The Importance of Having Disability Insurance During COVID-19

The global pandemic has left many workers concerned about how they can cope without paid sick leave or what to do after their sick leave is exhausted. Meanwhile, employers rushed to come up with solutions and formalize their leave policies due to the emergency passing of the Families First Coronavirus Act that requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for pandemic-related reasons.

If you are running a business, now is the best time to examine your current disability options. This is especially true with the risk of severe illness or potential disability as a result of COVID-19.

Why Should I Evaluate the Company’s Disability Insurance during COVID-19?

A majority of people will suffer a disability at least once in their lifetime. Also, contrary to popular belief, disability insurance is not only necessary for workers with hazardous jobs because most disability claims are from causes entirely unrelated to work.

It is your responsibility as an employer to provide your employees with sufficient health insurance benefit options in case they are infected with COVID-19. This also ensures that they are covered if worst comes to worst. Their current coverage should allow them to weather a potentially long-lasting disability.

Consider offering disability coverage in light of the pandemic to your employees because the infection can cause long-term side effects that remain even after they have recovered from the virus. By having a long-term disability policy, you and your workers can have peace of mind.

What Is the Importance of Offering Short and Long-Term Disability Insurance?

Disability insurance is often overlooked or forgotten when considering insurance coverage, but it gets crucial in a time of need. It works by paying 50-60 percent of the insured’s salary depending on the policy if your workers get ill or unable to work.

The insured needs to satisfy an elimination period, or the time between the date they are diagnosed with a disability and the date they can start collecting benefits if they experience an earnings loss. It can range from 0-365 days depending on the policy, with the average for short- and long-term disabilities being 14 and 90 days, respectively. Simply put, the policy will be less expensive the longer the elimination period.

Where Can I Get the Right Group Insurance Coverage?

Experienced medical insurance brokers like us can help you find the right coverage that suits your needs. We offer personalized services and ensure that the disability insurance sets you and your employees up for long-term success.

We bring much more than insurance. We can serve as your collaborative partner who provides you with benefits, and you can count on us for a top-notch level of service, advice, and products within your budget.

Conclusion

Regardless of your industry, comprehensive disability insurance coverage is essential, especially in the middle of a pandemic. This is understandably a difficult time for employers like you, and you may be tempted to reduce your costs due to economic pressure. However, offering your employees voluntary short-term and long-term disability options is a wise and necessary investment.

Reach out to our group health insurance brokers in Houston for assistance in navigating the life and disability insurance market. Request a quote today!