SHORT TERM AND LONG TERM DISABILITY MANAGEMENT
MATRIX MANAGES ALL ASPECTS OF THE CLAIM
As a major consulting firm providing services to organizations with employee benefit programs, Matrix Consulting Group has designed its program to achieve the best results in managing Short Term Disability and Long Term Disability claims in both human and financial terms. Our goal is to return employees to work quickly, without jeopardizing the employee’s well being or the employer’s operations. An effective disability management program leads to a winning organization, lower claims costs and reduced premiums.
SHORT TERM DISABILITY BENEFITS (STD)
- These are benefits where an employee is paid a percentage of their salary (often 60%, or 66%, but sometimes as high as 80%) for a set number of weeks.
- STD costs are charged to a client at a rate set using actuarial figures and are based on various factors such as the nature of work, the location, and the configuration of the staff (males vs. females, ages, etc.).
- STD rates are normally lower than Long Term Disability rates, and employees may not have as many services provided to them under STD plans.
LONG TERM DISABILITY BENEFITS (LTD)
- Long Term disability benefits are also referred to as LTD or LTD1.
- When short-term disability benefits are exhausted, long-term disability benefits begin.
- The waiting period is generally equal to the total of the STD benefits period – 15 Weeks, 26 Weeks, 52 weeks.
- Contracts for LTD vary widely from Insurer to Insurer.
- Generally, LTD covers employees at a rate equal to the STD rate, however benefits are issued monthly and most policies have a two-year “Own Occupation” period. This means that for the first two years of coverage the employee is considered to be totally disabled when they are not able to perform their own occupation.
- At the end of two years, the policy changes to an “Any Occupation” definition. This means in order to be considered disabled and remain eligible for LTD, the employee must be unable to perform the duties of “Any Occupation.”
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