Usually, we don’t think of the possibility that we can get injured and how that could hinder us from working for two or three months. It might trigger you to use up your savings because of this. With this in mind, it’ll help if you’d get more familiar with short-term disability insurance.
Short-term Disability Insurance: What Is It?
The short-term disability insurance is a plan that can help you pay a fraction of your salary if you become momentarily disabled, meaning you cannot work due to injury or sickness. Typically, it’ll provide you with 60-70% of the pre-disability base salary. It usually lasts three to six months. Short-term disability insurance plans have a cap, which means you’ll receive a maximum amount of benefit per month.
Short-term disability insurance can either be paid by the employer or the employee and often purchased by groups. If you become sick or disabled, you can start receiving money from the insurance after a waiting period from 0 to 14 days.
How Does It Work?
You can apply for a benefit from your insurance agent or someone in your company’s Human Resource. You may or may not pay for the taxes for the money that you receive depending on the following:
How the Short-term Disability Plan Differ
Most of the short-term policies have the same features, but they may have different particulars:
It is better to take precaution and think of the security of our savings. Becoming disabled is not impossible. It will help if you think about purchasing an insurance plan, that may help you in the time of need. Plan your future well and take good care of yourself.
At Employee Solutions Group, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (833) ESG - SERV. Get your free quote today by CLICKING HERE.