Disability Insurance

Some people call this type of insurance “paycheck protection.” Disability insurance can pay you a portion of your normal income if you can’t work due to a covered health condition. The amount depends on the policy you have, but typically you would receive 50% to 70% of your salary. There may also be a monthly limit to the amount of money you can receive.

If you are disabled, it generally means that you can’t work due to a covered illness, injury or childbirth. Every disability insurance plan has its own “definition of disability,” even government plans. So it’s important to read up on the details.

There are several kinds of Disability Insurance plans designs to meet different needs. Some of the most common plans are:

Short term disability insurance

Generally designed to provide income replacement for a disabled employee during the first week to 6 months. Both NJ and NY have mandatory short term disability programs. We help employers understand these coverages and limits. We also provide supplemental coverages to your employee’s, since the state plan may not provide enough protection.

For NJ:
http://lwd.dol.state.nj.us/labor/tdi/employer/employer_landing.html

For NY:
http://ww3.nysif.com/Home/DisabilityBenefits/AboutDisabilityBenefits.aspx

Long term disability insurance

Generally designed to provide income replacement for a disabled employee starting from 180 days or longer. We assist employers with designing a long term disability plan to meet your financial needs. These plans can be employer paid, or employee paid (also known as a voluntary plan).

Individual disability insurance

Designed to be billed to an individual’s home, an individual disability plan can be purchased outside the workplace.

Workers’ Compensation

Workers’ compensation provides medical treatment, wage replacement and permanent disability compensation to employees who suffer job-related injuries or illnesses, and  death benefits to dependents of workers who have died as a result of their employment.  http://www.dol.gov/owcp/dfec/regs/compliance/wc.htm

Social Security Disability benefits:

If you have worked at job that pays money from your salary into Social Security, you might be eligible for Social Security payments. http://www.ssa.gov/disability

 

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