We Explain Short Term Disability Health Insurance For Canada Consumers

We Explain Short Term Disability Health Insurance For Canada Consumers

Short term disability health insurance is a plan that pays out part of your wages when an illness or injury is preventing you from working for a short amount of time.

We all know about saving money for small emergencies, but many of us are not prepared for the bigger kinds.

Trying to survive on those savings is not always easy or beneficial.

An injury while at work or some place else can result in an extended amount of time without a pay cheque coming in.

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Purchasing disability insurance can lighten many concerns and ensure that there will still be a comfortable income for expenses while unable to work.

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Read our article about long-term disability insurance rates before you make up your mind

Short-Term Coverage

Short term disability health coverage is able to cover you from 13 weeks to two years. It depends on which plan is chosen and knowing that you are able to return to work within this time. If a person is unable to return to work after that short term ends, a long term disability health insurance plan is needed.

The amount of benefits allowed in a short term health insurance policy, plus some other factors, including the level of disability you have, are based on what type of policy you purchase.

If you are under a doctor's care and the doctor advises you not to go back to work, the disability insurance laws allow you to continue under whatever terms your policy contains.

When to Expect Payments

Your first benefit payment from your insurer will usually arrive within 1 to 14 days after your accident. Knowing the payments will be issued immediately is a great comfort which provides the peace of mind you need.

If you have an illness, it can take a little longer because the illness must be bad enough for you not to be able to go to work.

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Short term disability health insurance will cover a variety of situations. In 2008, studies show that the major reasons for disability were pregnancy, injuries, digestive diseases and back injuries.

How to Receive Short Term Disability Health Benefits

You may be employed where disability insurance is offered as a part of the benefits package or you may have insurance which you are responsible to pay.

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Purchasing a short term disability health insurance policy is an option you can choose through the workplace, but it is expensive.

When You Should Buy a Short Tern Insurance Policy

If you fall under any of the categories listed below, you should consider buying your own disability insurance.

  • Your savings are not enough for covering living expenses for six months or more
  • The savings that you have are put away for long term projects or financial goals
  • You have debt such as mortgage, credit cards or car loan that require a monthly payment
  • You are the only bread winner in the family

Short Term Disability Health Insurance Considerations

We Explain Short Term Disability Health Insurance For Canada Consumers

You should take into consideration the following:

  • Premium waiver - There are certain insurance companies that will waive your premium payments while you are absent from work due to sickness or injury.
  • Waiting or elimination period - Every policy has a period of waiting or elimination which extends from when your injury or sickness happened to the time you receive your first payment.
  • Inflation rider - If you are not able to work for a longer period, this is a very good option, but it will cost more.
  • Non-cancelable clause - If you are paying your premiums, your policy cannot be cancelled by the insurance company or the premiums raised to a higher rate.
  • Renewable - Every policy will have a different renewable rule, but the insurance company cannot change your premium rates if the policy states it is renewable.

Long Term vs. Short-Term Disability

Long term disability comes after you have run out of the short term benefits, but are still unable to work. Only half of mid-sized and large firms provide this coverage.

If you are not covered for disability it is a good thing to purchase your own policy as soon as you can. Accidents and illness happen when we least expect it and without a wage to pay the bills, your troubles will be far worse.

Short term disability health insurance, also called sick leave, starts immediately if you can not work for a short period of time. Pregnancy, illness and injury fall into this category. Many employers will provide some form of coverage that range from a few days right up until a full year, but a lot do not.

Deciding to purchase a short term disability health insurance policy can also be a supplement to your employer insurance.

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We're waiting to help you! Click here to ask any question. We'll contact you with your answer, or to make an appointment, free of charge.

If you do not have coverage at work, buying disability insurance will secure your future if something unexpected happens and you cannot work.

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