Ensuring stability amid illness or injury

Disability insurance is crucial for financial stability, offering income protection if an individual cannot work due to illness or injury. Without it, individuals risk losing their primary income source, leading to financial hardship. This insurance helps cover essential expenses like mortgage payments and utilities, ensuring individuals can maintain their standard of living even when disabled.

Disability insurance safeguards long-term financial health by preventing the depletion of savings and investments. When a disabling event occurs, individuals often face not only the loss of income but also increased medical expenses. Without disability insurance, they might be forced to dip into retirement accounts, sell assets, or incur debt to manage these costs. This can derail financial plans and jeopardize future financial security. Disability insurance mitigates this risk by providing a steady stream of income, allowing individuals to preserve their savings and continue planning for long-term goals such as retirement.

Disability Insurance at MSU

Short Term Disability:

Missouri State University offers valuable short-term disability coverage for its full-time employees, with two policy choices to accommodate different needs. Option 1 offers a 15-day waiting period for both accidents and illnesses, while Option 2 offers no waiting period for accidents and an 8-day waiting period for illnesses. Employees choose their level of coverage, with benefit amounts ranging from $100 to $2,000 per week (maximum election cannot exceed 60% of the covered employee’s salary). Based on medical necessity, the short-term disability policy may pay up to 26 weeks, aligning with the waiting period for the university’s long-term disability policy. Additionally, the policy does not offset sick and vacation leave balances, meaning that qualified leave benefits are paid in addition to any sick and vacation time employees have available for use.

Long Term Disability:

MSU provides full-time employees with employer-paid long-term disability, ensuring continued income protection if an employee is unable to return to work for an extended period. This long-term coverage further supports employees’ financial stability by providing ongoing income replacement during prolonged absences due to serious health issues. By offering both comprehensive short-term and long-term disability policies, Missouri State University promotes a supportive work environment and helps its employees maintain financial stability during periods of disability.

Short-Term disability may only be added within 30 days of hire or at Open enrollment (Nov 1- Dec 1). Long-Term disability is automatically provided to all full-time employees.

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