Anyone buy their own Short-term and Long-term disability coverges?

[Snoozan]

Looks like I'll be taking a new job that does not offer short or long term disability insurance. I've never NOT had these coverages in my almost 31 years working. Does anyone pay on their own for these coverages? The company I'll be working for is a small firm, but not sure of total # of employees. I'll probably talk to the CFO once I've been there a bit to see if maybe he could get insurance quotes for these coverages(I previously worked in an insurance company that quoted ER sponsored coverages). I just have no idea on what these coverages cost if you pay for the coverages yourself. Anyone have an individual carrier they recommend?

 

[marlynnp]

Aflac!

They have two different programs that we use - both are short-term. I'm trying to remember the relevant details off the top of my head, so excuse any slight errors or vagueness.

One covers on the job accidents. The cost is based on your salary and the amount (percentage of salary - I can't remeber the max - 80% maybe - but it is not taxable) and length of coverage (maximum is 3yrs) and when it kicks in (immediately up to I believe 3 weeks). The average cost for the best of all categories is equivalent to about one hours wages.

The other program is a flat $5/wk and covers any accident. It gives you flat rate reimbursement for related Dr visits, medical equip, & that sort of thing. All you need to do is submit copies of your bills. Health insurance coverage has no bearing on it whatsoever.

 

[wdwfan16]

Aflac!

They have two different programs that we use - both are short-term. I'm trying to remember the relevant details off the top of my head, so excuse any slight errors or vagueness.

One covers on the job accidents. The cost is based on your salary and the amount (percentage of salary - I can't remeber the max - 80% maybe - but it is not taxable) and length of coverage (maximum is 3yrs) and when it kicks in (immediately up to I believe 3 weeks). The average cost for the best of all categories is equivalent to about one hours wages.

The other program is a flat $5/wk and covers any accident. It gives you flat rate reimbursement for related Dr visits, medical equip, & that sort of thing. All you need to do is submit copies of your bills. Health insurance coverage has no bearing on it whatsoever.

This is only true if you pay 100% of the premiums. The OP will in this case.


OP, DH and I only carry LTD. It kicks in after 3 months. We can cover ourselves for the 3 months so we don't carry STD.

 

[3boymthr]

Looks like I'll be taking a new job that does not offer short or long term disability insurance. I've never NOT had these coverages in my almost 31 years working. Does anyone pay on their own for these coverages? The company I'll be working for is a small firm, but not sure of total # of employees. I'll probably talk to the CFO once I've been there a bit to see if maybe he could get insurance quotes for these coverages(I previously worked in an insurance company that quoted ER sponsored coverages). I just have no idea on what these coverages cost if you pay for the coverages yourself. Anyone have an individual carrier they recommend?

These coverage can be very expensive for a company to sponsor especially if they are small companies. You might do better to get the company to sponsor a voluntary program. We have several companies that we work with the offer this benefit on a voluntary basis to their employees and the coverage cost is more than for ER sponsored coverage, but less than individual coverage.

Individual coverage tends to be very expensive as they figure you're only buying it because you think you might need it. It's an adverse selection thing. Young healthy people tend to not take individual coverage, but older people are more likely to take it so the coverage gets pricey. I'd recommend checking with your agent for your car and home insurance as if they don't offer the coverages they may be able to put you in touch with a broker that does sell the coverages and thru a broker you will have access to a greater variety of carriers than you could contact on your own.