Group Long Term Disability Insurance
If you are unable to work, how will you pay your bills?
Think of Disability Insurance as Paycheck Protection
Your most important financial asset is your ability to earn a living. Those earnings pay for your living expenses, your children’s education, your home, and your retirement. Group Long Term Disability Insurance helps provide income when you can’t work due to a debilitating accident or illness.
- No one ever thinks it will happen to them, but unfortunately, disability is common.
- Plan ahead and give yourself and your loved ones peace of mind.
- The average disability claim lasts 3 years.1
- The likelihood of a 20-year-old worker becoming disabled before they retire is now better than 1 in 4.2
Comprehensive Disability Insurance coverage you should consider*
- Tax-free payments up to $7,500 per month (not to exceed 67% of gross monthly salary). Please consult with your tax advisor for more information.
- Coverage for a working spouse/domestic partner is also available. (Member coverage is required.)
- Affordable group rates with many convenient payment options.
- Benefits are protected from inflation. Cost of Living Adjustments begins with your second year of collecting disability. Up to six annual adjustments will be made, with a maximum annual increase of 6%.
- Partial Disability and Rehabilitation Benefits.
- No premium after you begin receiving your benefits.
- Survivor Income Benefits, when available, are paid to the insured’s designated beneficiary (a benefit equal to three monthly disability payments).
*Sponsored Family Members are not eligible for the Group Long Term Disability Insurance Plan.
Are You a New Employee?
*Must be age 55 or younger, a U.S. Citizen, and not previously declined.
Long Term Care Insurance
Many people are startled to learn that long-term care is not covered by traditional health insurance or Medicare. Be prepared!
Think the Government has you covered?
Government employees are entitled to a disability retirement annuity under their federal benefits, but for many, it’s just not enough. Supplemental disability coverage from GEBA may make sense. Consider the facts below and calculate your needs.
|GEBA Group Long Term Disability Insurance||FERS Retirement Disability|
|% of Coverage||Up to $7,500 or 67% of your earned income||60% of base income (1st year)
40% of base income (2nd year and thereafter)
|Waiting Period||Flexible 30, 60, 90, 180, 365 days||No waiting period if eligible|
|Incapacity Definition||2 year own occupation, any occupation thereafter||Own occupation|
|Eligibility||Immediate||• After 18 months for new federal employees
• Disability must be expected for at least one year
Contact us to discuss your current coverage and your financial situation to determine if you have adequate resources to meet your everyday expenses in the event you become disabled. If GEBA’s supplemental Group Long Term Disability Insurance makes sense you can apply online or by phone.
30-DAY FREE LOOK
When you become insured, you will be sent a Certificate of Insurance summarizing your coverage. If you’re not completely satisfied with the Certificate’s terms you may return it, without claim, within 30 days and your premium will be promptly refunded. No questions asked! Your insurance will then be invalidated.
GEBA’s Group Long Term Disability Insurance, underwritten by New York Life Insurance Company, pays a monthly benefit if you have a serious covered injury, accident, or illness that makes it impossible for you to work.
The NEW YORK LIFE Box Logo is a registered trademark of New York Life Insurance Company and is registered in the United States and in other countries around the world.
1 The Council for Disability Awareness, “Overviews”, 2018 @ https://disabilitycanhappen.org/overview
2 U.S. Social Security Administration, Fact Sheet, 2018 @ https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf.
The Group Long Term Disability Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Ave, New York, NY 10010. Under Group Policy G-29344-0 on Policy Form GMR-FACE/G-29344-0
New York Life’s state of domicile is New York, and NAIC ID # is 66915
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
Before applying and for important information including features, cost, eligibility, renewability, limitations, and exclusions, please read the additional policy information.
*Coverage is not available in all states at this time. Please contact GEBA for details.