No one likes to think about not being able to work all the way to retirement. Unfortunately, events can take place that leave people unable to work for an extended time. Some may never be able to return to their old jobs. That’s one reason why many employers choose to offer some form of long term disability insurance to their employees. Here are some of the reasons why this type of coverage makes a difference.
Providing Benefits After Short Term Insurance Expires
You already provide benefits that support employees who are ill or injured and need a few months to recuperate. What happens if their conditions do not improve enough to return to work in that time frame? When there’s the need to have the health care extended for a longer period, the long term disability coverage can pick up where the short term insurance leaves off. The employee can continue receiving the necessary treatments and hopefully make a full recovery.
Maintaining Monthly Income
While the employee may not be able to work, day to day expenses continue. Once the other benefits you offer are exhausted, how will the employee make ends meet? Many plans for long term disability insurance include provisions that provide some percentage of the employee’s standard income. The figure is generally based on the monthly salary or the average hourly wage. While it won’t match the amount your employee made while working full-time, the benefits from the insurance do make it easier to keep going financially.
Assistance If You Are Partially Disabled
While the hope was for a full recovery and eventual return to work, that is not to be. It’s clear now the employee is partially disabled and will not get any better. In this scenario, having health care extended to allow for that partial disability helps to ease financial burdens. In some cases, those benefits will provide a bridge that sustains the employee until it’s possible to obtain disability benefits provided by the government.
Providing Peace of Mind
Along with the physical challenges associated with illnesses or injuries that lead to disabilities, there’s also the emotional burden the employee will carry. Worries about the future are not something the individual can shrug off with ease. With the right type of long term disability insurance in place, many of those worries can be set aside. That means more peace of mind and an increased ability to focus more on adjusting to the new circumstances.
The hope is that there will never be the need for health care extended beyond a few months of illness or injury. If something does occur and other benefits will not provide the protection needed, it pays to have long term coverage on hand. Talk with an expert today and find out what options you could provide to your employees. You’ll be surprised at how much your efforts will be valued by those who work for you.