Income Protection
Piedmont offers a variety of benefits to help keep you and your family financially secure in the event of an injury or death.
Piedmont offers a variety of benefits to help keep you and your family financially secure in the event of an injury or death.
Short-Term Disability – Example |
|
---|---|
Annual Salary |
$40,000 |
Piedmont-Paid Core STD Benefit |
60% or $24,000 |
Long-Term Disability – Example |
|||
---|---|---|---|
Annual Salary |
$40,000 |
||
Piedmont-Paid Core LTD Benefit |
50% or $20,000 per year |
||
Team Member Optional Election |
Buy-up LTD Benefit |
10% of $40,000 = $4,000 per year |
|
How the calculation works: |
$4,000 x .0382 = $152.80 per year or $5.88 per pay period |
Piedmont provides up to 30 days of paid leave for full- and part-time team members to use in conjunction with any Paid Time Off (PTO) or accrued extended illness bank (EIB) to serve as an organ donor, and up to seven days of paid leave to serve as a bone marrow donor. If eligible for leave under the Family and Medical Leave Act (FMLA), absences related to medical recovery due to organ donations will be counted against the 12-week entitlement. If you’re ineligible for FMLA, additional leave may be approved if you submit documentation to support that the absence is medically required. The application to request Living Donor leave can be found on The Intranet.
Full- and part-time team members may take up to three days of paid, excused leave immediately following the death of an immediate family member. The same leave benefit applies for team members who experience the loss of a pregnancy.
Basic Life and AD&D Insurance – Example |
|
---|---|
Annual Salary |
$40,000 |
Piedmont-Paid Basic Life and AD&D Benefit |
1.5 times your salary |
How the calculation works: |
$40,000 x 1.5 = $60,000 (Basic Life Insurance) |
Supplemental Life Insurance — Example |
|
---|---|
Annual Salary |
$40,000 |
How much you elect: |
2 times your salary |
How the calculation works: |
Your cost is $0.11 for every $1,000 of coverage |
Coverage for Spouse/Domestic Partner — Example |
|
---|---|
Your coverage amount |
$80,000 |
Spouse/Domestic Partner’s coverage amount |
One half your coverage amount, up to $100,000 |
Cost of coverage |
$.0888 per $1,000 of coverage |
The IRS Code states that employer-provided Basic and Supplemental Employee Life Insurance benefits in excess of $50,000 may result in taxable income. This is known as “imputed income.” Imputed income must be reported on your W-2 and is included as earnings in your paycheck — subject to federal, state and FICA taxes each pay period.
The premium and coverage amount of Basic Life Insurance, Supplemental Life Insurance and Long-Term Disability is calculated from your base salary, and will adjust as you receive merit increases, bonuses and/or job changes throughout the year.
Physician Long-Term Disability (LTD) coverage is provided to all eligible physicians and company paid. Physician LTD is comprised of three policies:
The Group policy provides a basic monthly benefit of up to $15,000 and covers 60% of your W-2 earnings.
The individual policy offers an additional layer of up to $10,000 of monthly benefit (guarantee issue with no medical underwriting) and is a portable policy. Both policies deliver a non-taxable benefit to our physicians. For this reason, the premiums paid on your behalf are taxable income to you.
This voluntary individual policy offers an additional layer of up to $5,000 of monthly benefit (guarantee issue with no medical underwriting) and is a portable policy. An application is required within the initial 45 days of employment and coverage is effective upon election. Premiums are paid by the physician through an after-tax deduction.
Accelerated Death Benefit for Terminal Illness
Domestic partners are required to submit a Domestic Partner Affidavit and comply with Cigna’s requirements. See the Summary Plan Description for more details.
This website is not inclusive of all situations and is provided for informational purposes only. It is not intended to be an official legal document. If there are conflicts between the website and IRS regulations, the member handbook, or the Summary Plan Description (SPD), IRS regulations, the member handbook, and the SPD will govern.