Voluntary benefits such as Short-Term Disability and Long-Term Disability Income Insurance are extremely important to employees. National surveys have shown Disability Income Insurance is one the most popular benefits that employees are willing to pay for themselves. As a result, savvy employers attract and retain top talent by shopping and securing the best range of disability income benefits at discounted premiums.
Short-Term Disability (STD): During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after about a two-week waiting period and will continue to pay the employee until he/she recovers or maxes out the benefits--usually anywhere between one month to two years, depending on the policy.
Long-Term Disability (LTD): During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period, although it could be much longer depending on the policy, but will continue to pay the employee far longer than STD--for a few years, up to age 65, or even for life.
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