Disability Insurance Articles
Group Coverage And Its Role In Disability Insurance
2010-09-12
Group coverage can be an excellent way for Americans to top off or even replace individual health insurance, and often for a fraction of the price of individual plans. Group coverage will typically include very similar coverage options and limits to that found in individual insurance, but since it is being offered to such a broad array of people will also be less expensive than its individual cousin. Though it will cover fewer specific procedures - it will be tailored to meet the needs of the many, rather than the one - it is one of the most substantial benefits for working for a stable, employee-focused company. One of the things that most group coverage plans will include is some form is disability insurance that will pay a portion of your wage should you be injured. This saves you from having to seek out disability insurance quotes on your own.
Group insurance disability coverage is put in place to protect those workers that get hurt on the job, or may even take the form of "key person" disability insurance if you are high up in the company or essential to its functioning. Should you be injured at work, disability insurance will pay a portion of your wage for a set period of time. This portion is typically not 100%; between 70 and 80 percent is common, over a time determined by the insurance company in conjunction with your physician. In order to be paid, you will need to submit all necessary medical paperwork along with a list from your doctor of just what you are prohibited from doing and for how long. In the case of "key person" insurance, the insurance company will pay the business the person works for as well, as to lose them even for a short period of time could be disastrous.
It is important to bear in mind that most group coverage disability plans do not include activities that you do on your own time. Should you be injured water-skiing, snowboarding, or simply working around your house, you will often not be covered under group insurance. As well, if you are injured at work, be careful not to do things at home that are beyond the scope of what your doctor allows. Should the insurance company choose to check up on you and discover that you are able to do more than stated, you could face policy cancellation or even fraud charges.
Group coverage for disability is a great way to spare employees from finding their own disability insurance quotes, but it does come with some red tape and restrictions that workers need to be aware of in order to make it most effective.