The recession has caused many businesses to cut back on employee benefits, which has left some areas of insurance that need to be filled. To fill these gaps, some employers are offering voluntary supplemental benefits, including accident and disability, to their plans. Generally, employees are responsible for the entire premium and can choose how much money they want taken out of their paychecks to go toward the insurance coverage.
According to Karen Riedel, Aflac second vice president, the most popular types of voluntary supplemental insurance coverage that employees are buying include life insurance, dental insurance and disability.
Most group disability insurance plans offered through employers cover about two-thirds of the worker’s income. Supplemental coverage can be purchased to cover the difference.
Supplemental insurance is considered to be a niche market consisting of middle-income wage earners. These employees can afford to pay a little more in insurance premiums.
It is estimated that more female workers buy the coverage than males, which is believed to be due to the fact that women tend to pay the household expenses.
The Law Firm of J.P. Gonzalez-Sirgo, P.A. represents individuals that have had their valid long term disability benefits denied, delayed or terminated irrespective of whether the policy was purchased individually or issued through an employer group policy. The firm is available to assist individuals with the initial application process, during the administrative appeals process, handling denials of claims or termination of benefits, litigation in state or federal court, and negotiating a one-time lump sum settlement or buy-out. Please contact our office to discuss your case in more detail.