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The Value of Offering Short and/or Long-Term Disability Benefits to Your Employees

As a business owner, you know that a comprehensive healthcare package keeps your workers healthier, happier, and more satisfied with their employment. Of course, it also benefits you, as healthier employees miss fewer workdays and operations remain more stable. 

But while healthcare does provide immense benefit, it cannot protect employees against all of life’s ups and downs. In the event of a short-term or long-term disability, due to injury or illness, how would employees handle the loss of income on top of their health concerns? 

Disability insurance provides an answer to this concern. 

Group disability insurance can round out a lucrative employee benefits package. Typically, a disability insurance policy can provide the covered individual with up to 60 percent of their former income when out of work due to disability (up to certain limits). 

A variety of disability insurance policies are available, depending upon your employees’ needs and preferences. Some of the benefits might include:

Portable policies – with some policies, employees can continue them even after separation from the employer.

Flexible premium payments – premiums can be paid by the employer or employee or shared by both.

Potential tax benefits – premiums can be paid on a pre-tax or post-tax basis, depending upon your preferences, and those made with pre-tax dollars can be used as a business tax deduction.

Lower premiums – employees can access disability insurance at lower rates when they have access to a group plan. 

In addition, a disability benefits package can serve as a valuable tool in recruiting and retaining talented, dedicated employees. 

Group disability benefits packages can be designed around a variety of employer and employee needs and can apply to short-term or long-term disability (or both). Give us a call to learn more about this valuable benefit, and we can walk you through your options. 

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