Monday, 25 Sep 2023

Working Procedure of Short-Term Disability Benefits

Uncertainty is the only certain thing in this world. You never know at what turn big surprises are waiting. That is why securing your income is so important. You’re certainly worried about insuring your pride of possessions – usually, home and car. But do you extend the same concerns to your paycheck protection?

Short-Term Disability Insurance

Short-term disability insurance is designed to provide a financial cushion for a certain period of time in case you don’t get a paycheck due to your temporary inability to work.

Short-term disability insurance gives you a percentage of your salary when you are no longer able to work. How long you will receive the benefits is subject to the length of your disability. The benefits provided to you are a function of your elimination period. On reaching your elimination period, you will receive a paycheck to cover your expenses.

How Short-Term Disability Insurance Works?

Let’s create a fictional scenario to make you understand the process of how it works. Suzan was hit by a vehicle while crossing the road. She fractured her leg and sustained a couple of rib injuries. Suzan was rushed to the hospital and she received immediate treatment. According to the doctors, her injuries were serious and it would take her few months to recover fully.

Suzan grew worried, knowing that she would not be able to resume working before 3-4 months. She realized the importance of immediate financial help and talked to a Mutual of Omaha disability claims attorney who suggested that she should apply for short-term disability claims to her insurance company.

After she was done with her claim form, she requested her physician to give an estimation of disability duration. She also made sure to receive additional details that would work towards helping her claim review. She signed and submitted the form at the right time subject to her elimination period that lasted for 7 days.

After one week, Suzan started receiving a paycheck that helped her pay for a mortgage, groceries, medical expenses, and other bills.

Does Short-Term Disability Benefits Suit My Circumstance?

Place your personal finances under the scanner. Would you need financial support – just like Suzan – to pay your bills if you suffer an unexpected illness or accident? Would you manage to make both ends meet without financial support trickling from outside? Would you find any problem in paying for major expenses such as a mortgage, car insurance, or your child’s education? Can you easily manage minor expenses like gas and groceries?

What if you have disability insurance via your employer? Will it be enough to give you the comfort of a financial cushion?

Wrapping up

Short-term disability insurance props you up in several troublesome situations. You might need coverage until a disability insurance scheme through your employer kicks in. Or, you might take interest in a policy not directly tied to your job. Irrespective of your preferences, several options are available for short-term disability insurance to match your particular needs.

Workers Compensation might suit your purpose if you are partially disabled and need only half of the usual benefits. Or, you might need vocational therapy or rehabilitation and in that case, a Rehabilitation Benefit Policy is worth considering.