What is so important about federal short-term disability?admin
With rising medical cost threatening the budgets and retirement savings of Federal and Postal Service employees, there has never been more of a need for need some sort of short-term disability insurance protection. Alsoreferred to as supplemental disability insurance.
What Short-Term Disability Insurance Is – and Isn’t.
Federal Short Term Disability provides up to 65% of your basic monthly income in the event of and injury or illness. This in the best form of income protection in the event it’s needed. Disabilities can be both injuries and illnesses as well as anything which would limit the ability of the employee to create an income.
If you have been a federal employee longer than 18 months you also are eligible for benefits under the FERS Disability plan. While short-term disability insurance plans only provide short-term coverage, the federal government provides for a disability retirement plan also. An employee that qualifies under the Federal Employee Retirement System (FERS) has the capability to use a FERS Disability retirement if fully disabled.
In the United States, one out of every four employees will experience a disabling injury before retirement. Without supplemental disability insurance, those employees are left without a source of income, and many times have to use their savings or retirement to survive. More than 65% of Americans are without emergency savings, with another 65% unable to meet their living expenses if they had to go without an income for 12 months, making federal short term disability a must.
If you are in high a high risk position, as well as a high stress career, such as the Drug Enforcement Agency (DEA), Federal Bureau of investigation (FBI), and U.S. marshals, federal employee disability insurance is even more important due to the increased chance of injury and disability. One single injury can create a partial or complete loss of income situation lasting weeks or months.
The Benefit Coordinators offers Federal Short Term Disability solutions to help federal and Postal Service employees with short-term disability plans that are affordable and comprehensive.