Much like accidents, you cannot always anticipate when a disability comes your way. An injury, car accident, or a medical condition, many reasons leave a person incapable of working and bringing home income. Having the right disability insurance is often the only thing separating a comfortable recovery from a financial blow.
When it comes to insurance, most people think of disabilities as long-term, more permanent ones. However, there are several reasons why a person can qualify as disabled for a shorter period. So, it’s essential to know the differences to get the right benefits.
There are several companies that offer disability insurance in Florida, but it’s essential to choose the right one. Read on to find out what are the basic differences between short-term and long-term disabilities and how it affects your policy.
Short-Term Disability (STD) Policy – The Basics
As the name suggests, these policies cover those situations where the insurance holder cannot work for shorter periods of time due to accidents, medical conditions, or hospitalization.
These are usually valid for 17 to 26 weeks, based on the policy guidelines. In case you are still not able to join after the stipulated period, you have the choice to move to a long-term disability policy if your insurance allows.
What Qualifies under STD Policies?
The specific medical conditions that qualify as short-term disabilities can vary for different policies but usually cover the following grounds. Do check with your insurer before claiming to check if you qualify or not.
- You are recovering from a severe injury due to an accident
- You suffer from mental health issues that stop you from performing your work duties
- You underwent critical surgery and need time to recover
Long-Term Disability (LTD) Policy – The Basics
There are many situations (medical or otherwise) in life that stop you from working to your full capacity. Such disabilities take away your income source for good. An LTD policy gives you the financial support you need to pull through your personal and family needs for a long period of time.
Unlike STD policies that usually stop the benefits after 26 weeks, an LTD policy continues for up to 65 years of age, depending on the policy guidelines.
Employer vs. Individual LTD Policies
While it is common for employers to offer corporate or group LTD policies to their employees, it is better to have an individual policy as well. If you ever have to claim disability, the latter provides you much more flexibility and legal benefits.
Not everything in life is easy. Sometimes it throws a lemon at you. But what you do about it – make lemonade or fret over it, defines how well you live it.
Living with disabilities is many things, but it doesn’t have to interfere with your work and pay. Short-term and long-term disability insurance policies are a saving grace in such situations. So, invest in one right away so that you have one less thing to worry about if you ever need them.