If you are a physician or a dentist working in a medical office, you will be most likely covered by a group long term disability insurance offered by your employers. It will cost you a small portion of your salary, or it might even be fully paid by your employers. Disability insurance is important for every working professional as it pays out a benefit in the form of an income to replace a portion of the monthly salary if you cannot work because of a disability or injury.
What Does A Group Disability Insurance Mean To An Employee
It is a smart move to sign up for a disability insurance income plan sponsored by the employer. However, history shows that an employer-sponsored program will not provide you with the kind of comprehensive coverage needed to cover a loss of income. Group disability insurance is unlikely to meet your needs because of taxes and policy restrictions. The worst thing about such a policy is that you will lose the cover when you leave the job, thus creating a gap in the coverage.
To ensure that you get at least 70 to 80 percent of your regular income, you must invest in an additional long term disability plan with one of the best disability companies. It will guarantee that you get a major portion of your regular income when you are unable to work because of a severe illness or a disability caused by accident.
Why Do You Need It?
Research shows a disability injury can happen to anyone while at work. And in many cases, it can change the course of your life if the injury is severe and causes permanent damage. It is of no use if you have health insurance because it will only cover your medical costs. You need something to cover other mandatory expenses too – such as rent and groceries and many others.
A long-term disability plan from a reputed insurance company can help you access the financial resources needed to survive without a regular income. For healthcare companies, it can help maintain productivity by ensuring physicians stay on the job. If they suffer an illness or injury, the company can provide the assistance they need to recover fast and return to work as soon as they are capable of doing so.
What Does Group Long-Term Disability Insurance Cover
The Group long-term disability insurance covers injuries or falls resulting in a short-term or permanent disability. It doesn’t matter whether the incident happens inside or outside of work. There are various types of group disability insurance plans available. If you are not sure which one will work best for the needs of your employees, consult a disability insurance broker to guide you in making the best choice.The best group long term disability insurance companies can provide up to 70 percent income loss protection for an extended period of time. This allows employees to recuperate in peace and focus on regaining their health. At the same time, the insurance plan will make sure that their individual and family needs are more than adequately met.