Buy-Up Disability
Eligible Team Members have the option of upgrading their disability coverage with a Buy-Up option.
Eligibility
Salaried Team Members, including Team Members whose primary job is Sous Chef, MIT, GEDM or Flex Manager are automatically enrolled in Core Short- and Long-Term Disability Insurance, and have the option to select a Buy-Up option. All benefits in this plan are paid on a monthly basis, regardless of your regular pay period.
You have the option to add either STD or LTD Buy-Up, or both. See below for how to calculate your premiums, which are based on your pay.
STD Buy-Up
This optional plan offers you the opportunity to enhance your coverage by electing to change your gross weekly benefit to 60% of covered earnings per week and to change your maximum weekly benefit amount to $2,000.
LTD Buy-Up
This optional plan offers you the opportunity to enhance your coverage by electing to change your gross monthly benefit to 60% of covered earnings per month and to change your maximum monthly benefit amount up to $15,000.
| STD Buy-Up | LTD Buy-Up | |
|---|---|---|
| Amount of your earnings replaced | Base Salary replaced: Additional 20% to a $2,000 maximum (Core + Buy-Up) weekly benefit | Additional 20% up to $15,000 maximum (Core + Buy-Up) monthly benefit |
| Period of disability before benefits begin | 7 days | 180 days |
| Cost | You pay the cost difference between Buy-Up and core via payroll deduction | |
| Benefit taxation | taxable | not taxable |
| Enrollment | May enroll when first eligible; may enroll or cancel during annual open enrollment | |
Enrolling in Buy-Up disability
If you elect Buy-Up coverage when you are first eligible, you will be able to enroll without having to provide evidence of your good health.
If you don’t enroll when you are first eligible, you can enroll at a future annual open enrollment, but you will need to complete an Evidence of Insurability Form that New York Life Insurance Group Benefits Services (New York Life) will provide to you following your election. Coverage will not begin until New York Life provides their approval of your election.
See New Enrollment for instructions on how to enroll.
