psea group disability plan july 21, 2014 presenters: joe walsh & bob crook, hillendale...
TRANSCRIPT
PSEA Group Disability PlanJuly 21, 2014
Presenters: Joe Walsh & Bob Crook, Hillendale Associates
What is Disability Income Insurance?
Disability Insurance is paycheck insurance
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• 1 in 47 chance you will use your Auto Insurance
• 1 in 88 chance you will use your Homeowner’s Insurance
• 3 in 10 chance you will need Disability Insurance before you retire
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Your most important asset is not your possessions…
it’s your ability to make a living.
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What about… Social Security?
Unemployment Compensation?
Health Insurance?
Worker’s Comp Insurance?
Sick leave?
Sick leave banks?
District paid disability plans?
PSERS?
Sabbaticals?
Only 30% of Social Security Disability Insurance applicants were approved*
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*Social Security Administration, www.socialsecurity-disability.org/blog/tips-about-social-security-disability-benefits, 2011
Unemployment Compensation is for those who can work
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Health Insurance covers medical services and prescriptions…
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Not income
If you are no longer working, your district may stop paying your medical insurance premiums
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Worker’s Comp is for a disability resulting from your job
Most disabilities are not job related*
*Council for Disability Awareness, disabilitycanhappen.org; Social Security Fact Sheet, March 18, 2011
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Accumulated sick leave pay (10 paid days per year)
• No help for young members• Young members use up all sick days on
pregnancy or taking care of ill children
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Sick leave banks
• Limited number of days• Likely not a full day’s pay• Subject to committee approval• Pregnancy is usually not covered
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District-paid disability plans
• Out of date• Salary caps too low• Lifetime max too low
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PSERS
• Hired before July 2011 – must work 5 years before covered
• Hired after July 2011 – must work 10 years before covered
• Geared toward longer-term
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Sabbatical
• Must work 7 years to be eligible• Board approved. Not doctor approved.
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PSEA members need a disability plan to protect them
• Mortgage• Medical bills & insurance• Debt• Childcare• Auto payment • More
Introducing the new
PSEA Group Disability Plan
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Causes of disability• Heart disease• Cancer• Arthritis• Pregnancy• Off-the-job accident
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Short-Term Claims:
Actual employer with 3599 employees
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Long-Term Claims:
Actual employer with 3599 employees
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What are your members chances of becoming disabled?
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Social Security Administration, Fact Sheet Jan 31, 2007
More than one in five can expect to be disabled for more than five years*
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* Commissioner's Disability Insurance Tables A and C, assuming equal weights by gender and occupation class
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PSEA Members have GAPS in disability coverage.
PSEA members are gambling with their paychecks…
With odds of one in five!
Neighboring states pay for teacher disability coverage
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Only 35% covered
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The PSEA Group Disability Plan• Covers pregnancy• Covers mental/emotional illness• Choice of 6 different plans customized to meet the needs of
PSEA members• No medical questions if enrolled during initial offering
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The PSEA Group Disability Plan• Voluntary, member-paid, group rates• Statewide plan: Rates pooled with other PA districts• Flat rates – do not increase with age
MPEB – Medical Premium Expense Benefit
• Will pay up to $1,500/month for medical insurance premiums• Paid in addition to the disability benefits
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Compare plan options
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Quarterly meeting presentations
Central, Central-Western, Northwestern, Southwestern, Midwestern, Western and ESP regions
Bob CrookOffice: 866-864-9700Mobile: [email protected]
Eastern, Mideastern, Northeastern, Southeastern, Southern regions
Joe Walsh Office: 610-399-3635Mobile: [email protected]
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In the past hour, almost 3,000 Americans became disabled.
69% did not have disability insurance.
Half of them had to foreclose on their homes.