If you work in an unsafe environment or fear that you may become temporarily disabled due to some other element of your lifestyle, you may want to protect your income with short-term disability insurance. A short-term disability insurance policy will replace a portion of your salary for up to a year if you are unable to work due to the onset of an injury or illness.
Your short-term disability insurance policy will pay between 60 and 70 percent of your base salary for a few months or up to one year. The length of time your benefits last varies across insurers and plans. However, longer coverage periods will demand higher premium payments. If you are partially disabled, you may still qualify for benefits payments, depending on the type of policy you purchase.
You can get disability insurance through your employer, but buying a policy independently allows you more flexibility in your coverage options. For example, you can customize an individual policy by adding additional benefits, like cost-of-living adjustments, which increase benefits payments over time as the average cost-of-living rises. You also have your choice of insurance companies, meaning you aren’t forced to work with your employer’s preferred insurer. Furthermore, an individual policy won’t be lost if you switch jobs or lose your job.
For more information regarding a short-term disability policy, reach out to My Healthcare Direct today.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
