DISABILITY
Disability insurance provides essential financial protection if you’re unable to work due to an accident, illness, or injury. It helps replace a portion of your income so you can focus on recovery without worrying about lost wages. At NEOMED, we offer two types of coverage: Short-Term Disability, which provides benefits for temporary conditions, and Long-Term Disability, which offers extended support for more serious or prolonged disabilities. This coverage ensures peace of mind and financial stability during life’s unexpected challenges.
Short Term Disability
Short-Term Disability (STD) coverage provides financial protection when you’re temporarily unable to work due to an illness or injury. This voluntary benefit helps replace a portion of your income so you can focus on recovery without added financial stress.
Plan Highlights
- Benefit Amount: 50% of your weekly salary, up to a maximum of $1,200 per week.
- Waiting Period
- 15 days for disabilities caused by an injury
- 30 days for disabilities caused by an illness
- Benefit Duration: Up to 24 weeks.
Important: If you continue to receive a salary through paid sick or vacation leave, disability benefits will begin only after salary continuation ends.
Long Term Disability
Long-Term Disability (LTD) coverage provides critical financial protection if you experience a serious illness or injury that prevents you from working for an extended period. This benefit helps replace a portion of your income so you can maintain financial stability during recovery.
Plan Options
Employer-Paid Option
- Cost: No cost to employees
- Benefit Amount: 60% of your monthly salary, up to $12,500 per month
- Waiting Period: 6 months
Shared Premium Option
- Cost: Shared between NEOMED and the employee
- Benefit Amount: 60% of your monthly salary, up to $12,500 per month
- Waiting Period: 3 months
This coverage ensures long-term financial security when you need it most, giving you peace of mind during life’s unexpected challenges.