Many employers now choose to offer their employees long term disability coverage, which can cover living expenses, wages, and other costs in the event that an employee suffers a major accident or illness. The insurance benefits that come with these plans vary widely depending on the type of plan and coverage an employer chooses, but all of them can offer employers and employees alike peace of mind that they will be taken care of when the worst comes to pass. In days gone by, disabled employees were often out of luck and out of a job, but long term disability insurance is changing that sorry state of affairs.
Today, there are roughly 53 million Americans currently living in the United States with a disability. A significant portion of these Americans still work long hour days and have plenty of bills and expenses to worry about. Because accidents can happen to anyone at anytime, long term disability insurance is so essential for individuals with disabilities.
Employers like to offer long term disability insurance because it gives employees peace of mind that they will be protected after a major accident or injury. Working in all fields can be stressful and accidents can happen at any moment, but what happens when an injury happens outside of work? To make sure your employees are protected, come what may, it is important to consider the benefits of this type of disability insurance.
What is considered to be a disability?
Some insurance policies consider someone disabled when they are unable to perform their basic job duties, while other employers pay only if the employee is unable to perform any job suitable for that employee based on training, education, and career experience. Speaking with the benefits administrator for your workplace is the best way to learn what is and isn’t covered by current policies.
How does long term disability insurance work? Keep reading for more frequently asked questions:
How are the payments broken up?
When it comes to long term disability coverage payments, the employee can receive a portion of their salary paid into their account each month they are unable to work. This may not last indefinitely, and the coverage period depends on the policy chosen.
Do employees offer group packages as well?
Yes — there are group disability insurance plans available through employers. These group packages typically offer competitive rates, too.
What should an employee do if a disability claim was denied?
If a disability insurance claim was denied, and the employee choose to appeal it, they should follow the steps provided in the claim determination letter. Your employer (and benefits provider) should detail all the necessary steps you can take in order to appeal a denied claim.
If you want to learn more about long term disability insurance or speak with an experienced Medigap insurance company, contact Midwest Employee Benefits today.