Offering Disability insurance to employees is a smart business move
The American Banking Associates points that many people today find it hard to save up an emergency fund, making it hard to cover expenses should they become sick or injured. Yet statistics highlight that disability is a significant risk that can impact young workers, regardless of their age or perceived health. Disability payments are a benefit employees can rely on to alleviate this stress and are relatively inexpensive – that’s why savvy employers offer them as part of the broader benefit package. Disability benefits show your employees you not only care about their financial well-being, but gives them time to recover fully, and in turn promotes a healthy positive work environment. Learn more
JPA works with the best disability carriers in Georgia, offering options that can be tailored to help meet your employees’ individual needs and your bottom line.
How disability benefits work:
Employer sponsored short and long-term disability benefits generally cover a wide range of illnesses and injuries, including cancer, that prevent an employee from performing their job duties. Both types of disability coverage can provide income replacement to help employees manage expenses during a period of time when they are unable to work.
Short Term Disability (STD)
During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after about a two-week waiting period and will continue to pay the employee until he/she recovers or maxes out the benefits–usually anywhere between one month to two years, depending on the policy.
Long Term Disability (LTD)
During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period. However, it could be much longer depending on the policy. The policy will pay the employee far longer than STD–for a few years, up to age 65, or even for life.
Value-Added Employee Assistance Programs (EAPs)
Our disability carriers often incorporate Employee Assistance Programs (EAP) as a supplementary benefit alongside a long-term disability (LTD) policy. These programs may provide mental health services, substance abuse counseling, legal and financial services, work and career support, support for family issues, and more.
Consider Key Person Disability Insurance
Key Person Insurance protects your business and everyone who relies it should a key person in the business, including the owner, become unable to work, due to an unexpected illness, accident or untimely death, or other departure. Learn More
