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Get more Benefits until Return to Work with our Long-Term Disability Insurance
Disabilities are not easy to cope with. Unforeseen incidents or injuries can leave you unable to work and without a monthly income.
As a business owner and employer you try your best to keep a safe working environment and to protect your employees. With a little planning you can protect your business, your employees and yourself from any adversity.
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Long term disability helps employees unable to work full time or for an extended period due to an illness or injury. This insurance has many benefits but the main one is to ensure that the employee will receive a percentage of their income.
Long term disability insurance is usually provided by employers as part of a comprehensive employee benefits package. According to the U.S. Census Bureau, an employee has a one in five chance of being disabled. That fact makes this benefit even more important to you and your employees. If an employer does not have a plan you can purchase an individual LTD plan. Individual plans are expensive which is why they are seen more frequently as part of an employer package.
LTD benefits start when short term disability benefits end. Like STD you have to apply and require documentation from a doctor. If you have a short term disability it may automatically turn into LTD. Depending on the plan you have, LTD insurance pays an employee a percentage of their salary, typically 50-70%. Some benefits have a defined period and some policies will pay an employee until a certain age.
It is important to read over your LTD benefits as each has varying conditions for payout, diseases or pre-existing conditions that may be excluded. A big one to watch out for is weather the insurance pays if you are unable to perform your job or any job. If it says “any job” they would expect you to work anywhere you can and supplement your salary accordingly. These differences have a big impact if supplemental coverage is needed.
If you would like to add STD and LTD to your benefits package contact one of our health insurance professionals right now.
Long-Term Disability Insurance (LTD) provides financial stability for workers unable to work full-time or for an extended time due to a medical condition or injury. Providing long-term disability (LTD) benefits to employees ensures that they will receive a portion of their earnings if they suffer a disability, allowing them to maintain financial stability during challenging times.
LTD benefits typically start once short-term disability benefits end. Employees must ask for benefits and provide medical documentation from a doctor to support their request. Long-term disability insurance covers a percentage of the worker’s wages, varying between 50% and 70% based on the particular policy. The benefits may last until the employee is fit to return to work or reaches a certain age, as per the policy.
While single LTD plans can be acquired on their own, they are often part of a comprehensive package of employee benefits provided by an employer. Businesses can choose to work with insurance professionals to add long-term disability insurance to their benefits package, ensuring financial security for employees during prolonged periods of illness or injury. To select a plan, it is essential to review the payout terms, and exemptions for pre-existing conditions, and determine if the insurance covers total disability or just the specific job duties of the employee.
We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
