You tested positive for COVID-19; what will happen now? Will your disability insurance cover you? The good news is: YES. Disability coverage will cover medical expenses due to COVID-19, but there are some essential things you need to know.
Short-Term Disability Coverage
Short-term disability insurance covers COVID-19 if your condition needs quarantine. You won’t be able to continue working because of your situation. But to apply for this coverage, there must be a valid reason that you’re unable to continue working. If you’re working from home, you may not be able to qualify for disability coverage.
Long-Term Disability Coverage
The most common symptoms of COVID -19 last only for a few days, like fever, fatigue, shortness of breath, and joint pains. But if you experience these symptoms for a more extended period, you might qualify for long-term disability coverage.
Take note that there is an elimination period in disability insurance that describes how long you should be unable to go back to work because of medical reasons. Usually, long-term disability coverage has elimination periods of around 90 days.
Employer-Paid Disability
Some employers provide short-term disability or sick leaves to their employees. Larger companies offer long-term disability benefits with up to 60% of the employee’s salary from a certain period to the present. However, disability benefits are subjected to income tax payments.
Individual Disability Income Insurance
Individual disability insurance will make sure that there is enough income in case of a disability. This is despite employer disability coverage. With a private policy, you can get from 50% to 70% of your income but not 100% as insurers want their clients to go back to work. When you pay disability insurance out of your pocket, these won’t be taxed.
Conclusion
Not everyone has disability insurance. According to a study, more than 50% of workers in the U.S. do not have disability coverage. If you're part of this group with no disability coverage, rethink your options. Talk to a disability insurance agent to find out more about the right coverage for your needs.
If you have existing disability coverage, review it and see if this is still working for you. Your insurance agent can help you get the most out of your existing or new disability coverage.
At Meyerson-Roth Co Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.
Short-term disability insurance covers COVID-19 if your condition needs quarantine. You won’t be able to continue working because of your situation. But to apply for this coverage, there must be a valid reason that you’re unable to continue working. If you’re working from home, you may not be able to qualify for disability coverage.
Long-Term Disability Coverage
The most common symptoms of COVID -19 last only for a few days, like fever, fatigue, shortness of breath, and joint pains. But if you experience these symptoms for a more extended period, you might qualify for long-term disability coverage.
Take note that there is an elimination period in disability insurance that describes how long you should be unable to go back to work because of medical reasons. Usually, long-term disability coverage has elimination periods of around 90 days.
Employer-Paid Disability
Some employers provide short-term disability or sick leaves to their employees. Larger companies offer long-term disability benefits with up to 60% of the employee’s salary from a certain period to the present. However, disability benefits are subjected to income tax payments.
Individual Disability Income Insurance
Individual disability insurance will make sure that there is enough income in case of a disability. This is despite employer disability coverage. With a private policy, you can get from 50% to 70% of your income but not 100% as insurers want their clients to go back to work. When you pay disability insurance out of your pocket, these won’t be taxed.
Conclusion
Not everyone has disability insurance. According to a study, more than 50% of workers in the U.S. do not have disability coverage. If you're part of this group with no disability coverage, rethink your options. Talk to a disability insurance agent to find out more about the right coverage for your needs.
If you have existing disability coverage, review it and see if this is still working for you. Your insurance agent can help you get the most out of your existing or new disability coverage.
At Meyerson-Roth Co Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.
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