Voluntary Disability Plan
Company paid short and long term disability plans typically offer employees good, basic protection when off the job accidents or illnesses occur. Most of these plans, however contain gaps in coverage, protection limitations, and adverse tax effect that become problematic when their people go out on medical leave. In many cases, employees are unaware of these gaps or limitations until they actually experience a disability.
In order to provide employees with more comprehensive income protection, companies today are making voluntary short and long term disability plans available to be purchased. These employee pay all plans have become quite popular as they augment well the group plans their employers provide.
- Coordinates with company paid disability plan(s)
- A higher level of base salary coverage protection
- Incentive compensation is included as eligible compensation
- Benefits paid out are not taxed under current tax laws
- Premiums are discounted and remain level throughout a person's working career
- Employees can take their coverage with them if they leave the company
Total Package Partners provides a full and complete array of consulting and brokerage services that supports voluntary disability plan design, communications, and enrollment. .We do all this without tying up HR and Benefits department time and resources.
