Individual Disability Insurance
Individual disability insurance is something that an employee may get as a part of his or her initial benefits plan. The employer may provide it within the first 90 days of the employee’s starting date. It covers unexpected injuries and illnesses that will last the employee for more than just a couple of days. It provides that person with a little bit of protection while he or she is out of work and recovering from the condition. Regular disability insurance will usually cover a person for up to six months of absence from work. Anything longer than that may be more suitable for a benefit such as long-term disability insurance. Those policies usually cover people who are going to be out of work for six months to one year or even longer.
Disability insurance works like most other insurance policies in that there is a premium that the person must pay to maintain the benefits. Once the individual pays the premium, he or she has coverage. If an illness or injury occurs, the person has to file a claim for assistance. The insurance company will expect documentation from the certified and licensed physician that verifies the condition. The insurance company will want to see an exact diagnosis as well as an estimated recovery time. They will make a ruling on the claim once they have all the necessary paperwork and documentation. The employee will receive the benefits if they rule that the claim is valid. The amount that the covered person receives will depend on the specific policy that he or she has. The average amount of money that a policyholder gets is around 67 percent of his or her paycheck. It could be more or less depending on the insurance policy’s limits, the level of sickness the person is experiencing and so forth.
The major benefit of disability benefits is that the employee can work every day and continue to feel confident about his or her income. The benefits provide enough coverage so that the individual can continue to live his or her life without a tremendous struggle.