Short-term group disability insurance covers employees who are partially or completely unable to perform the tasks required of their job because of a disability. According to recent statistics, 1 in 4 Americans will incur some type of disability before they reach retirement age, which makes it an important bargaining chip to have on your side when trying to attract the best employees in your industry. Factor in that the cost is usually less than 1% of payroll (for both short and long-term disability coverage) and it’s pretty obvious why many top companies are offering the benefit to their workers.
Short-term disability typically pays out 60% of an employee’s salary for a period of 13-26 weeks and usually starts paying out quickly, or when sick days have been used up. Long-term disability insurance also covers 60% of pay (sometimes capped), but has a longer waiting period for the benefit since the initial disability payments come from the short-term insurance.
Are you familiar with employer responsibilities when it comes to the Americans with Disabilities Act? This resource from the Department of Labor has everything you need to know.
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