Short-Term Income Protection (STIP)
& Long-Term Disability (LTD) Plans
These plans provide a benefit if you suffer a non-occupational injury or illness that prevents you from working. The plans are divided into short-term and long-term coverage, but you pay only one premium for both. The short-term coverage is through the Short-Term Income Protection Plan (STIP), which the insurance administrator calls Short-Term Disability (STD). The long-term coverage is through the Long-Term Disability Plan (LTD). (Please recognize that the term “disability” is an insurance company product label.)
- The premium is 1.01% of your gross weekly pay and is paid through pay deduction with pre-tax dollars.
- This coverage is effective on the first day of the month following six months of continuous employment.
- A loss of professional certification or licensure does not necessarily qualify one for STIP coverage.
- The STIP plan has a pre-existing condition provision which is defined as a sickness or accidental injury for which, during the 3 months immediately before the effective date of your insurance, you did one or more of the following:
- Received medical treatment, care, services or advice.
- Took prescribed drugs or had medications prescribed.
- Experienced related or resulting symptoms or aggravations, which would be a reasonable cause for an ordinarily prudent person to seek diagnosis, care or treatment from a doctor or healthcare facility
- Please keep this in mind when using the STIP plan.
LTD Options
We offer our drivers the option to choose from two Long-Term Disability programs. Both programs offer the same benefit and you may select the duration of the benefit.
LTD Option 1—Your maximum benefit duration is 2 years.
LTD Option 2—Your maximum benefit duration is 5 years.
Electing Option 2 will increase your STIP-LTD premium by 0.14%.
Short-Term Income Protection &
Long-Term Disability Plans Summary
| |
STIP |
LTD |
| Waiting Period-Injury |
0 Days |
6 Months |
| Waiting Period-Illness |
7 Days |
6 Months |
| Maximum Benefit Duration |
26 Weeks |
Depends on the LTD option purchased. Refer to your SPD. |
| Benefit Amount |
50% of the employees weekly salary or wage |
60% of the employee's monthly salary or wage to a max of $6,000 per month. |
Keep in mind that if you elect our health insurance, you will automatically be enrolled in Short-Term Income Protection and Long-Term Disability coverage. If you do not elect our health insurance, you will need to enroll in this benefit to be covered.