When you become temporarily disabled and unable to work, there will still be bills that need to get paid.
We all have home insurance and car insurance, so why wouldn’t we want to ensure our income and paycheck? This extremely important question is why short-term disability insurance in becoming an increasingly popular supplemental benefit that most people are looking for. Here is everything you need to know about short-term disability insurance and whether it would benefit you.
Benefit Period
Normally, a short-term disability insurance plan covers anywhere from three to eighteen months. In fact, the benefit period is simply the period of time that your insurance plan will ultimately pay for you to stay home from work due to an emergency. When you become temporarily disabled and unable to work, there will still be bills that need to get paid. Having part of your income or the entire thing available to you can become a huge perk.
Income Is There
Ultimately, the amount of money you will be seeing while on short-term disability will be smaller than your regular paycheck so there will still be some adjustments made in your lifestyle. However, you will still be able to live off of your short-term disability insurance while you recover from whatever got you in the situation in the first place. Temporary, this is not a time for you to let your ego run the show! Instead, find ways to supplement your income if necessary. Ideally, you’ll have some savings at the ready to use during this difficult period in your life.
The Elimination Period
When it comes to disability insurance plans, an elimination period is always there. This means that there is a waiting period until you will be officially able to receive your benefits. As a result, short-term disability is usually best for scheduled surgeries like a hip or knee replacement that will keep you out of work but that you have scheduled on your own as a medical situation.
Get Your Voluntary And Supplemental Insurance Policies With The MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. With The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!