Executive Long-Term Disability
Planning ahead is important, and an executive's specific needs may require different consideration. Executive long-term disability pays in the event a highly-compensated employee becomes unable to work due to long-term illness or injury.
This coverage is available to those who earn $200,000 or more in base pay each year, filling the possible income gap left by the executive who holds regular disability coverage, providing a more robust benefit.
- Must earn at least $200,000 annually in base pay to participate
- 100% employer-paid, applicable to every qualifying employee in the participating company
- Benefits begin on the 91st day of continuous disability
- Benefits continue until the disability ends, up to age 67
- The monthly benefit amount is up to 60% of the employee's earnings
- The monthly benefit maximum is $5,000, stacked for a total monthly benefit of $15,000
Download a printable summary of the plan:
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Executive long-term disability (LTD) from MetLife fills the financial gap for an executive who holds the regular Aetna LTD plan.
Under Nextep's Aetna LTD plan, an employee may receive 60% of monthly regular earnings, up to a $10,000 monthly benefit. While this is a generous amount, highly-compensated employees often earn more than this and need a higher benefit amount.
Executive LTD picks up where the regular plan lets off, allowing executives to cover $5,000 additional income, for a stacked total monthly benefit of $15,000.
Answers to your questions
Questions? We have answers! Here are your most frequent executive LTD questions.
Q: What is the max benefit?
A: Executive LTD replaces 60% of income during a long-term illness or injury, up to a max of $5,000 each month.
This executive benefit is designed to stack on top of our regular LTD plan, which has a max of $10,000. When paired, these plans provide a monthly benefit of up to $15,000.
Q: Will I need underwriting?
A: Yes. Each qualified employee's coverage is subject to individual underwriting. MetLife will contact you to obtain the needed information for approval.
Each claim also requires proper documentation. Nextep's benefits team can help with questions and procedures.
Q: How do I enroll?
A: Executive LTD is employer-paid. If your company offers it, eligible employees earning $200,000 or greater each year will be automatically enrolled. The company covers 100% of the cost.
Talk to your employer to see if your company offers this benefit.
Q: Are there age restrictions?
A: Qualified employees up to age 67 may enroll. Medical underwriting is required for each new enrollee, regardless of age.
If the disability occurs after age 61, benefits are paid for a reduced period of time.
Nextep's benefits department is here to help!
Do you have more questions about our benefits? Log in to your account and chat with us, call 888-811-5150, or submit your question here.
