Hello all,
I'm not in medicine, but I'm looking to get my finances in order so we can focus on my wife's (who's in residency). My employer offers Long Term Disability after a 6 month "Salary Continuation Program." I currently make about $95k and have 50% pay guaranteed through the LTDI (which I realize is not a ton, but also my wife is a doc). It costs me about $50 a month. I am 30 years old. Here's the details of the program:
The Long Term Disability Income (LTDI) Plan benefits begin after your Salary Continuation Program (SCP) payments have
been exhausted. If you are not eligible for SCP payments (for example, if your disability was work-related and covered by
Workers’ Compensation), your LTDI benefits begin after 26 weeks of disability. LTDI benefits are paid monthly.
To receive LTDI benefits, you must be:
• Totally disabled — unable to perform the regular duties of your own job or an alternate job, if one is available and is
medically appropriate and consistent with your training, education, experience and compensation, as determined by the
<Company>; and
• Under a doctor’s care for the disability.
To continue receiving benefits after 12 months of disability (not including any days for which you received personal illness
payments), or 18 months in the case of a work-related disability, you must be unable to perform the duties of any job —
whether for the Company or any other employer — for which you are reasonably suited by education, training or experience,
as determined by the <Company>.
You or your doctor may be asked periodically to provide proof of your continuing disability. Doctors’ charges associated with
providing proof, if any, will be reimbursed at reasonable and customary rates, as determined by the <Company>.
Emphasis not mine.
This seems to be pretty stringent, and after receiving 12 months of DI they expect you to try to get a job. I'm in Aerospace Software Engineering & Management so I kind of could work a lot of places... which is what worries me. Would my money be better spent in some sort of individual DI?
I'm not in medicine, but I'm looking to get my finances in order so we can focus on my wife's (who's in residency). My employer offers Long Term Disability after a 6 month "Salary Continuation Program." I currently make about $95k and have 50% pay guaranteed through the LTDI (which I realize is not a ton, but also my wife is a doc). It costs me about $50 a month. I am 30 years old. Here's the details of the program:
The Long Term Disability Income (LTDI) Plan benefits begin after your Salary Continuation Program (SCP) payments have
been exhausted. If you are not eligible for SCP payments (for example, if your disability was work-related and covered by
Workers’ Compensation), your LTDI benefits begin after 26 weeks of disability. LTDI benefits are paid monthly.
To receive LTDI benefits, you must be:
• Totally disabled — unable to perform the regular duties of your own job or an alternate job, if one is available and is
medically appropriate and consistent with your training, education, experience and compensation, as determined by the
<Company>; and
• Under a doctor’s care for the disability.
To continue receiving benefits after 12 months of disability (not including any days for which you received personal illness
payments), or 18 months in the case of a work-related disability, you must be unable to perform the duties of any job —
whether for the Company or any other employer — for which you are reasonably suited by education, training or experience,
as determined by the <Company>.
You or your doctor may be asked periodically to provide proof of your continuing disability. Doctors’ charges associated with
providing proof, if any, will be reimbursed at reasonable and customary rates, as determined by the <Company>.
Emphasis not mine.
This seems to be pretty stringent, and after receiving 12 months of DI they expect you to try to get a job. I'm in Aerospace Software Engineering & Management so I kind of could work a lot of places... which is what worries me. Would my money be better spent in some sort of individual DI?
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