Floyd Life and Disability Benefits

Short-Term Disability 

For teammates experiencing an unfortunate illness and/or injury that lasts beyond 7 days, Atrium Health Floyd provides short-term disability coverage which pays eligible teammates a benefit equal to 60% of their base weekly salary after satisfying an elimination period. 

• Carrier: New York Life 
• Short Term Disability Highlights 
• Eligibility: Full-time and Part-time regular teammates with 20 or more scheduled hours. 
• Enrollment: Teammates may enroll when newly eligible, during the annual Open Enrollment period or due to a qualifying life event 
• Cancellation: Teammates may cancel their policy at any time 
• Policy Highlights: 
  • Teammates may be eligible to receive payments equal to 60% of their base weekly salary up to $2,500 per week

Supplemental Life

Provides additional benefit to you or your loved ones in the event of death or accidental death and dismemberment.

• Carrier: New York Life
• Eligibility: Full-time and Part-time regular teammates with 30 or more scheduled hours. 
• Enrollment: Teammates may enroll when newly eligible, during the annual Open Enrollment period or due to an applicable qualifying life event
• Cancellation: Teammates can cancel during the annual Open Enrollment period or due to an applicable qualifying life event
• Plan Highlights:
  • Rates vary based on coverage and age
  • Coverage is portable; if you lose eligibility or employment ends

Age-Based Reductions: Life Insurance benefit for an employee age 65 and over will reduce to: 

• 65% of the Life Insurance Benefit at age 65 
• 45% of the Life Insurance Benefit at age 70 
• 30% of the Life Insurance Benefit at age 75 
• 20% of the Life Insurance Benefit at age 80 
• 15% of the Life Insurance Benefit at age 85 
• 10% of the Life Insurance Benefit at age 90 

Dependent Life Insurance for Spouse and Children

Provides a benefit to you in the event of the death of your spouse and/or dependent children. 

• Carrier: New York Life
• Eligibility: Full-time and Part-time regular teammates with 30 or more scheduled hours. 
• Enrollment: Teammates may enroll when newly eligible, during the annual Open Enrollment period or due to an applicable qualifying life event
• Cancellation: Teammates can cancel during the annual Open Enrollment period or due to an applicable qualifying life event 
• Plan Highlights:
  • Teammates can cover their spouse and eligible unmarried children who meet the following requirements:
    • A child from live birth to 19 years old;  
    • A child who is 19 or more years old but less than 23 years old, enrolled in a school as a full-time student and primarily supported by the teammate;  
    • A child who is 19 or more years old, primarily supported by the teammate and incapable of self-sustaining employment by reason of mental or physical handicap. Proof of the child's condition and dependence must be submitted to the Insurance Company within 31 days after the date the child ceases to qualify as a Dependent for the reasons listed above. During the next two years, the Insurance Company may, from time to time, require proof of the continuation of such condition and dependence. After that, the Insurance Company may require proof no more than once a year. 
  • For spouses: coverage is available in $10,000 increments up to a maximum of $200,000 
  • For dependent children: Four flat rate plans are offered: $5,000 - $10,000 - $15,000 - $20,000  
  • Coverage is convertible/portable, if you lose eligibility or employment ends  
  • Spouse coverage above $50,000 requires Evidence of Insurability (proof of good health)  
  • No Evidence of Insurability is required for dependent children coverage
  • Spouse and each eligible child is enrolled for the amount elected by the teammate and one premium covers all children 

Universal Life Insurance

Provides individual life insurance policies that grant a lump sum payment to your beneficiaries upon your death or may help close the financial gap for you and your family due to a chronic or terminal illness.

• Carrier: TransAmerica
• Eligibility: Full-time and Part-time regular teammates with 20 or more scheduled hours. 
• Enrollment: Teammates may enroll when newly eligible or during the annual Open Enrollment period
• Cancellation: Teammates may cancel their policy at any time
• Policy Highlights:
  • Accumulates cash value
  • Guaranteed tax-deferred interest rate of 3%
  • Withdrawal or loan options
  • You may insure your eligible spouse and children
  • Coverage is portable, you can take the benefit with you if your eligibility or employment ends