Common use of Determination of Qualifying Income & Benefit Amount Clause in Contracts

Determination of Qualifying Income & Benefit Amount. Your benefit level is affected by your past gross income. You must report your monthly gross income on the application form so we can calculate your qualifying income. It will be calculated as 60% of your average gross weekly earnings. For licensed physicians your average weekly earnings will be calculated using the best 6 of the 12 months (or portion thereof) immediately prior to your leave. For residents (or physicians paid bi-weekly) your average weekly earnings will be calculated using the best six 4-week periods. The maximum benefit available to all claimants is $1,200 per week regardless of prior income. • Salaried physician who earned $12,000 gross income per month for all 12 months prior to the start of actual leave period. • Gross income on best 6 months is 6 x $12,000 = $72,000. • Qualifying income per week is $72,000 ÷ 26 weeks = $2,769 • 60% of qualifying income is .6 x $2,769 = 1,661. • Benefit is maximized at $1,200 per week.

Determination of Qualifying Income & Benefit Amount. Your benefit level is affected by your past gross income. You must will be required to report your monthly gross income on the application form so we can calculate your qualifying income. It will be calculated as 60% of your average gross weekly earnings. For licensed physicians physicians, your average weekly earnings will be calculated using the best 6 of the 12 months (or portion thereof) in the 12-month period immediately prior to your leave. For residents (or physicians paid bi-weekly) ), your average weekly earnings will be calculated using the best six 4-week periods. The maximum benefit available to all claimants is $1,200 1,400 per week regardless of prior income. • Salaried physician who earned $12,000 gross income per month for all 12 months prior to the start of actual leave period. • Gross income on best 6 months is 6 x $12,000 = $72,000. • Qualifying income per week is $72,000 ÷ 26 weeks = $2,769 • 60% of qualifying income is .6 x $2,769 = 1,661. • Benefit is maximized at $1,200 1,400 per week.