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How do costs differ for long and short term disability?

Missouri workers like you should have access to information about disability coverage. After all, no one can predict how their time on the job will go. No one can foresee whether they will need disability insurance or not.

Today, we will look at some of the differences for short and long term disability coverage. Both of these insurance types have their uses. Both also come with benefits and disadvantages.

Short term disability coverage

The Hartford highlights differences between long and short term disability coverage. The first thing to note is the difference in the coverage periods. Short term disability often extends anywhere from three months to a year. You must go through a waiting period before receiving any benefits. This type of insurance also costs individual buyers a lot of money. This is why group plans are common. Many workplaces offer a group plan for short term disability that workers can take part in.

Long term disability coverage

Long term disability can last anywhere from two years to a lifetime. The wait period is at least 90 days and sometimes lasts longer. It covers ailments or injuries that have no quick cure. Due to the extensive benefit period, costs for this type of insurance are high. You may have more trouble finding an affordable long term disability coverage.

Many companies judge costs versus the type of danger you face on the job. Not every company offers comprehensive insurance for both types of disability. It is important to understand the policies your workplace has. This allows you to understand the coverage you qualify for in an emergency situation.