Long-Term Disability Insurance
What is LTD insurance
LTD Insurance is short for Long-Term Disability Insurance. In the event that you become ill or injured and can no longer work for at least 180 days, LTD insurance will replace ⅔ of your income up to $5000 a month.
Why LTD insurance is important
When you face a serious illness or injury it can feel like everything else in the world matters less. And yet your basic needs of food and shelter still exist, as well as your obligation to pay your bills. LTD insurance gives you a sense of security knowing that ⅔ of your salary will be replaced, allowing you to meet your basic expenses and move forward.
Let’s look at an example of how LTD insurance can make a difference
Rev. Kasich was generally in good health and exercised regularly, but recently he hadn’t been feeling well. Knowing he was overdue for his annual checkup, he scheduled an appointment and decided to bring up his discomfort.
What he imagined would be a checkup with a recommendation for some over the counter pain medicine turned into a moment that completely upended his life. It was cancer, and it was spreading.
The prognosis was hopeful. Others had beat this, and there was a good chance he could too. But the road ahead would be filled with chemotherapy, radiation treatment, and surgeries. He wouldn’t be able to work for the foreseeable future.
The LTD insurance administered by BOBS was a lifeline during this season of life. It was certainly not easy, and financial challenges were significant, but without the LTD insurance it would have been so much worse.
While some recipients of LTD insurance are able to return to work, the reality is that many who begin receiving LTD insurance remain on disability until they retire. The RCA has made LTD insurance a requirement for ministers as a way to make sure they are financially cared for, no matter what the circumstances.
Beginning January 1, 2022, Supplement D Pastors (ministers ordained outside of the RCA excluding the CRC, ELCA, PCUSA and UCC) will be eligible to participate in group life and LTD through BOBS.
Summary of LTD insurance benefits
- LTD Insurance is salary replacement insurance.
- It replaces 66 ⅔% of the participants salary.
- The maximum benefit is $5,000 a month
- Only up to $7,500 of salary a month is insured.
- If you cannot work for at least 180 days due to illness or injury, you may qualify to receive benefits.
- The insurance premium is based on the salary of the insured.
What happens to my LTD insurance if I am no longer working?
Ministers without charge can continue to be covered by LTD for 90 days after their last day of work. Their most recent employer is required to pay the premiums for this period.
If you are no longer working, your employer is no longer paying the premiums, and the 90 day extension has concluded, you cannot remain insured through BOBS. Your long-term disability (LTD) insurance will terminate upon your retirement date, the last day you worked, or the day that the 90 day extension concludes.
For more information, contact Cineca Anthony.
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Contact Cineca
Board of Benefits Services
475 Riverside Drive, Suite 1606
New York, NY 10115
retirement@rca.org
866-221-5480
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