Your Weekly Benefit ÷10 = Results X *Your Rate = Your Monthly Cost
Your Monthly Cost X 12 = Annual Cost ÷ Number of Paychecks per Year = Cost per Paycheck
All benefit eligible employees receive a college paid LTD 50% policy. This means that if the employee were to be out on LTD, they would receive 50% of their pay. Employees have the opportunity to "buy-up" to a 60% policy.
Plan Highlights
Your premiums are calculated by:
$0.18 per $100 of Covered Salary
Annual Salary ÷ 100 = Result X $0.18 = Annual Cost ÷ Number of Paychecks per Year = Cost per Paycheck*
*Final cost may vary slightly due to rounding.
