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What differentiates long term and short term disability benefits?

When Missouri employees face disabling injury, what can they do? This is where short term and long term disability benefits may come in handy.

Today we will look at what differentiates these two types of disability benefits. We will look at the costs for each. We will also look at the types of disability and injuries that each of them covers.

Short-term disability plans and prices

The Hartford examines long and short term disability coverage. These policies differ in the type of disability they cover. It also differs in price. For example, let us look at short-term disability first. These policies are often expensive for an individual to buy on their own. But group plans are often less expensive for short-term disabilities. Group plans for long-term disabilities are pricier. Companies sometimes offer this group plan as a benefit. Short-term disability plans cover periods of disability from three months to a year. You must go through a waiting period first.

Long-term disability plans and prices

By comparison, long-term disability benefits cover periods of two to ten years. Some cover up to age 65, and others cover up to life. The wait period is a minimum of 90 days before you can collect benefits. Long-term disability costs often depend on the length of the benefit period. For example, a two year period of disability benefits will have a lower premium than lifetime.

Of course, no one can predict if they will ever be in need of disability insurance. Not everyone can afford the premium for both types of policy, either. This is why it is important for a workplace to offer group plans or other forms of coverage.