"LTD" on Paystub
 

Since the most traffic is generated here, I most likely will find an answer here.

So, today I got my paycheck back and there was a category labeled "Ltd" on my deductions. I know it means long-term disability, but do I really have to pay for this? I believe I enrolled into this at my company I work for, but I didn't know I had to pay for this.

Can I opt out of this stuff, or is it mandatory? I rather use this extra money I am paying for, into something else as I am young and I don't think this disability stuff will really be useful for me.

Any inputs would greatly be appreciated.

1. don't post in the wrong forum

2. you're better off asking your HR person at work. LTD is almost always paid by the employee, not the employer. check your employment contract. ask your HR person if it's mandatory or not.

you can never be too cautious with these things, car accidents, work accidents etc. A few people on RS have gone through some pretty nasty injuries making them incapable of work, i'd keep it on just as precaution

Ask your HR department.
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Long-term disability ("LTD") benefit.

Unless you work for ICBC, BC Hydro, Telus, Rogers or FortisBC, chances are you will have to pay the full LTD amount. Deal with it.

Also.. It's like a U-Pass, you cannot opt out of it

I'll ask the payroll tmr. Gonna be super pissed if I have to pay for this cuz I don't even make a lot to begin with.

its not a benefit...it is a 'deductible'....your company should have an employee handbook...this is mandatory in some companies most likely since they'll pay for your msp

i don't see why you don't want to pay for it. if you got into a work related accident and go on LTD, do you not want to get some sort of payment?

Well if my job involved some high risk work, then yes. But I work in an office, that's why I don't really see the need.

I also rather use this money towards something else like pay my bills. But I'll ask tmr and see if this is mandatory first.

No. If you're injured on the job, WorkSafeBC will take care any compensation. Your employer pays for that coverage, not you.

LTD is if you are injured or become ill due to reasons that are not work related, then your benefits company will compensate you.

The only reason why I don't want this is because I am young and still working hard towards a good career and money is tight when I am trying to save up for a place. Every little bit counts, that's why I don't want to pay for things I don't really "NEED".

My work deduct LTD off my paycheque as well, and i rather pay for it, I am young also. But I rather have compensation when I get injured outside of wOrk....
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So what happens if you break both hands in a freak accident while walking down the street? You'll need some form of coverage, especially if "money is tight."

It's like car insurance. No one really expects that they'll get into an accident, but if you do... well, chances are you're going to be glad you're covered.

one person can not opt out of this. end of story. the best part about this insurance is that if you are unable to work, you won't see a dime for at least 5-6 months, and you'll have starved to death or on the street by then.

^Sounds like you had a bad experience with LTD!

nope, been paying into it for 22 years now. read the fine print of your pay out schedule. when can you actually file for your claim after receiving an injury? or what is the waiting period after your injury? 4 months, six months? and to complicate it further, then they have to decide sure, you're disabled enough to continue with your current trade or profession, but maybe you should be re-trained for something else, so they don't have to pay you for too long a period.

Having LTD insurance is not like having car insurance, it's more like having life insurance which at a young age I wouldn't bother with either.