All About Voluntary Benefits (Part 3) - Short-Term Disability
Did you know that 75% of disabling injuries happen to employees off the job? An accident off the job means an employee is ineligible for workers’ compensation and, if their injury requires time off work, they’ll lose their salary. That’s where short-term disability saves the day. As part of our ongoing voluntary benefits blog series, today we’re sharing everything you need to know about short-term disability insurance.
What It Covers
Simply put, short-term disability provides a helping hand with income while employees are unable to work due to injury or illness. It covers various injuries, pregnancy, acute illness and chronic illness.
Why It Matters to Employees
For most people, unplanned time off from work can make it difficult to manage their finances, as 56% of Americans don’t have a minimum emergency fund of $1,000. A short-term disability policy provides employees with up to 100% of their salary while they’re off work, so they can focus on recovery – not their finances – and get back to work sooner.
Why It Matters to Organizations
Even small injuries can get in the way of your employees’ ability to work. Having a short-term disability policy in place can be an attractive benefit to employees because it provides them with peace of mind in case of an injury or illness. Also, since coverage is triggered by a variety of causes like minor injuries, illnesses and pregnancy, short-term coverage can be enticing to employees of all demographics.
If you haven’t yet incorporated voluntary benefits into your strategy, you may be missing an opportunity to offer your employees more freedom and choice. Contact a member of the ‘A’ Team to learn how our EnrollSMART approach helps clients establish a custom strategy for their employees.
- All About Voluntary Benefits (Part 1) – Accident Coverage
- All About Voluntary Benefits (Part 2) - Identity Theft Insurance
- How to Increase Your Employee Value Prop With Voluntary Benefits
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