Group Disability Insurance
Group short-term disability
A disabling injury occurs every two seconds in the U.S. resulting in an employee's inability to earn a living. Unfortunately bills and everyday needs do not stop when a disability occurs, and savings can be quickly depleted. More than, one-fourth of the U.S. households have net assets under $10,000, and two-thirds live from paycheck to paycheck. Employers also suffer when disability occurs. Of all employees absences, 55% are a result of disabling injuries, or illnesses and 4.1% of payroll is spent on unscheduled absences. Feliciano Insurance represents represents short-term disability companies that offer relief to the employee and the employer when such events occur.
- Flexibility
The strength of the short-term disability plans is flexibility. They’re available to employers of all sizes and can be employer paid or voluntary. Feliciano Insurance customizes plans to fit everyone's needs.
- Guaranteed Issue
No evidence of insurability required if the employee is at work on the effective date of coverage, or if employee rolls during his or her eligibility period.
- Rate Guarantee
For some companies with groups with less than 150 employees, a two year rate is available subject to underwriting approval. Groups with more than 150 employees receive a standard one year rate guarantee.
- Definition of Disability
Insured employees unable to perform the essential duties of their regular occupation and as a result or earning 20% or less of pre-disability earnings are considered totally disabled. Some companies short-term disability plans focus on capabilities, not limitations, others require a period of total disability for a climate to qualify for benefits.
Group Long-term Disability
Illness and accidents keep one in five workers out of work for at least a year during their working careers and the average long-term disability absence lasts 2.5 years, yet 70% of the private sector workforce has no long-term disability insurance. When a disability occurs, employers suffer financial burdens with direct costs and lost productivity. Feliciano Insurance works with companies to work to reduce the impact of providing flexible plan design options, affordable rates, and quick and accurate claims processing as well as employee assistance plans, and return-to-work incentives.
Differences between insurance carriers:
1. Flexibility
- Available for groups and sizes
- Rate Guarantee
- Contribution/Participation Requirements
- Seamless Claim Management
2. Key Features
- What is the Maximum Benefit Percentage
- Benefit Duration
- Standard Elimination Period
- Definition of Disability Options
- Return-to-work incentives
- Progressive clinical and vocational rehabilitation programs, where available
- Social Security assistance.
Click here to contact us via email or talk to one of our experienced Group Insurance advisors or Group Benefits specialists at 1.800.436.1213 (8am - 5pm CST)
Disability Insurance Information Resources
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