Short-Term Disability - Self-Funded
Self-funded short-term disability (STD) coverage can be constructed a variety of ways. Designs generally include an elimination period, benefit duration, maximum weekly benefit and benefit percentage. Self-funded STD provides a range of services that allows employers to create and fund their own benefit design that is serviced by Principal Life.
Two self-funded short-term disability coverages are available:
- Standard – Principal Life’s involvement can be limited to advising employers on how to handle claims.
- Elite – Principal Life is more involved to include handling the appeal process for denied claims and even distributing benefit checks.
Services Principal Life Provides
|Evaluation of all claims||X||X|
|Advisement on disability duration||X||X|
|Determination of disability duration||X|
|Ongoing claim management support||X||X|
|Plan documents in PDF format||X||X|
|Written communication of claim decision to employer and employee||X|
|Handling appeal process for denied claims||X|
|Underwriting and actuarial plan pricing and consulting||X|
|Distribution of benefit checks (optional)||X|
|Minimum Case Size|
- Suggest self-funded coverage to growing businesses. Clients with as few as 100 employees are eligible for self-funded coverage with at least one insured coverage.