We're dedicated to helping both of you through this process to make the journey easier. The road back to work from a disability can be difficult, for you and your employee. Getting employees back on their feet-and back to work We use an “own job” definition of disability instead of the more common “own occupation.” That means we look at the job the employee was performing on the date of the disability-not the occupation. “Own job” definition for short-term disability Unable to earn 80% of their pre-disability income while working in a modified capacity.Or occupation (for long-term disability), or Unable to perform the majority of substantial duties of their own job (for short-term disability).Employees qualify for benefits by meeting either of the following criteria: Using the small word “or” in the definition of disability means employees who aren’t totally disabled may still qualify for benefits. Then the rest of your payment will be applied to the principal balance of your loan. Next, remaining money from your payment will be applied to any interest due, including past due interest, if applicable. Here are a few definitions that make our disability contract different. Generally, any payment made on an auto loan will be applied first to any fees that are due (for example, late fees). Just one word or phrase can make a big difference when-or if-an employee qualifies as disabled. That’s why it’s important to have a good handle on the contract’s language. Definitions makes a big differenceĭisability insurance can be complex. Flexible options include: benefit percentages, maximum benefits, elimination periods, benefit payment periods, and more. Key features of Principal group disability insurance.Ĭhoose from a range of features to customize the coverage that’s right for you and your employees. The amount of time a person can receive LTD benefits varies, but usually coverage is provided until the employee returns to work, receives benefits for a certain number of years (example: up to 5 years), or reaches age 65. Long-term disability benefits are paid monthly. Examples of qualifying conditions may include cancer, accidental injuries, and mental health conditions. Long-term disability (LTD) benefits generally begin after short-term disability benefits end. Short-term disability benefits are paid weekly, and employees are eligible to receive benefits for less than 26 weeks. Examples of qualifying conditions may include the birth of a child, prolonged sickness, or recovery after surgery. If an employee is temporarily disabled and can’t work for a short amount of time, this benefit is used to replace a portion of the employee’s income. That means they can focus on taking care of themselves and worry less about how they’ll pay the bills. If employees are too sick or hurt to work, they can rely on disability insurance to replace a portion of their income. Disability insurance acts as an employee’s personal safety net.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |