Group Short-Term & Long-Term Disability Insurance
If one of your employees became unable to work due to illness or injury, would they be able to cope with every day expenses? Employer-provided Short and Long-Term Disability insurance is a valuable benefit that can provide peace of mind to your employees.
Short-Term Disability Insurance (STD)
Group or employer-provided Short-Term Disability insurance pays a percentage of an employee’s salary if they cannot work because of injury or illness.
In addition, it covers almost all conditions that may prevent an employee from earning an income, though coverage depends on how the policy defines disability.
There are various elimination periods for group Short-Term Disability coverage. The longer the elimination period, the less expensive the plan. Always refer to the policy to check the coverage. Paid time off can usually be used to bridge the gap until the coverage starts. If the disability extends beyond the Short-Term Disability coverage period, Long-Term Disability insurance coverage can be used.
Long-Term Disability Insurance (LTD)
Group or employer-provided Long-Term Disability insurance replaces a portion of an employee’s gross monthly income if they cannot work because of an injury or illness. LTD insurance has an extended elimination period compared to Short-Term Disability insurance, but the elimination period may be included in the time employees receive their Short-Term Disability benefits.
Group LTD is typically a more challenging coverage to qualify for since it usually requires proof of loss. If an employee becomes disabled, they receive a fixed compensation each month until the benefit period expires or they resume work, whichever is earlier.
Group or Employer-Provided Disability Plans
Group or employer-provided disability plans are a very affordable benefit for employees. Options include Voluntary (the employee pays 100% of the premium), Contributory (the premium is paid by both the employee and the employer), and Non-Contributory (the employer pays for 100% of the premium).
There are so manyvariables when finding the right coverage for your business. Let an experienced professional help you. Give us a call at (469)899-3917 to discuss your options. It costs you nothing to get our help in comparing plans to see what will meet your needs the best. So, click below to get a Free Quote or give us a call today.