WHY LOCAL 278 IS OFFERING NEW BENEFITS
Currently members participating in the Local 278 health and welfare plan have a 26-week $350 Short-Term Disability benefit. There is no Long-Term Disability. This benefit while necessary is not enough income when a member is out due to injury, illness, or death. Members on the sub health plan and all apprentices currently receive no disability benefits. Without these new Paycheck Protection Benefits, members would potentially have zero to little income if they suffer a disabling sickness or injury. We are trying to help our members potentially avoid a financially devastating event if the unexpected happens and there is no income for you or your loved ones.
HOW IT WORKS
These NEW Paycheck Protection Benefits will help replace your paycheck when you’re unable to work due to illnesses, injuries or death. We’ve made a few options available, so members can choose the plan options that best address the needs for themselves and their loved ones. Our active members are guaranteed approved; there are no medical tests, questions or underwriting to enroll and we cannot be denied coverage! We encourage our members to consider the options we’ve made available to you and your families at affordable group rates.
Why Short-Term Disability (STD)
Close to 90% of disabling accidents and illnesses in America are not work related and therefore not covered by workers’ compensation. It’s understandable with your weekend activities, household tasks, workouts, commuting/driving, traveling, and hobbies & interests, dominate why Americans become disabled and unable to work. When you also factor in debilitating illnesses preventing Americans from working, such as Cancer, Heart Conditions, Stroke, Mental Health, Digestive Disorders, Substance Dependence and Organ Failure; it’s understandable that every 4 seconds someone is injured in some kind of accident and Americans between 25-55 years old, have a 50% chance of being disabled for at least 3 months before the age of 65. Anyone who’s experienced a tragic ‘health’ event or knows someone who has, understands how emotionally difficult as well as financially challenging these situations can be for everyone involved.
Why Long-Term Disability (LTD)
There are no financial benefits available on a long term basis through our health and welfare plan. By enrolling in our new LTD coverage you could start receiving either a $2,000 a month benefit for 2 years or 60% of your total compensation (up to $5,000) a month for 5 years, for illness or injuries occurring on or off the job. This LTD benefit begins paying after a 180-day waiting period (after Short-Term Disability ends) and is paid tax free. LTD is 24/7 on and off the job coverage.
*Social Security Disability Insurance (SSDI) can also be an option if you become disabled long term, however 70% of claims are initially denied and the backlog of appeals cases was more than one million in 2017, with processing time averaging more than 18 months. In 2019, the average SSDI monthly benefit paid was $1,234; below the poverty guideline for a two-person household.
Why Life Insurance with Accidental Death & Dismemberment (AD&D)
Most of us are underinsured for Life Insurance benefits that provide for our loved ones if something happens to us. Experts recommend at least 5 to 10 times your annual earnings in Life Insurance per household. Following a death, we’ve seen too many families suffer both emotionally and financially. We encourage our members to think about the future by making sure your loved have been provided for in the event of an unexpected death.
Members can purchase up to $150,000 of term Life Insurance (in $10K increments). This Life Insurance can be ported and converted. AD&D means, if a Member has had a ‘dismemberment occurrence’ there would be a benefit paid. If the member dies as the result of an accident, the benefit amount of their Life Insurance would double and be paid to their beneficiaries in a lump sum, tax free payment. 24/7 coverage on and off the job. Pre-existing conditions are covered on day 1 when your coverage goes into force.
- $25,000 of Life Insurance can be purchased for your spouse (in $5K increments) & $10,000 for your kids, when the Member enrolls.