What Exactly Is Short
Why talk about short-term disability insurance at all? Youâre more likely to experience a disability than you might think â according to the Council for Disability Awareness, 1 in 4 workers will experience a period of disability before they retire. On top of that, 46% of Americans wouldnât be able to cover a $400 emergency expense without resorting to credit card debt or a family loan. If you were unable to work due to a short medical emergency, how would you pay for it?
Short-term disability insurance is an insurance product that replaces your income for a short period of time in the event that you experience a disability. The benefit period usually lasts 3 to 6 months. Letâs break that definition down a little:
A disability is any medical condition that stops you from working. Itâs a common misconception that disabilities only occur because of workplace accidents in fact, most disabilities are caused by chronic conditions like back injuries, cancer, and heart disease. Depending on your employer, pregnancy may also be categorized as a disability, and you may need to use a disability insurance policy to provide income while youâre on leave from work.
STDI may not cover you for the entire duration of your disability. Depending on your policy, STDI generally replaces your income between three months and six months. STDI plans typically cover up to 80% of your gross income.
â¡ Learn more about what disability insurance is and isn’t
Is It Worth It To Get Accident Insurance
Is accident insurance worth it? Accident insurance is relatively inexpensive, but it also offers relatively small benefits. You might benefit from an accident insurance policy if your health insurance has high deductibles, because accident insurance offers a one-time payout that can help you afford medical care.
Contact Us To Discuss Your Voya Financial Disability Claim
We began helping people with their disability claims and appeals in 1992. Our law firm is honored to count thousands of individuals as our respected clients and friends.
Whether any insurance company acts in good faith and pays a valid claim is a business decision. If Voya or other insurer decides not to play fair, dedicated legal help is just a phone call away.
About Marc Whitehead
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Hospital Indemnity Insurance Vs Other Types Of Coverage
Hospital indemnity insurance is similar to other types of supplemental insurance, but there are key differences in what is and isnât covered.
One similar type of insurance is critical illness insurance . Like with hospital indemnity insurance, CII pays a lump sum if you qualify for benefits. You can use the money for whatever you need. However, CII only covers certain health conditions, such as cancer, heart conditions, stroke, and organ damage, including transplants.
CII does not typically provide benefits for any expenses related to chronic conditions, such as diabetes. It will also not cover you in the event you are hospitalized because of a serious injury. And while some CII policies are now being updated to cover COVID-19 and other infectious diseases, not all will.
If you had both hospital indemnity and CII and suffered a condition covered by CII, you could use the benefits of the former to pay for a stay in the hospital and the latter for any travel expenses, follow-up visits, or other needs.
You may have also heard of accident insurance. This type of insurance pays out a lump sum if you incur specific kinds of injury as a result of an accident. Covered injuries may include dislocations, lacerations, concussions, burns, and other serious injuries. The benefit amount you receive depends on the diagnosis and severity of your injury, how your injury was treated, and the type of coverage you have.
Voya Financial / Reliastar / Ing Disability Insurance Claim Denials
Marc Whitehead & Associates represent claimants in actions against Voya for unfair denials of disability insurance claims.
If your Voya claim was denied, talk with a disability attorney at our firm about how we may be able to assist you in appealing the denial. Our free consultation can begin the process of overturning Voyas decision to deny or terminate your rightful benefits.
We have successfully helped hundreds of disabled claimants in their battles against the nations largest disability insurance companies. As your law firm, we will do everything possible to make the process easy for you.
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How Does Hospital Indemnity Insurance Work
Below are other considerations regarding hospital indemnity insurance:
- Like with other types of insurance, you can buy your own individual policy or, if available, purchase through your employerâs group plan.
- There is a wide range of costs for hospital indemnity insurance. It will vary based on how much is covered, what the benefit amount will be, whether you include dependents on the policy, and whether you buy an individual or group policy. It can be as affordable as $7 a month or as much as $463.
- The policy benefit is usually based on the number of days you are hospitalized. For example, a policy that pays $250 per day will provide you a lump sum of $750 if you spend three days in the hospital. There may be a limit to how many days the policy will reimburse you for for example, a 30-day limit.
- Policies also sometimes provide an Initial Confinement Benefit. This is an amount you would receive just by being admitted before the per-day benefit is considered. For example, if in the above scenario you have an initial confinement benefit of $500, you would receive a $1,250 total benefit.
- Plans may have an optional benefit to include childbirth. Depending on the policy, a hospital indemnity policy may cover the mother’s admission to the hospital for normal labor and delivery, as well as an ill infant’s stay in a neonatal intensive care unit.
Take Advantage Of Optional Non
Voya professionals offer education on the disability management process and direct employees to programs such as retraining and educational services, modifications to workplace in anticipation of return to work and Social Security Disability Income filing assistance.
Ready to learn more? Talk to a Voya Employee Benefits Sales Representative to start designing your plan today.
Insurance products are issued by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York . Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state and employers plan.
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What Does Accident Mean
noun. an undesirable or unfortunate happening that occurs unintentionally and usually results in harm, injury, damage, or loss casualty mishap: automobile accidents . Law. such a happening resulting in injury that is in no way the fault of the injured person for which compensation or indemnity is legally sought.
What Alternatives Are There To Short
The best alternative to short-term disability insurance is to self-insure with an emergency savings fund. Most financial experts suggest that you have an emergency fund of anywhere between three and six months salary anyway, which, combined with an LTD policy, can easily cover you during a disability.
However, if you donât have that emergency fund, or are in the process of building up your fund, then an emergency fund may not make sense as an alternative to STDI. If you receive short-term disability benefits from an employer, and they pay 100% of your premiums or the cost is relatively low, it may make sense to have an emergency fund plus and STDI policy. That way, your emergency fund can be saved for other purposes, like home repairs or medical emergencies.
The federal government does not supply any kind of coverage for short-term disabilities. Social Security Disability Insurance, or SSDI, is designed to cover long-term disabilities. Additionally, acceptance rates for SSDI are low, and if you have the means to cover yourself with private insurance, you should.
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Product Specific Frequently Asked Questions
Short-term Disability
Hospitalization and ICU benefits
- Q: I have coverage with hospitalization benefits. When I tested positive for COVID-19, my local hospital was at full capacity and I received treatment at an alternative care site. Will Aflac cover that?
- A: I am so sorry you have been diagnosed with COVID-19 and hope you recover quickly. We are here to help. Alternative care sites are occurring in many states, and we treat them like standard hospitals if they provide hospital-level care and care in a hospital was not available. Aflac products with benefits for hospitalization and/or ICU benefits will cover care at an alternative care site for COVID-19.
- Q: I have coverage with hospitalization and ICU benefits. When I tested positive for COVID-19, I needed emergency care, but my local hospital was at full capacity. I received treatment at an alternative care sites ER. Will Aflac cover that?
- A: I am so sorry to hear you were diagnosed and want you to know we are here to help. Alternative care sites are occurring in many states, and we treat them like standard hospitals if they provide hospital-level care and care in a hospital was not available. Even if you received care at an alternative care sites ER, Aflac products with hospitalization and ICU coverage will pay benefits.
What To Do If Voya Denies Your Disability Claim
You will be sent a letter if Voya decides to deny your claim. The letter will tell you why the company made its decision and how you can appeal it. You must follow the appeal instructions within the company. Under the law, you cannot skip the companys appeal process and head straight to court. It is also important that you pay attention to the deadline for appealing the companys denial. If you miss the deadline, your ability to recover your benefits will be foreclosed. Call the company and request your file. The company must give it to you, and it will contain all of the evidence that Voya gathered in order to deny your claim. After that, try to limit your verbal communication with the company, and ask that all communication is conducted in writing. Save copies of everything that you send and receive. If you dont win the appeal through the companys process, you will then be able to fight the appeal in court.
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Are You Underestimating Your Need For Disability Insurance
If you underestimate your risk of disability, you’re not alone … only 10% of individuals accurately estimate their chance of disability, according to a study by the Council for Disability Awareness. TMA Insurance Trust¹ shares some startling statistics:
- One in 8 workers will be disabled for five years or more during their lifetime.
- The average group long-term disability claim lasts 34.6 months.
- 90% of disabilities are caused by illness, not accidents.
Short-term disability policies cover six months of disability or less. It’s typically better to build up cash reserves rather than pay a premium on a short-term disability policy. On the other hand, it is much more difficult to build enough cash reserves for a disability that lasts years. That is precisely why long-term disability insurance is a necessity.
Premiums on individual LT disability policies are usually higher for women than men, especially ones in their childbearing years, because the likelihood of disability is greater. Life insurance is the opposite: Men’s life insurance premiums are typically costlier than women’s premiums to account for a shorter male life expectancy.
Covered By An Employer Group Plan
Consider yourself lucky if you remain in this category. Typically, large employers offer short- and long-term disability policies at no cost to employees. While terms vary, benefits of 50% to 60% of pay are typical for an employer-provided LT disability policy. If you are not paying a premium on the disability policy, you will be taxed on the income you receive when collecting disability benefits.
