Disability Insurance

Disability insurance is administered through the MBA and coverage is provided by Prudential.  Prudential is a leading provider of long and short term disability.

Why enroll in disability plans through the MBA?

• A.M. Best rates Prudential as "A+" (Superior).
• Over 170 MBA member banks are enrolled in our disability plans.
• Rates may be significantly lower as all banks are pooled together through MBA’s group plan.
• Through Prudential we are able to provide financial assistance via benefit checks as well as support and assistance to employees in improving their quality of life and overcoming obstacles in returning to productive employment.

Definition of Eligible Employees

Active, full-time employees (who work a minimum of 30 hours per week) of a member of the Minnesota Bankers Association. All full-time employees become eligible on the first of the month on or after the date of hire.

It is very important that employers with contributory premium policies make sure that their eligible employees apply for the coverage within 31 days of the eligibility date. Applications received after that date will require the completion of a health statement satisfactory to the insurance company.

Part-time employees, temporary employees and those who have not completed the service requirement are not considered eligible employees.

Participation Requirements for Non-Contributory Cases

If a bank is paying the entire premium, 100% of all eligible employees must be enrolled.

Participation Requirements for Contributory Cases

If the employees are paying any portion of the premium, the participation requirements are as follows:

Number of Eligible Employees	Minimum Number to be Enrolled
3	3
4	3
5	4
6	5
7	6
8	6
9	7
10	8
11 or more	75% of eligible

Pre-Existing Condition Clause (Applicable to Long Term Disability Plan Only)

* Coverage is written with a 3-3-12 pre-existing condition clause. This means that if an insured was treated for a medical condition 3 months prior to their effective date, it will be considered a pre-existing condition and will not be covered unless the insured is treatment free for 3 months after their effective date of coverage or after they have been insured and are still actively at work for 12 months.

Plan Features

Short Term Disability (STD) & Long Term Disability (LTD)

• Short Term Disability (STD) has a twelve-week or twenty-five week benefit duration that can be linked with the commencement of Long Term Disability (LTD).
• STD benefits commence on the first day for an accident and eighth day due to a sickness. We also offer a more economical plan with a 14-day wait.
• LTD benefits commence after three or six months.
• Benefit is 60% of basic earnings (including commissions and bonuses).
• Maximum insurable salary of $200,000 annually.
• Coverage begins the first of the month on or after the date of hire.
• Member bank may choose to pay the entire cost of coverage or a portion.
• Member bank may choose to enroll in STD, LTD, or both.

Short Term Disability
Benefits Effective	1st day accident/8th day sickness		15th day accident/sickness
Duration of Claim	12 Weeks	25 weeks	11 weeks	24 weeks
Long Term Disability
Qualifying Period	3 months		6 months

If you would like us to prepare a quotation for your bank or have questions, please contact Stacy Meyer at 952-857-2618 or toll-free at 866-835-3900 x 618.