Short Term Disability Insurance: Ideal for Growing Families
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, and more. Many are two income families, who rely on both incomes to make ends meet.
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. Leave after childbirth is often unpaid, compounding the challenge. Postpartum disorders or a seriously ill infant may delay mom's return to work, adding even more to financial distress.
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. Leave after childbirth is often unpaid, compounding the challenge. Postpartum disorders or a seriously ill infant may delay mom's return to work, adding even more to financial distress.
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.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.
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Short Term Disability Insurance: Answers for Growing Familie
Short term disability insurance takes away worry for many growing families. After piling up debt for housing, transportation, or trying to get pregnant comes a new expense: left over medical bills associated with pregnancy and childbirth. A loss of income is the last thing your family needs. Any family struggling to make ends meet when healthy will quickly crumble when expenses rise in tandem with lost income. Thankfully, there is a solution.
Mom should consider purchasing short term disability for pregnancy about the time you decide to start a family. Normal childbirth is a covered medical event, and the benefits paid often exceed the premium cost. She will need to get her policy at work, as these policies only only sold through groups as a voluntary or employer funded benefit.
Dad may also consider what would happen if he were unable to work due to an accident or an illness. If your family relies on both incomes to make ends meet, and mom is out on maternity leave, your financial cushion disappears rapidly if both salaries stop. He may be able to find private coverage sold directly to individuals. He is not planning to use the policy, so the requirements are more lax.
How Short Term Disability Insurance Works
Short term disability insurance replaces a portion of your income during the time you are unable to perform the primary duties of your full time occupation. The benefit ranges up to two-thirds of your gross salary, or $5,000 whichever is less. Payments begin after satisfying the policy elimination period, which can be as short as seven days for sicknesses.
Your policy will continue paying benefits as long as your doctor certifies that you are unable to work. But the payments are temporary, they do not last forever: 3 month to 24 months maximum. The duration benefit period is a choice you make when applying for coverage.
When applying for coverage you will have to answer a series of questions about your job, your income, and your health. Pre-existing conditions will typically not be covered for the first 12 months, and may prevent you from qualifying medically. Make sure to start your policy before getting hurt, sick, or pregnant.
If you are unable to work due to a covered accident or sickness you will need to file a claim in order to begin receiving benefit payments. Contact your insurance carrier to download a claim form. Take the form to your doctor to verify that you are disabled, and your employer to certify that you are no longer getting paid. Pregnancy is a covered sickness.
