Temporary Disability Insurance Michigan

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Temporary Disability Insurance Michigan

Temporary Disability Insurance Michigan


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Temporary Disability Insurance Michigan


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Home Real Estate & Investment Investment Long-Term Investment Disability Benefits in Michigan
Disability Benefits in Michigan
Print this article Disability plans in Michigan don t cover job-related illnesses and injuries.
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If you are a Michigan resident and want to protect your income against disability, there are several types of coverages available. Disability insurance pays income benefits to you to replace your lost wages while you are out of work for temporary or permanent periods of time. You can obtain disability coverages by purchasing an individual policy or through other sources such as your employer or the Social Security Administration (SSA).
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Private Disability Plans
You and other Michigan residents can buy private disability plans directly from insurance companies. By purchasing your own disability policies, you have control over your coverages as you can add, delete or modify its feature and options. Premium amounts are based on your health, job occupations and coverage amounts; the lower your risks, the lower your insurance costs. Private disability plans are portable, which means you can keep them in force when you change jobs or locations.
Group Disability Plans
You can obtain group disability coverages through plans sponsored by your employers. These plans provide the same coverages and benefits to you and other workers. Premium amounts are based on the information of the whole group and the plans sponsors typically cover some of the insurance costs. However, only 50 percent of employers sponsor short-term disability (STD) plans and 40 percent offer long-term disability (LTD) plans, which are the two main disability plans sold in the United States. Also plan options are controlled by employers, who have the control to increase premiums, change benefits and cancel coverages altogether without your consent.
Social Security Disability
If you have LTDs and cannot work for extended periods of time, you can apply for income benefits from the SSA. This is a federal disability program, which means requirements for you and other Michigan residents are the same across the United States. Some of the requirements include having disabilities lasting for one year or longer. You must have worked for companies covered by Social Security and been employed long enough according to your ages. Michigan is part of the SSA s Chicago Region and it covers five other states (Illinois, Indiana, Ohio, Wisconsin and Minnesota). Over 8 million people receive Social Security Disability and other benefits each month from this region.
Considerations
You may be denied private disability policies if you re considered high risk by insurers. Group disability plans accept all who are eligible to apply regardless of their health conditions. Benefit payments from private and group disability plans generally replace 40 to 65 percent of your predisability salaries; Social Security disability benefits are based on your lifetime earnings records. In 2011, the average monthly disability benefit check was $1,063. Private and group disability plans are not taxable if you pay your premiums with after-tax dollars. SSA disability plans are not taxable unless you have other taxable compensation such as interest, dividends and wages that push your total household incomes past the program s guidelines.
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References
KF Financial: Individual vs. Group Disability Insurance

SSA: Benefits Planner: Taxes and Your Social Security Benefits

Insurance: Why You Need Disability Insurance

SSA; How You Qualify for Social Security Disability Benefits

SSA: Chicago Region

Life and Health Insurance Foundation for Education: Sources of Disability Income Protection

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