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» Dental Plan QuotesFlorida Short Term Disability Insurance
What is Group Short Term Disability in Florida?
This type of insurance provides benefits if you become temporarily disabled and are unable to work for a short period of time. It is not the same as worker’s compensation, as it provides benefits for an illness or injury that occurs outside of the workplace. Generally, this type of insurance coverage lasts about three to six months but can extend for up to two years, depending on your need for it or the particular policy. For extended benefits, you can seek coverage under a group long term disability insurance plan if necessary.
The advantage of having group short term disability insurance is to give you peace of mind in case you would become injured or ill and would have to leave work. Because it acts as a replacement to your normal income, paying weekly benefits, the coverage helps you pay for medical bills, utilities, car payments, college tuition, groceries or even mortgage payments.
Covered Conditions
Policies usually will not pay benefits on pre-existing conditions that your physician has already diagnosed except for certain exceptions such as pregnancy. However, policies will cover many different conditions that you may happen to develop after joining a plan. Some of these conditions may include:
- Personal injuries, such as breaking bones or pulling back muscles
- Pneumonia
- Pregnancy
- Cancer
- Heart attack
The waiting, or elimination, period that you have to wait before receiving benefits is typically less than two weeks. Depending on your particular policy or your employer, you may have to first exhaust all of your sick leave or paid time off days prior to collecting group short term disability benefits.
Disability Insurance Premiums
Depending on the specific policy, a group short term disability insurance plan can be paid entirely by an employer or a portion may be paid by the employees who are signed onto the plan. Also, because it is a group plan, employees generally do not have to take a medical exam to qualify. In most cases there are no health questions asked at all. Premiums are calculated based on the amount of income you are protecting. Typical premiums for an average size group may be as low as $10.00 per month and pay up to $1000 per week for up to 26 weeks. Premiums vary based on the size of the group in addition to the ages and how many males and females there are.
Collecting Benefits
Group short term disability insurance in Florida can pay up to 65% of you pre-disability income when you begin collecting benefits. However, the exact amount of coverage depends on the particular plan that your employer has purchased and the length of time that you are receiving payouts. Typically, the average percentage of money you receive is around 40-60% of your pre-disability income.
Choosing a Disability Insurance Plan
Take into consideration if the plan is non-cancelable or guaranteed renewable. A non-cancelable policy’s premium payments will never increase as you renew. In a guaranteed renewable policy, you can renew but your premiums may increase. Additionally, you may be able to add various options to your group short term disability insurance plan if needed. An example of such an option may be a partial disability rider that pays you some disability benefits while you return to work in a part-time capacity.
For More Information
For additional information on group short term disability insurance, please contact NISONA at 888-564-7662 for a no-risk consultation. Our knowledgeable and experienced agents look forward to helping you choose an insurance plan that best meets your needs or those of your employees.