Earlier this month, in a letter from Kevin Myatt, associate vice chancellor for Human Resources, Vanderbilt introduced voluntary short-term disability insurance as a new benefit for full-time employees.
The options under this new benefit include coverage beginning as early as the fifteenth day of approved disability and lasting up to 26 weeks. The plan replaces a portion of weekly earnings. As with Vanderbilts other voluntary insurance benefits, costs for the short-term disability benefit are paid entirely by the employee.
When deciding whether to purchase short-term disability insurance, employees may want to look closely at how much Vanderbilt sick leave they have accrued, said Jane M. Bruce, director of HR benefits. In particular, people who are relatively new to Vanderbilt and have not had time to accrue a sizeable amount of sick leave may feel they need short-term disability coverage, Bruce said. The good thing about this plan is that staff members have the choice of whether to purchase the short-term disability insurance or use accrued sick time.
We are confident we found the best coverage at the best price, Bruce said. Here are three examples of premium costs under the plan: an employee with an annual income of $20,000 would pay $14.88 per month for coverage that starts on the thirtieth day of disability or $23.35 for coverage that starts on the fifteenth day; an employee making $40,000 would pay $29.76 or $46.96; and an employee making $60,000 would pay $44.64 or $70.04. The carrier for Vanderbilts plan is The Hartford.
The initial enrollment deadline is March 5. Employees can enroll on-line at the HR Web site or in person at numerous campus enrollment sites. After the March 5 deadline, the next opportunity to enroll will be the October Vanderbilt benefits open enrollment period.
Remaining enrollment sites are today, 8 a.m. to noon, 433 Light Hall, 11 a.m. to 2 p.m., Courtyard Café, and noon to 5 p.m., 407 Light Hall; Thursday, March 4, 7 a.m. to 5 p.m., 411-A Light Hall, and 11 a.m. to 2 p.m., Courtyard Cafe; Friday, March 5, 7 a.m. to noon, 433 Light Hall, 11 a.m. to 2 p.m., Courtyard Café, and noon to 5 p.m., 419-A Light Hall. For more information on enrollment, turn your Web browser to the HR Web site, or call the Benefits Office at 322-8330.©2013 Vanderbilt University Medical Center