I’ve noticed that government employees have different disability benefits than most employees of large companies. Short-term disability usually is not offered for government workers since sick pay should first be exhausted, and the level of LT disability benefits depends on the duration of the disability. The first year of disability is covered at 60%, but years 2 and beyond only offer 40% of pay. For this reason, I often recommend a supplemental policy for government employees.
If you do not feel comfortable with the level of coverage provided by your employer, you can shop around for a supplemental LT disability policy. The insurance carrier would take your current coverage in consideration to assure you do not make more money as a disabled person than if you were still on the job.
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About Voya Financial Insurance Company
Voya was previously known in the United States to be a part of the multi-national financial services company ING, or ING US.
Over the decades, ING acquired various financial, investment and insurance companies such as Security Life of Denver Insurance Company, Life of Georgia, Aetna Financial Services, ReliaStar and CitiStreet.
As recently as 2014, ING rebranded the US operations into being a standalone company, VOYA Financial, Inc. Headquartered in New York, today Voya is a billion dollar giant offering insurance, investment and retirement savings products and services.
Voya Employee Benefits coverage is handled through ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York. Both ReliaStar companies are part of the Voya family of companies.
Accordingly, whether your dispute involves a disability claim denial under the company name of Voya or ReliaStar, we can assist you.
Basic Ltd Insurance Plan
All regular employees working over 20 hours per week are enrolled in Long Term Disability Insurance through VOYA. This benefit is paid for by the Court on your behalf. The monthly benefit percentage is 60% of monthly earnings. The minimum monthly benefit is $100 with maximum monthly benefits of $9,000. You must be disabled for 60 days before you can begin receiving LTD benefits.
- The Court provides a base amount to all eligible employees, which replaces a portion of your eligible income during disability following a waiting period.
- Group Disability Income Insurance is underwritten by ReliaStar Life Insurance Company, a member of the VOYA family
- Estimate Your Disability Insurance Needs
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Individual Vs Employer/group Provided Disability Insurance
Group disability insurance that may be offered to you by your employer or another group is generally significantly less expensive than coverage you can buy directly on the individual market. However, there are also significant differences you should know. Certain limitations on group coverage may be a reason for you to consider supplementing your coverage with individual coverage:
Voya Financial Expands Hospital Indemnity And Disability Insurance Offerings As More Americans Turn To Their Employers For Help With Financial Wellness Needs
Newly released Voya data shows nearly half of retirement plan participants have protection or insurance gaps in their coverage1
MINNEAPOLIS—-Voya Financial, Inc. , announced today that its Employee Benefits business has expanded its suite of supplemental insurance products to help employers and their employees as both groups increasingly seek financial wellness solutions through workplace-based offerings.
Specifically, Voyas newly enhanced supplemental hospital indemnity and short-term disability income insurance products will help Americans address financial protection needs. Voyas own customer data shows that more than four out of 10 retirement plan participants have protection or insurance gaps in their coverage,1 and nearly one-third of retirement plan hardship withdrawals are due to unreimbursed medical expenses.2
Our primary goal with these enhancements is to provide affordable solutions that can help Americans cover the out-of-pocket costs of some of the biggest financial challenges they face today, said Rob Grubka, president, Voya Employee Benefits. As consumer-driven health-care plans continue to grow in popularity and usage, supplemental insurance products like Voyas new hospital indemnity and short-term disability income insurance can help mitigate the need for employees to dip into their retirement accounts and other savings to cover unexpected out-of-pocket costs, so they can focus on getting back on their feet and back to work.
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How To Submit Payments
Any insured can submit payments directly to Aflac if the automatic deduction of their premiums stops for any reason.
If you are mailing without a premium notice, please include the primary insureds name, the policy/certificate numbers you are submitting premium for and your address.
- Aflac individual policies.1932 Wynnton Road, Columbus GA 31999.
- Aflac Group.P.O. Box 84069, Columbus GA 31908
Online or by phone. There are several options available to you if you want to pay online or by phone.
- Online banking. To pay premiums for any line of business, set up your bank account for online billing with Aflac as the payee. Consult with your banking institution for more information.
- MyAflac. If you are paying for an individual policy, you can make a one-time payment on MyAflac. This excludes life insurance policies.
- Phone payments for life insurance policies. If youd like to submit a one-time payment for individual policies in all lines of business, contact the Customer Service Center at 1-800-992-3522.