Commentary: The financial security long-term disability insurance provides is extraordinary as compared to most other nonmedical benefits. For example, while normative dental benefits only provide a risk transfer of $1,500 per year, an LTD benefit could provide over $40,000 in income replacement per year, depending on the plan design. However, given the time and attention required by our medical plans nowadays and the higher value employees often place on those nonmedical benefits that feature higher claim frequency (e.g., dental, vision), it’s not uncommon for benefit professionals to allow LTD plans to stay the course, without critical review.
Given the immense value of LTD benefits, now is a great time to ensure that your plan is optimized for 2016. Following are 8 quick considerations:
