Short term disability question

[kdibattista]

I have a short term disability policy through my work (Colonial Life). I will most likely have to have a lump removed in the upcoming weeks. Because of the nature of my job and location of the incision, I will probably be out for awhile. If I claim STD will my premium most likely go up? I'm trying to see if it would be worth it or if I should not file and just use our emergency savings to avoid a premium hike. I will be calling them when they open but figured someone here might have some insight.

Thanks!!!

 

[golfgal]

No, your premiums should not got up. It isn't like car insurance. Those rates are negotiated through your company and using your plan won't effect your rates. It is more like health insurance.

 

[kdibattista]

Thanks!!!

There is a clause in my policy that is a "right to change premium"... that's what had me concerned but reading it further just now seems this would be for all policies across the board and can't single anyone out.

 

[golfgal]

Thanks!!!

There is a clause in my policy that is a "right to change premium"... that's what had me concerned but reading it further just now seems this would be for all policies across the board and can't single anyone out.

All insurance contracts have that clause.

 

[kellyg403]

I have had to use my std twice in the last 10 years for minor surgeries and I have not had a rate hike. It is through the company I work for so I am assuming that it is more like health insurance as the pp said.

Good luck! My mom just did the lumpectomy last week. Though she does have some radiation and chemo to go through she has done suprisingly well. She did have difficulty raising her arm and this week seems to be moving it more. I love my mother dearly but her threshold of pain is VERY low. So, she may or may not be the norm!

Kelly

 

[mickeyboat]

I will chime in my agreement with golfgal. Your premium should not go up individually. But it is possible that a premium could go up for your entire group if group experience is used in calculating the premium, and your group has a lot of claims in a short period of time.

STD policies also have waiting periods, so please make sure to check them out before you depend on the income from the policy. If you won't get disabiltiy, you might want to consider using vacation/personal time instead.

Good luck to you.

Denae