Short-Term Disability Insurance
About the Plans
Your income pays for everything from housing and utilities, to food, childcare, and much more. If you are like most people, being without income because of an unexpected illness or injury could have serious financial consequences. That’s where Short-Term Disability Insurance (STD)—also known as income protection—comes in. It is a back-up plan to help protect your income if you’re too sick or hurt to work.
This benefit pays 60% of your weekly income to a maximum of $2,500 for up to 12 weeks and includes:
- Recurrent Disability Coverage
- Return to Work Incentive
- Waiver of Premium Benefit
Odyssey offers two options for Short-Term Disability Insurance—a voluntary, employee-funded plan, and a basic, Odyssey-paid plan:
Voluntary, Employee-Funded Short-Term Disability (Tax Choice Option)
The Voluntary plan, also referred to as the Tax Choice option, allows you to pay the premium for STD. In return, if you need to use the benefit at any time during the plan year you will receive the full benefit tax-free.
Odyssey-paid Short-Term Disability
If you choose to decline the Voluntary STD Plan, you have the option to enroll in the Odyssey-paid benefit. With the Odyssey-paid plan, you still receive the full benefit, but funds received would be considered taxable income.
Review the linked Plan Documents & Summaries to learn more.
Plan Documents & Summaries
GChat: Lisa Wilkinson