There is more to disability insurance than what social security offers. Some employers offer short term and long-term disability insurance; these insurance programs may be of use for those in the work world making the transition to being disabled and preparing to apply for social security disability benefits.
The information I give you today is the ‘norm’ for the workplace, the average results for my research on disability insurances provided by many companies. To know specifically what your company offers for short and long-term disability protection, you may need to check your employer provided benefits package or check with your human resource department.
Our first look at short-term disability insurance shows that it is just what the name implies, for short-term use; typically 6 months or less while you are unable to work due to illness or injury. Short-term disability will usually start after using any accumulated sick leave and payment is normally 60% of your base salary.
Looking at long-term disability insurance, this type may protect you from catastrophic illness or injury when purchased from an independent company. If provided by a workplace employer, this type of insurance will have many more provisions and probably more limitations.
When your workplace provides either insurance, often there is a stipulation that if you receive payment from other sources or receive social security disability payments, you may be required to repay the money you received in disability payments.
Knowing these differences is a GREAT reason to educate yourself as much as possible on the ins-and-outs of social security disability insurance (SSDI) by taking my FREE mini-course.
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Brian