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Disability Insurance Plans
Costco disability plans help replace lost income if you become disabled due to an illness, injury or other medical condition such as pregnancy. When you first become disabled, you may qualify to receive weekly short-term disability (STD) benefits. If you are still disabled after these benefits end, long-term disability (LTD) benefits can step in to replace part of your monthly earnings.
Short-Term Disability Plan
Costco's Voluntary Short-Term Disability Plan (not available in CA, HI, NJ, NY, RI, and PR) pays weekly benefits for disabilities due to non-work-related medical conditions. If you are enrolled in the plan when you become disabled and you qualify for benefits, they will start when you've been away from work for seven calendar days. They will continue for up to 26 weeks after your disability began or until you're no longer disabled, whichever comes first.
STD benefits replace up to 60% of your base weekly earnings, up to a maximum weekly benefit of $1000.
If you elect voluntary STD, you'll pay the full cost of your coverage when it actually goes into effect. The cost is a small percentage of your base weekly earnings.
Long-Term Disability Plan
The Long-Term Disability Plan starts to pay benefits after you've been totally disabled due to illness, injury or another medical condition for 26 weeks.
"Totally disabled" means:
- During the first 15 months of disability that, because of your condition, you are not able to perform the duties of your own job and earn at least 80% of your predisability income.
- After the first 15 months of disability that, because of your condition, you are not able to perform the essential duties of any job for which you are qualified by education, training or experience.
LTD benefits replace 60% of your basic monthly earnings, to a maximum of $7,000 per month. The minimum monthly benefit is $100 for full-time employees and $50 for part-time employees.
Healthcare ProtectThe Healthcare Protect Benefit is a special provision of the Long-Term Disability Plan. It is designed to help you pay the continued monthly cost of your healthcare coverage. This additional monthly payment may begin after you complete the 12 month Healthcare Protect Benefit waiting period (including six months of LTD) and continue for a maximum of 12 months (up to 17 months if you have been on COBRA for at least 60 days and are approved for Social Security Disability Benefits within 24 months from your date of disability).