As a Faculty or University Staff member, you have short-term and long-term disability insurance options. These benefits are administered by The Standard Insurance Company.
Short-term disability: Your enrollment is optional, you pay for premiums and the income benefit is not taxed if you file a claim. If you do not enroll in short-term disability during your initial enrollment period and enroll at a later date, you will be subject to the Late Enrollment Penalty (LEP). See table below.
Long-term disability: LTD is provided to eligible employees. CU will automatically enroll you after one year of continuous employment in an eligible position. Premiums are paid by CU, and the income benefit is taxable if you file a claim.
|Features and Considerations||
|Income Benefit Amount||60 percent of your weekly pre-disability earnings to a maximum weekly benefit of $1,500.||60 percent of pre-disability earnings, not to exceed a benefit of $23,625 per month, less income from other sources (i.e., Social Security).|
|Maximum Benefit Period||
|Cost||Premium paid by employee. To calculate your monthly coverage cost:
||Premium paid by the university. Enrollment is automatic following one year of employment in a benefits-eligible position.|
(subject to Active Work Provisions)*
|For employees who enroll during the "initial enrollment period" (as a new hire or newly eligible employee), the effective date is immediately if your hire date/eligibility date is the first of the month. If your hire date/eligibility date is any other day of the month, your coverage will be effective the first of the following month.
For employees who enroll during CU Annual Open Enrollment, the effective date is July 1 of that plan year.
|First day of the month following your one-year anniversary of employment in a benefits-eligible position.|
|Late Enrollment Pentaly (LEP)||Employees who do not apply during their "initial enrollment period" are subject to the LEP, which means if you file a claim for anything other than an accidental injury during the first 12 months after your coverage becomes effective, short-term disability benefits will be subject to a 60-day waiting period, rather than the regular 29-day waiting period.||N/A|
|Benefit Waiting Period||The Benefit Waiting Period is 29 days from the date of disability or when sick leave is exhausted, whichever is later.
Benefits Waiting Period is the period you must be continuously disabled before short-term disability benefits become payable. No short-term disability benefits are payable for the Benefit Waiting Period.
|The Benefit Waiting Period is 6 months from the date of disability or when sick leave is exhausted, whichever is later.
Benefits Waiting Period is the period you must be continuously disabled before long-term disability benefits become payable. No long-term disability benefits are payable for the Benefit Waiting Period.
|Income Benefit Taxability||Benefit is not taxable income.||Benefits is taxable income.|
|Benefit Claim Process||Contact your campus Human Resources department and Employee Services within 30 days of disability.||Contact your campus Human Resources department and Employee Services 3 - 4 months following disability.|
*Subject to "Active Work Provisions": You must be capable of Active Work on the day before the scheduled effective date of your insurance.