If you’re ill or injured and unable to work, Hitachi Vantara has you covered. Our Short-Term Disability (STD) and Long-Term Disability (LTD) Insurance plans replace a portion of your paycheck when you’re medically disabled or recovering from childbirth.
Can you survive 365 days without income? STD provides income if you’re unable to work due to medical disability (including recovery from childbirth). This coverage is 100% paid for by employees, so enrolling in our STD plan is completely voluntary—unless you live in California, New Jersey, New York, Rhode Island or Puerto Rico (where STD is required by the state). While STD is 100% voluntary for non-CA employees, these employees will be automatically enrolled. If you want to waive coverage, you will have to do so when you are first hired or during Open Enrollment.
You pay a small amount per paycheck: 0.8% of your salary, divided by 24.
STD claims are administered by The Larkin Company. Your benefit begins on your eighth day of disability (unless you are hospitalized on the first day), and pays:
- 80% of your salary, up to a weekly maximum benefit of $4,077.
- 55% of weekly earnings up to the California State Disability Insurance Maximum (which is $1,173 for 2017), if you’ve been employed by Hitachi Vantara for less than 90 days when you become disabled.
California requires that all employees have Short-Term Disability insurance. The Hitachi Vantara STD plan provides better benefits at a lower cost than the state benefits offered. If you live in California, you’ll pay for the Hitachi Vantara STD benefit through payroll contributions, at 0.8% per paycheck up to the annual maximum.
New Jersey, New York, Rhode Island and Puerto Rico
If you live in these states, you’ll be automatically enrolled in your state’s mandated Short-Term Disability program, which provides a limited benefit amount. You’ll pay for your coverage through after-tax payroll deductions.
Because the Hitachi Vantara Short-Term Disability plan offers greater coverage than the New Jersey, New York, Rhode Island or Puerto Rico state plans, you should strongly consider participating in the Hitachi Vantara Short-Term Disability plan. Your company STD benefits will be reduced by any benefits paid under your state’s STD program.
Long-Term Disability (LTD)
When illness or injury makes it impossible for you to work for an extended period of time, LTD coverage begins after you’ve been disabled for one year. LTD benefits pay:
- 60% of the sum of your base salary plus your bonus benefit, or your benefit target compensation, up to $15,000 per month. If you remain disabled, this benefit would be payable up to your Social Security normal retirement age (depending on your age when you become disabled). If you are eligible for other sources of income such as Social Security and/or Workers’ Compensation, your LTD benefits will be adjusted so that your maximum monthly benefit from all sources does not exceed the maximum allowed under the plan.
LTD is administered by Lincoln Financial. However, LTD is paid for by Hitachi Vantara, so you don’t need to take any action to participate, and the cost of the coverage will be shown as additional income on your paycheck. You’ll have to pay applicable taxes on this income, but if you become disabled, your benefit will not be taxed.