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Group Long Term Disability
If you are your own employer, consider a group policy for you and your employees. If you are a sole practitioner, or if you work for a business that does not provide benefits under a gorup policy, an individual policy is a good idea. After all, if you do not receive benefits, your entire business may suffer.
As a licensed agency, Med-Pay can provide you with the assistance you need to make an informed decision. Whether you are an employee or an employer, we can help analyze your sources of disability income, determine waiting periods for various benefits, and determine whether additional coverage is advisable.
Employers may sponsor this insurance. If so, the individual must work for a specified period of time and meet the active work requirement to be eligible to enroll. It is also available to individuals, subject to medical underwriting.
Long Term Disability Insurance (LTD) protects people who can’t work due to a disability. It replaces a portion of lost earnings for a specified period of time. It requires medical proof that a disabling condition is a cause of wage loss, as defined by the policy. LTD coverage provides a monthy income replacement that is either a percentage of gross pre-disability earnings or a specified dollar amount according to the policy. Note that LTD coverage does not provide health coverage. It is a wage replacement policy. In an employer-sponsored LDT coverage, your eligibility for LTD may be used to determine continued eligibility for other benefits such as health and life coverage. When you have coverage and become disabled, it is important to contact your human resources manager or insurance agency such as Med-Pay as soon as possible. If you have individual LTD coverage, you will be responsible for all costs. If you have group LTD coverage, you may be responsible for no cost, a percentage of the cost or a set premium. With employer-sponsored LTD coverage, you may be responsible for the amount that is above what the employer elects to pay. This is determined by employer agreements with their insurance companies. Your employer, Human Resources Department or personnel staff can explain these benefit details.
Call Med-Pay for more details.