Difference Between Long-term & Short-term Disability Insurance!

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Difference between long-term and short-term
disability insurance!
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Open enrollment can be a difficult time for both
employers and employees. In an effort to
simplify this process, SynchronyHR is sharing a
series of employee benefit product overviews
that can help your employees better
understanding the benefit options available to
them.
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Disability Insurance Coverage
Workers' compensation can limit the individual's
options and social security can be hard to
qualify for. That's why many employees turn to
disability insurance, which can provide this
coverage and can coincide with other benefit
programs. Disability can pay up to 50 to 70
percent of your average salary depending on your
circumstances. There are two different coverage
options available for individuals opting for
disability insurance short-term (STD) and
long-term (LTD).
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Short-Term Vs Long-Term
Short-term disability insurance covers, as
stated, a short period. This often looks like
around three to six months, but might be able to
last one year. Long-term disability insurance
can cover a far longer period, such as five to
20 years, or when the disability ends. The
average long-term disability claim can range from
three to five years.
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Making the Choice!
When selecting a coverage option, ask yourself
how long you might need the benefits to last if
you were to become injured or ill. While there
is no telling how serious your injury or illness
might be, there is always a chance that you may
miss months, or even years, of work. This may
depend on preexisting conditions or risks on the
job, which are variables to consider.
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The Elimination Period
Elimination period is the length of time between
the start of an injury or illness and receiving
benefit payments through the insurance
provider. For short-term policies, this period
can last around 14 days. Long-term disability,
however, can range from 30 days to two years to
solidify, with the average case taking around 90
days to build. When selecting your policy, be
sure to also consider the length of the
coverage's elimination period and your ability
to pay for care during that time.
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Professional Assistance
Business owners that work with an HRO can
provide their employees with benefits, such as
short and long-term disability, along with
professional assistance. Most HROs have experts
on hand to guide employees through their benefit
selection, and support their use of the
plans. Those that are having trouble making plan
selections, or understanding coverage options
can look to these professionals for help.
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Contact Us!
info_at_synchronyhr.com
www.synchronyhr.com
314-222-5770
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Thank You!