Who Is Eligible?
MSBA members under age 60 who reside in the United States and are actively at work in their profession (at least 30 hours/week) are eligible for this coverage.
Choice of Benefit Plans
Eligible MSBA members have a choice of two benefit plans:
- Career Plan/To Age 65 … This Plan pays benefits up to age 65 for disabilities that start prior to age 63. For disabilities starting on or after age 63, benefits will be paid up to two years.
- Basic Plan/5 Year Plan … Accident benefits are payable up to five years for disabilities that start prior to age 60. For those that start at age 60 through 62, benefits can be paid to age 65. For disabilities starting on or after age 63, benefits will be paid up to two years. Sickness benefits are payable for a two-year maximum period.
Both plans provide coverage when you are totally or residually disabled as the result of injury or sickness that wholly and continuously prevents you from performing the material and substantial duties of your occupation.
Choice of Monthly Benefit
The maximum monthly benefit amount that can be issued is determined by your age and earnings:
Members under age 55: Up to $10,000 per month.
Members age 55 through 59: Up to $3,000 per month.
Members should elect a monthly benefit amount up to $10,000, provided that, when combined with other disability insurance you may have in force, the total does not exceed 60 percent of your average monthly earnings for the 12-month period immediately preceding your application. Income includes commissions but does not include bonuses, overtime pay, and other extra compensation. Business owners and self-employed members should consult with your plan administrator to calculate your monthly benefit amount.
Monthly benefit amounts automatically reduce on the premium due date following attainment of age 65, if the monthly benefit is greater than $2,200, it will reduce to $2,200. Any reduction in coverage will not apply if you are already on a disability claim prior to age 65.
Select Between Two Elimination Periods
You must first satisfy an elimination period by a period of continuous disability prior to receiving benefits. With this Plan, you can choose from elimination periods of 90 or 180 days. By choosing a longer elimination period, you can significantly reduce your cost.