Everyone trusts their immunity and rarely think of suffering from disabilities. As an employer, you never see it coming; that day, when you lose one of your staff members because of long-term disability. The statistics indicate just how crucial it is for employers to have plans that insure their workers against long-term disabilities. In the US, at least one in every four 20-years olds will be disabled before they reach their retirement age.
Every employer should beware of the importance of having their employees entitled to long-term insurance. Besides, they should know the specific conditions that qualify for long term disability and have long-term disability insurance.
How long-term disability insurance works
There are two known types of disability insurance: short-term and long-term. If you entitle your employees to short-term disability insurance (STDI), then you replace a part of their paycheck for a specific period, usually less than a year. Employees can also get STDI from other insurance companies, although this is generally costly compared to what their employers provide.
Long-term disability insurance is provided to an employee that will be out of work for a more extended period. Ideally, the compensations from LTDI are to help the affected employee to meet the medical bills and live a healthy life out of work. As an employer, if you are required to provide your employers LTDI if you can. Individuals can resort to LTDI policies from insurance companies if their employers do not give them one, or where they need to supplement the LTD policies provided by their company.
Before you can buy insurance policies from any insurance company, you must search widely from different companies until you can get a firm policy that protects you. The application process for disability insurance will take about six weeks. The process involves comparing quotes from different companies, filling the paperwork, taking a paramedical exam, having an interview on lifestyle, approval, and actual purchasing. You begin paying the monthly premiums as agreed on the policy to insure yourself from LTD.
Why you need long-term disability insurance for your company
Having long-term disability insurance in your company is a better way of showing your employers how much you care about their future. Ideally, your employers can work with peace of mind knowing that their health and future are in safe hands.
Your company can retain talented staff by offering them insurance benefits. If your workers are not able to work and deliver as expected of them, your business is at risk of collapsing. Therefore, it is vital to give every worker some assurance on their health. If you enroll your workers to STDI, the insurance can replace part of their income, thereby keeping your company on track as the employee attends to treatment.
Employers should understand the significance of having all workers in their companies entitled to some long-term insurance policies. The benefits of STDI and LTDI reflect on the productivity of each worker. Both long-term and short-term insurance policies will safeguard each work and help the company to retain productive and talented workers.