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» Dental Plan QuotesGroup Disability Insurance - Florida
What is Group Disability Insurance?
Group disability insurance acts as a backup to your income, providing a steady stream of money in the event you should become disabled and are unable to perform all or a portion of your normal job duties. This type of insurance gives you money to help with medical and day-to-day expenses during the time you cannot work.
Group disability insurance is often part of an employee’s benefits package. Coverage usually begins whenever short term disability insurance ends but can have a waiting period of up to several months. It typically extends for two to five years but if needed, it can continue paying benefits for much longer. In some cases, it can provide coverage until you reach retirement age or for life.
Covered Conditions
Group disability insurance is not the same as worker’s compensation, from which you can collect benefits if you become hurt directly on the job. Instead, benefits under a group long term disability plan offered by an employer will pay for a non-work-related illness and accidents including but not limited to:
- Pregnancy
- Heart desease
- Cancer
- Stroke
- Back pain
- Various joint and muscle pain
Additionally, group disability insurance plans may also include a clause that prohibits you from collecting benefits if you have a pre-existing condition.
Premiums
Typically, group disability insurance benefits are purchased by an employer at a discounted rate. The employer may pay for the entire benefit at no cost to you or you may be responsible for a small portion of the monthly premiums. Depending on the specific policy, your benefits may be taxable if your employer pays the entire premium.
Collecting Benefits
Once payments start, you can collect about 50-70% of your pre-disability gross income. Some policies may stipulate a specific maximum benefit that you can collect each month, such as a cap of $5000.
Some policies may continue paying benefits even after you return to work and others may help you get back to work by making adjustments either at home or at work. Additionally, some plans will pay benefits up to the time you are ready to go back to work, regardless of your prior position. On the other hand, some policies will continue paying you benefits until you can return to the exact job you had prior to going out on disability.
Choosing a Disability Plan
Typically your employer will provide basic group disability insurance; however, you may be able to add other options. An example would be a cost of living adjustment that reflects rising living costs in your payouts.
Also look at the type of plan it is: guaranteed renewable or non-cancelable. A guaranteed policy means that you can renew but premiums may rise. A non-cancelable policy means you can renew and the amount of premium payments will not increase.
For More Information
NISONA can answer all of your long term disability insurance questions and can help you decide which plan best accommodates your needs or those of your employees. Please contact us today at for a free consultation with one of our caring and knowledgeable agents. We look forward to hearing from you!