tailieunhanh - Lecture Employee benefits and retirement planning - Chapter 51: Long term disability insurance

This chapter looks at group long term disability insurance coverage. As with short-term coverage, long term disability insurance per se is not covered in depth, just the group coverage implications. The section on design features focuses on eligibility, definitions of disability, and benefit formulas. Tax implications focus on taxability of benefits. | What is it? An employer-sponsored program to provide disability insurance to employees who are disabled (unable to work) beyond period specified in plan Designed to supplement Social Security Copyright 2009, The National Underwriter Company When is it indicated? When employees need income if they experience long-term disability Employer wants to choose who will be covered amounts of coverage – can vary across employees terms and conditions of coverage Copyright 2009, The National Underwriter Company Design Features: Eligibility Employer decides coverage Plans usually only cover full-time salaried employees Waiting period typically 3 to 12 months Copyright 2009, The National Underwriter Company Design Features: Definition of Disability “Social Security” or “total and permanent” Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months Copyright 2009, The National Underwriter Company Design Features: Definition of Disability “Qualified for” definition Total and continuous inability of the employee to engage in any and every gainful occupation for which he or she is qualified or shall reasonably become qualified by reason of training, education, or experience. Common definition in long-term disability plans Copyright 2009, The National Underwriter Company Design Features: Definition of Disability “Regular occupation” or “own occupation” Total and continuous inability of the employee to perform any and every duty of his or her regular occupation. Common definition in short-term disability plans Copyright 2009, The National Underwriter Company Design Features: Definition of Disability Specific exclusions Disabilities during periods when employee not under physician’s care Disabilities caused by intentional self-inflicted injury Disabilities . | What is it? An employer-sponsored program to provide disability insurance to employees who are disabled (unable to work) beyond period specified in plan Designed to supplement Social Security Copyright 2009, The National Underwriter Company When is it indicated? When employees need income if they experience long-term disability Employer wants to choose who will be covered amounts of coverage – can vary across employees terms and conditions of coverage Copyright 2009, The National Underwriter Company Design Features: Eligibility Employer decides coverage Plans usually only cover full-time salaried employees Waiting period typically 3 to 12 months Copyright 2009, The National Underwriter Company Design Features: Definition of Disability “Social Security” or “total and permanent” Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be .

• Quản trị kinh doanh
• Employee benefits
• Retirement planning
• Retirement plan design
• Employee’s retirement
• Long term disability insurance
• Regular occupation
• Employee benefit planning
• Individual benefits statement
• Employee discounts
• Company cafeterias
• Employee stock purchase plans
• Section 423 plans
• Key employee life insurance
• Corporate owned life insurance
• Simplified employee pension
• Salary reduction SEP
• Scheduled benefits
• Legal services plan
• Lecture Human resource management
• Human resource management
• Human resource
• Quản trị nhân sự
• Employee benefits programs
• Restricted stock plans
• Employee retention
• Strategic Benefits
• Development Benefits
• Financial Reporting
• Financial Management
• Human Resources
• Legal services plans
• Employer select
• Designing retirement plans
• Stock options
• Nonstatutory stock option
• Incentive stock options
• Alternative minimum tax
• Cafeteria plans
• IRC section 125
• Flexible spending accounts
• Medical reimbursement
• Group term life insurance
• Executive carve out
• Split dollar life insurance
• Endorsement method