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Difference between long-term and short-term disability insurance!

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Difference between long-term and short-term disability insurance!

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  1. Difference betweenlong-term and short-term disability insurance!

  2. Openenrollmentcanbeadifficulttime forbothemployersandemployees. In an effort to simplify this process, SynchronyHR is sharing a series of employeebenefitproductoverviewsthat can help your employees better understanding the benefit options availabletothem.

  3. DisabilityInsuranceCoverage Workers'compensationcanlimittheindividual'soptions andsocialsecuritycanbehardtoqualifyfor. That'swhymanyemployeesturntodisabilityinsurance, which can provide this coverage and can coincide with otherbenefitprograms. Disabilitycanpayupto50to70percentofyouraverage salary depending on your circumstances. There are two differentcoverageoptionsavailableforindividualsopting for disability insurance: short-term (STD) and long-term (LTD).

  4. Short-TermVsLong-Term Short-termdisabilityinsurancecovers,asstated,a shortperiod. Thisoftenlookslikearoundthreetosixmonths,but mightbeabletolastoneyear. Long-termdisabilityinsurancecancoverafarlonger period,suchasfiveto20years,orwhenthedisability ends. Theaveragelong-termdisabilityclaimcanrangefrom threetofiveyears.

  5. MakingtheChoice! Whenselectingacoverageoption,askyourself howlongyoumightneedthebenefitstolastif youweretobecomeinjuredorill. While there is no telling how serious your injury orillnessmightbe,thereisalwaysachancethat youmaymissmonths,orevenyears,ofwork. This may depend on preexisting conditions or risksonthejob,whicharevariablestoconsider.

  6. TheEliminationPeriod Eliminationperiodisthelengthoftimebetweenthe start of an injury or illness and receiving benefit paymentsthroughtheinsuranceprovider. For short-term policies, this period can last around 14 days.Long-termdisability,however,canrangefrom30 days to two years to solidify, with the average case takingaround90daystobuild. Whenselectingyourpolicy,besuretoalsoconsiderthe length of the coverage's elimination period and your abilitytopayforcareduringthattime.

  7. ProfessionalAssistance BusinessownersthatworkwithanHROcan providetheiremployeeswithbenefits,suchas short and long-term disability, along with professionalassistance. MostHROshaveexpertsonhandtoguide employeesthroughtheirbenefitselection,and supporttheiruseoftheplans. Those that are having trouble making plan selections,orunderstandingcoverageoptions canlooktotheseprofessionalsforhelp.

  8. ContactUs! info@synchronyhr.com www.synchronyhr.com 314-222-5770

  9. ThankYou!

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