.Question answered

Disability Insurance
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.The question has been answered. Thank you!

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  1. You will continue to receive LTD payments even if your employer terminates your employment because your employment and LTD insurance are two different contracts.

  2. Your LTD premiums are usually paid by the insurer while you are on LTD leave.

  3. You may lose your other health and dental benefits if your employment is terminated. But you can negotiate with your employer that you continue paying premiums on those yourself.

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That is good to know, I definitely need my health and dental benefits.

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Hi Elaine

I’m curious about your statement that you can negotiate with your employer to continue your health and dental benefits after your employment termination as long as you continue paying the premiums yourself.

Can you explain a little bit more about the circumstances?

thanks.

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Joanne, we talked about it on the forum before. I haven’t done so myself but read some other participants do it. Obviously, there is a possibility to keep your health benefits by paying them yourself if the employment is terminated. I think it may be costy too.

Type “health benefits”, “terminate” into the Search button and there will be a lot of previous discussions on this topic.

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thanks my question has been answered

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NEVER RESIGN :slight_smile: You would still get LTD but never resign and give up future rights that way–even if under pressure

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If your employer terminates your employment then according to local or federal laws you may be entitled to severance pay, termination pay, vacation pay, other benefits depending on where you work. If you quit your job then most probably they won’t have to pay you anything.

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Hi Joanne,
I am non-union. If my employer terminates me but I still meet the definition of disability (outlined in my insurance policy), My LTD (income replacement) continues for me until age 65. My health benefits are a separate thing via my insurance. In my policy, if my employer terminates so do my group benefits, however, the insurance co. will offer private insurance to me and you pay monthly premiums but the packages I looked at do not compare to the group benefits I received while still employed. They will offer me these packages even given my medical situation but they are not cheap and to get my dental benefits you have to pay a lot per month in their higher level package. Each insurance company will probably be different. I requested this information from the insurance co. - group health benefits so I could make some decisions down the road with this. In some cases, If you are disciplined, it may be more advisable to just put money away each month yourself. This really depends on your situation.

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When my parents retired, their group benefits discontinued and they decided it was cheaper to pay their own than buy insurance.

The after-retirement plans seem to have yearly limits on drug costs but my group plan doesn’t.