The Todd Organization can review your LTD plan design and examine the your company's:
Plan Diagnostics is the final step in understanding how disability carriers look at your employee population and what plan design will meet your goals.
One recent example of how a Plan Diagnostic revealed problems with the existing Group LTD Plan design (with the resolution):
A census of 5,500 employees with over 5,000 having uncovered compensation, thus not reaching the plan’s 60% target replacement. A Supplemental Plan was put in place to cover the formerly uncovered compensation and to offer an additional voluntary buy-up to a 75% replacement percentage.
A Plan Diagnostic can also reveal problems with the implementation of an existing Disability Insurance program.
A selection of recent Plan Diagnostic reports returned the following issues (with their resolutions):
A company with 50 executives who were selecting a disability buy-up plan whose benefit would never be paid out. Human Resources notified the Group LTD carrier and changed the elections, in the process saving the company thousands in annual premium.
A comparison of the Group LTD Summary Plan Description (SPD) and the existing Individual Disability Insurance (IDI) program revealed a discrepancy between the elimination period in the GLTD and IDI programs, which created a three month gap in post-disability coverage. The IDI Plan was re-aligned to match the GLTD program.