Disability
Disability insurance provides financial protection if you’re unable to work due to illness or injury. It replaces a portion of your income, helping you manage everyday expenses and maintain stability while you recover. Short Term Disability (STD) typically covers temporary conditions, while Long Term Disability (LTD) offers extended support for more serious or long-lasting health issues. This coverage offers peace of mind, ensuring you’ll still receive a steady income if the unexpected happens.
Short Term Disability (STD)
- You are eligible to receive STD benefits after you have been disabled for 7 days due to a non-work-related illness or injury.
- Replaces up to 60% of your eligible income, up to a maximum of $2,500 per week.
- Benefits end after 12 weeks
Long Term Disability (LTD)
- You are eligible to receive LTD benefits after 90 days of disability
- Replaces up to 60% of your eligible income, up to a maximum of $15,000 per month until you recover or reach your Social Security Normal Retirement Age, whichever is sooner.
- Benchling offers pre-tax and post-tax options.
- Under the pre-tax option, the employer pays 100% of the premiums for the LTD benefit and there is no charge to the employee at the time of contribution. When an employee goes out on disability, their disability payment from the carrier is taxed.
- Under the post-tax option, the employee pays tax on the employer-paid premium on a per paycheck basis and the disability payment from the carrier to the employee will be tax-free.