Short-Term Disability Coverage
Most people insure their lives, their homes, and other material assets. They usually don’t consider the need to insure the income that provides these things. Here’s an interesting fact to note when considering electing short-term disability (STD) coverage: More than half of all American families live from paycheck to paycheck (Consumer Federation of American survey, February 20, 2001).
Following are the top three reasons why it is important to consider electing STD coverage:
1. Having a small sick bank
2. Having a chronic illness that is exhausting your sick leave balance
3. Having inadequate financial resources to cover your living expenses for the 90-day waiting period under the long-term disability (LTD) coverage when unable to work due to an unexpected accident or illness
Although STD will not be offered during Open Enrollment, you may apply for STD coverage:
- Within 31 days of a qualifying employment or family status
- By completing a medical Evidence of Insurability (EOI) Statement