Disability Insurance
Your ability to bring home a paycheck is your most valuable asset, and we help you protect it. If an injury or illness kept you out of work and prevented you from earning a paycheck, how would you cover your bills and other household expenses? Disability Insurance provides income protection, paying a portion of your salary that you can use to offset out-of-pocket expenses and make up for lost wages.
Disability Insurance
Your ability to bring home a paycheck is your most valuable asset, and we help you protect it. If an injury or illness kept you out of work and prevented you from earning a paycheck, how would you cover your bills and other household expenses? Disability Insurance provides income protection, paying a portion of your salary that you can use to offset out-of-pocket expenses and make up for lost wages.
Disability Insurance
Your ability to bring home a paycheck is your most valuable asset, and we help you protect it. If an injury or illness kept you out of work and prevented you from earning a paycheck, how would you cover your bills and other household expenses? Disability Insurance provides income protection, paying a portion of your salary that you can use to offset out-of-pocket expenses and make up for lost wages.
Watch this video to learn more about Disability Insurance
Short-Term Disability (STD) Highlights
If an injury or illness forces you out of work for an extended period of time, you qualify for STD benefits. The company provides basic coverage through New York Life. Enrollment is automatic.
NOTE: This benefit may be reduced by other income sources you may have, so please consult with your plan booklet or your Benefits Manager for more detailed information. In addition, because Mercy Housing pays the premium for this coverage, the IRS requires that you be taxed on the benefit amount upon receipt.
Benefit Percentage
Up to 50% of your weekly salary
Maximum Benefit
Up to a maximum benefit of $1,000 per week
Benefit Begins (Injury/Illness)
Begins on the 8th day of disability
Benefit Duration
Up to 90 days
Long-Term Disability (LTD) Highlights
When your disability continues beyond the period covered by the STD plan, you qualify for LTD benefits. Just like STD benefits, the company provides coverage through New York Life at no cost to you. Enrollment is automatic.
NOTE: This benefit may be reduced by other income sources you have, so please consult with your plan booklet or your Benefits Manager for more information.
Benefit Percentage
Up to 60% of your monthly salary
Maximum Benefit
Up to maximum of $8,500 per month
Benefit Begins (Injury/Illness)
Begins when STD benefits end and you are still disabled
Benefit Duration
Up to social security normal retirement age
Why Do I See LTD on My Paycheck?
"Gross-Up” LTD for a benefit that’s tax-free! Mercy Housing structures your LTD policy to provide you with a tax-free benefit. This maximizes the benefit amount you would receive should you become disabled. In order to provide this tax-free benefit, the IRS requires that you be taxed on the premium payments that Mercy Housing makes on your behalf.
This feature, referred to as a “gross-up plan,” creates a minimal increase in your W2 taxable gross income, but it increases your disability payments should you become disabled at a time when you would need the income most.
Contact the provider of these benefits: New York Life - (800) 362-4462, myNYLGBS.com
ABOUT THIS GUIDE: Actual plan provisions for Mercy Housing (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this guide is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this guide and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.