Short Term Disability Insurance

Short term disability insurance is an invaluable benefit for growing families. Couples in the family formation life-stage may need to finance a bigger home, a roomier car, baby furniture, maternity clothing, and more. Many are two income families.

Some couples struggle getting pregnant, and borrow money to pay for infertility treatments not covered by their health insurance. The resulting pregnancies are often high-risk, meaning mom misses unplanned time from work prior to delivery. Maternity leave is often unpaid, compounding the challenge.

If mom chooses to remain at home to raise the children, a growing family now has only one income to rely on, but the expenses have grown. If Dad gets sick or hurt, a growing family may find it hard to pay the mortgage, car payment, and credit cards bills that were accumulated just before the baby arrived.

Short term disability insurance provides an answer.

Short Term Disability Insurance Topics

Pregnancy and Maternity Leave

When bought before conception your income may be covered if you miss work for bed rest to pregnancy complications. When normal delivery occurs 9 month after the policy start date normal maternity leave is covered as well. There is a six week benefit for vaginal birth, and and eight week benefit for c-section delivery less your elimination period. Postpartum disorders that occur after delivery may delay your return to work.

Quotes and Rates

Get quotes and rates to find out what the monthly premium might cost. Premiums vary based upon the policy features you select: elimination period, benefit period, and monthly benefit amount. Your age, the state where you work, and the industry of your employer also factor into the equation. Policies with maternity benefits require some extra steps - but it is well worth your time.

Applying for Benefits

Applying for benefits is simple and easy for women making a claim for normal pregnancy. The benefit period is fixed: six or eight weeks depending upon how you delivered. File an express pregnancy claim form. If you missed work due to complications, accidents or illness, your doctor must certify why you are unable to work. Your doctor must re-examine you periodically to determine if you should remain disabled.

State Disability Insurance

State Temporary Disability Insurance is a common myth. Many people assume they have some form of income replacement in case they are sick, injured, or go out on maternity leave. Only five states have mandated temporary disability: California, Hawaii, New Jersey, New York, and Rhode Island. Each has different levels of income replacement, benefit periods, and maximum weekly payment amounts.

Benefits and Features

The benefits and features are broken down into three categories of features: how quickly benefits begin after becoming disabled, how long benefits last while you are unable to work, and how much money will you receive while on disability. Each feature impacts the policy premium cost. A licensed insurance agent will walk you through each option and allow you to find a configuration that fits your budget.

Supplemental Plans

Supplemental plans fills gaps left in other policies. Your existing coverage may have long waiting periods, short benefit periods, or may not replace enough of your income. Many group plans are not portable. If you leave work you lose your coverage. If you have an existing medical condition when this happens, finding an alternative policy may be very hard.

Individual Policies

Individual policies are the holy grail for many growing families. Many employers do not offer coverage at work for their employees, so women looking for maternity benefits often look for individual coverage they can by directly. It's like hunting unicorns. Nothing exists. But you can buy an individual policy at work and pay for it yourself. You own the policy and keep it wherever you go.

Self Employed Coverage

Self employed workers find it difficult to find health insurance of any kind. Many women with growing families find self employment a great way to gain job flexibility, but then finding a way to replace income during maternity leave becomes very hard. Women who work as contractors or 1099 employees have an option.

Long Term Benefits

Long term benefits are available up to age 65 after satisfying a long waiting period. Three to six month waiting periods are most common. Long term disability is not for temporary disabilities such as pregnancy and maternity leave. It fills a different need: high income earners with high overhead costs. Doctors purchase this coverage frequently, as an injury or illness can limit their lifetime earnings, and they may have medical school debt, and medical practice expenses to cover.

Interrelated

Short Term Disability Insurance

Short Term Disability Insurance Topics