Percentage On Gross Income
Less than 25% of Americans has savings that can last them for more than 6 months. As such, joining a salary replacement plan can solve this problem in case you are not able to provide for your family.
Benefits Accrued From Joining The LTD Program
Here are the benefits that you can accrue by being a participant of the program:
- 55% tax-free benefits calculated from your gross income
- Partial disabilities benefits
- Mental health disability benefits for up to 36 months
- Rehabilitation as well as return to work help benefit
- Dependent care expenses
- Limitations placed on receipt of other benefits
In case you are receiving other benefits, there is a chance that the LTD will be reduced. The reduced LTD benefits include:
- Workers compensation
- Social Security disability benefits Retirement benefits
- Sick leave benefits
As such, you must give notification to the administrators of the plan in case you are to begin receiving any of the above benefits. The minimum benefit you can receive is 10% of your gross income or $100.
Ensure that you contact the administrators of your plan if you are using sick time, vacation time or worker compensation as it may affect the amount you get.
Eligibility
All state employees are eligible to be participants in the LTD. The said employees must have worked for a minimum of 18.75 hours. Therefore, the minimum would be 20 hours in a 40-hour week.
All those who are eligible may join during the annual enrollment or at any time that is comfortable for them. To gain approval for the plan, you need to provide evidence of tiptop health.
Were you injured while working?
Contact us at one of our offices:
White Plains
Markhoff & Mittman, P.C.
120 Bloomingdale Rd #401
White Plains, NY 10605
914-946-1452
Brooklyn
Markhoff & Mittman, P.C.
186 Joralemon St. #701a
Brooklyn, NY 11201
718-509-3599
Long Island
Markhoff & Mittman, P.C.
1778 Hempstead Turnpike
East Meadow, NY 11554
516-267-6873
NYC
Markhoff & Mittman, P.C.
1825 Park Ave #901
New York, NY 10035
212-897-9004
