Group Elite Long Term Disability
Frequently Asked Questions
- What are the firm eligibility requirements?
- Who may be covered?
- What is the maximum period benefits are paid?
- Are disability benefits taxable?
- I already have a Group Life Policy with the AICPA Group Insurance Plan, how can I request coverage for Group Elite Long Term Disability?
Q. What are the firm eligibility requirements?
A. Your firm is eligible if it has its principal office in any state except Iowa.
For public accounting firms: you must have at least 25 eligible lives to be covered; and the proprietor, or at least one partner of the firm or firm member must be a member of the AICPA. In addition, the firm must have at least one eligible full-time employee, other than the proprietor, partner or firm member, who is to become insured on the date participation begins for the firm. For firms that are not in public accounting, a member of the AICPA must have at least 50% ownership.
Q. Who may be covered?
A. Proprietors, partners or firm members, and full-time employees are eligible for coverage.
For employees, full-time means working in the firm for a minimum of 20 hours per week and not less than five months in a calendar year. For proprietors and partners, full time means working for the firm a minimum of 20 hours per week.
Depending on the option elected by the firm, insurance may be requested on an immediate basis (starting date) or after completing six months of continuous service.
Q. What is the maximum period benefits are paid?
A. After a covered accident or illness, monthly disability income benefits will continue based on the insured's age at the time of the claim. If disability begins under age 61, your maximum payment period is to your normal Social Security retirement age, but not less than 60 months. If disabled at ages 61 through 64 payments continue to retirement, but not less than 48, 42, 36 or 30 months respectively. If your disability begins at ages 65 or over, benefits will continue for 24, 21, 18, 15 or 12 months respectively.
Q. Are disability benefits taxable?
A. It depends upon which of the benefit levels the firm selects. There are four benefit levels available:
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(1) Pre-tax contributions and taxable benefits of 60% of pre-disability earnings (100% firm paid),
(2) Pre-tax contributions and taxable benefits of 66 2/3% or pre-disability earnings (100% firm paid),
(3) After-tax contributions and tax-free benefits of 60% of pre-disability earnings (100% employee paid), or
(4) After-tax contributions and tax-free benefits of 60% of pre-disability earnings (100% firm paid with gross up earnings).
Q. I already have a Group Life Policy with the AICPA Group Insurance Plan, how can I request coverage for Group Elite Long Term Disability?
A. One of our Group Sales Specialists can review your options and provide a customized quote for a Group Long Term Disability Plan for your firm. Please call 1-800-223-7473 and request a Group Elite Long Term Disability quote.
Note: These frequently asked questions are for illustrative purposes only and is not a contract. It is intended to provide a general overview of the certificate described. Please remember that the insurance certificate governs actual terms, coverages, amounts, conditions and exclusions.
To request more information, please click here.
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