Supplemental Disability Insurance

Supplemental disability insurance could be ideal to invest in, especially when you need a longer period of leave from your job such as during pregnancy, injury or sickness. As the name suggests, it is supplementary to short-term disability plan. It is ideal when you have bigger responsibilities on your shoulders while away from your work. Unlike short-term disability policies, supplementary excludes you being under doctor?s survey or continuous care. Further, your benefits can start post-waiting period depending on what you choose, which could be either from one week to 6 months.

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Eligibility:

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Eligibility rests on employment type, as different employment types demand different criterions. Most importantly, you need having a full time job for meeting the eligibility criteria of the supplementary disability. In fact, you may start with analyzing the eligibility rules before you enroll with supplemental disability insurance. What is the point in looking up the plan details and in the end finding that you are not eligible for the plan? Thus, it is recommended to first look at best disability insurance, reading about its eligibility criteria, as then becomes increasingly clear whether the plan is suitable for you or not. In case, the plan demands any specific demands, which you are not eligible to, then you may simply move to another that suits you the best with your eligibilities and needs.

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Enrollment:

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It is ideal to enroll in best disability insurance plans, when you foresee future dependence on them. That is, if you have a prior information about high requirement of cash before the event, then you may simply refer to enrolling yourself for the supplementary plans, as they can benefit you more specifically during the time you need them the most.

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It is ideal to invest in best disability insurance plans within the coverage periods of one month from your initial eligibility. However, in case you miss out this, that is if you postponed the supplementary needs after the eligibility has passed, then you may have to submit a health statement covering information about your health and condition. Further, it is easy to enroll as well as cancel supplementary disability any time you wish. This flexibility can be an added advantage, but you may also consider the fact, that disabilities wait for none. Hence, instead of changing dates back and forth, you can save more benefits, if you plan your ways through it

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Health Statement:

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In case you give a miss to enroll within stipulated period of 31 days, then you require submitting additional documents such as health statements. A health statement plays a pivotal role for your insurance firm to derive your past medical information. It helps them to gauge the risks involved in lending you disability insurance coverage. Further, it also helps them declare your eligibility. In case, they found you as high-risk client, then there are chances that you may end up paying higher premiums. However, there is also a chance, that they may reject your enrollment if found ineligible as per the set of rules.

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Coverage:

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Supplemental disability insurance benefits you weekly during disability periods with cash benefits as high as 70% of your gross earnings. Further, the amount of benefit you fetch could vary depending on plan and your salary as well. Further, you can fetch supplementary benefits along with short-term disability benefits for the first six months. However, if you want to benefit supplementary along with short-term disability, then you need to have a continuous care or doctor?s supervision. In addition, if your disability lasts longer than 12 months consecutively, then it is termed as permanent disability and one may lose the benefits of short-term disabilities if long-term plan is not clubbed with it

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Cost:

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Disability insurance coverage cost is one of the most important criteria, which makes people opt for one policy over another. Indeed, cost plays a crucial role, as it is hardly wise to invest in plans having wide flexibilities but at a high cost. Thus, cost is equivalently important to look before you decide on investing into any plan.

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Salary Hike:

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In case your salary increases, then it may not extend to your supplementary disability or disability insurance coverage, unless first day of the year comes. Thus, you can expect a hike only after new-year calendar sets in. Further the above holds true, in case you switch from full time to part time without changing the rate of pay. That is, you cannot expect a change of rate in supplementary disability benefits, even if you downgrade your fulltime job to part time when per hour income rate remains unchanged.

Source: http://individualshorttermdisabilityinsurance.org/supplemental-disability-insurance/

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