Disability Insurance

Disability Insurance

Protection. Prevention. Innovation.

Disability accounts for about 30% of the annual per-employee cost of benefits. In some sectors like trucking, it can be much higher.

GroupHEALTH Benefit Solutions® has always had the usual short-term and long-term disability (LTD) components to our plans. And for many companies, those options are good enough. But when some of our larger association clients began experiencing spiraling long-term disability costs, we set our minds to finding a way to help control increasing benefits costs instead of ‘passing them on’.

Somewhat tongue-in-cheek, we say that by simply changing one letter of the alphabet, from LTD to MTD, we’re saving our clients 10 – 15% on disability costs. While that significantly understates the creativity and persistence it took to develop Canada’s Original Mid-term Disability™, conceptually it was that simple. (Makes you wonder why nobody else thought of it). MTD™ is available for companies with 200 or more employees.

There are several ways we’re delivering disability savings:

  1. Unlike LTD, MTD™ only sets reserves for those making it to the ‘Own Occupation’ stage (typically just 30% of claimants),
  2. Segregating the Own Occ period, allows reserves to be roughly half the duration, and just 25% of typical reserving requirements,
  3. By bundling-in (at no added cost) Disability Management Institute’s proactive claims management services, employees are getting back to work sooner (or at all), further reducing disability costs to employers.

 

Disability Management Institute (DMI)

Experiencing an injury or illness outside of work can be a very overwhelming experience. Included with all LTD coverage through GroupHEALTH, are professional disability management services that are intended to support plan members and plan sponsors. DMI’s services help Plan Members get back to work as soon as they’re able.

Looking for innovative approaches to managing Disability? Contact us to find out more.

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