Physicians and others serving in a medical care facility can benefit immensely from a group short term disability insurance. This insurance plan can provide coverage for various types of disabilities. These include the ones resulting from any disease, injury, or a different kind of health disorder that prevents the physicians from attending the office and discharging their duties.
Many employers see group short term disability insurance as an attractive option for those employees looking to supplement a sick leave or statutory disability benefits program. As the employer is the owner of the plan, they will be responsible for paying a premium for the entire length of the group short term disability insurance.
What Are The Flexible Terms of Disability Income Plan
Physicians are considered disabled if they cannot work or perform their normal professional tasks because of a severe illness or devastating injury. If the condition does not seem to get any better within a reasonable period of time, they can get a percentage of their pre-disability income.
Employees unable to carry out their own occupation because of the disability or injury may work in another occupation and can still qualify for short term disability insurance benefits. The only condition is that their earnings must not be more than 80 percent of their earnings before the disability.
What Happens If The Disability Period Gets Extended
If the disability period gets extended for some reason, the benefits will continue while the employee still suffers from the condition. However, it will not extend beyond the maximum benefit period stated in the original insurance plan. If there is a new cause of disability, the original limitations and exclusions will also apply to the new cause.
If you consult a disability insurance broker, you will learn that round the clock, and non-occupational coverage options are available. The round the clock plan offers coverage for disabilities suffered either while on the job or off it. Non-occupational plans provide coverage for disabilities occurring while away from the job. It acts as a complement to the workers’ compensation coverage.
What You Should Be Cautious About
Group disability plans from one of the best disability companies typically provide around 60 percent of disability income to physicians that are totally disabled. However, in most plans, there will be a specified maximum income limit per month.
There are a few other features you must be cautious about. Most plans require the recipient to be totally disabled to receive the benefits. Nearly all plans are not portable. If you leave the job under which you were insured, the same will not continue in your new job. There is also the risk of the benefits getting c by the employer. Also, if the employer pays the premium, you will be taxed for the benefits. This can affect the sum total of the take-home benefits.
Group short term disability insurance as well as long term insurance can help employers retain their star employees. It is also tax-deductible to the business. Choose your insurance provider with care to maximize the plan’s benefits for both the employers and employees.
Find out more information about group short term disability insurance: https://www.mgis.com/solutions/group/group-short-term-disability