15-50 Employees: Disability Plans: Benefits

Benefits 

Option 1
The monthly benefit is 60% of the eligible employee’s monthly rate of basic earnings, less other benefits, up to a maximum of $6,000 per month. 

Option 2
The monthly benefit is 60% of the eligible employee's monthly rate of basic earnings, less other benefits, up to a maximum of $10,000 per month.

The minimum monthly benefit will be the greater of $100 or 10% of the eligible employee’s monthly income loss.

Monthly Rate of Basic Earnings 

Monthly Rate of Basic Earnings means the eligible employee’s regular monthly rate of pay, including bonuses and commissions averaged over the prior 12 months, excluding both overtime, and any additional compensation; not to exceed the pay reported by the employer to Banyan Administrators, LLC (groups of 2-9 employees) or Hover Insurance Services, Inc. (groups of 10 or more).   

When Are Benefits Payable 

Monthly benefits are payable if the eligible employee is disabled while covered under the policy through and beyond the 180-day elimination period, is under the regular care of a physician during and beyond the 180-day elimination period, and provides proof of loss to Lincoln Financial Group. Benefits accrue and are paid monthly.

Benefits for Mental Illness and Substance Abuse 

Monthly benefits for disability resulting from mental illness or substance abuse are payable for up to a period of 24 months for any one period of disability, unless hospital confined.

For additional information

Firms with 2- 9 employees
Contact: Banyan Administrators, LLC - Managers for the CalCPA ProtectPlus Programs (877) 480-7923

Firms with 10+ employees
Contact: Hover Insurance Services, Inc. (800) 805-9480

 

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