If your company provides Employee Benefits, there’s a good chance you’re enrolled in a Group Disability Insurance plan. At CorpStrat, we’ve been in business for over three decades and have designed benefit programs for numerous companies from every industry under the sun. We’ve observed a common trend: many Group Disability programs are neglected and outdated. Many are auto-renew year over year without anyone taking a closer look. What many employers don’t realize is failing to regularly review and update your plan can leave your employees unprotected and put your company at risk of financial exposure.

Here’s why it’s crucial to reassess your plan:

1. Adaptation to Changing State Disability Limits

State disability limits have evolved over time, and it’s essential for companies with small group disability programs, particularly Short Term Disability (STD), to adjust accordingly. Failing to do so can result in over or underpayment of benefits, putting both employees and employers at risk. Regular reviews and updates ensure alignment with current regulations and prevent any financial discrepancies.

2. Addressing High-Income Individuals:

Most Group Disability plans come with limitations that may not adequately cover individuals earning $150,000 or more annually. If you’re a high-income earner who assumes you’re adequately insured, think again. Many plans cap out, leaving affluent employees vulnerable in the event of disability. Employers need to explore options to ensure comprehensive coverage for all employees, regardless of income level. This will help mitigate financial risks and provide peace of mind.

3. Reviewing Changes in Rates and Providers:

Rates for Group Disability plans fluctuate over time. These rates are influenced by various factors such as economic conditions and insurance provider policies. It’s imperative for companies with plans under providers like Unum, Principal, Provident, or others to periodically reassess their rates and coverage options. Failing to do so may result in missed opportunities for cost savings or better coverage. Regular reviews enable businesses to stay informed about changes in the market and make informed decisions to optimize their Group Disability insurance benefits.

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In conclusion, Group Disability insurance is a critical component of Employee Benefits, second only to medical insurance. Neglecting to review and update your plan can leave your employees vulnerable and expose your company to financial risks. By staying proactive and regularly assessing your Group Disability insurance, you can ensure comprehensive coverage that meets the evolving needs of your workforce.

At CorpStrat, we want to guide you through this process to help you secure the best possible protection for your employees and your business. Don’t overlook this vital aspect of your benefits package—reach out to us today for expert assistance.

Getting disabled. It’s easy to think, “that’s never going to happen to me” or “stuff like that only happens to other people”. We get it, nobody thinks they’re going to be the victims of a disability. Did you know that 1 in 7 Americans can expect to be disabled for 5 years or more? You heard us right, 1 in 7.

Most people dismiss the idea of becoming disabled without giving it a second thought. We think it’s one of the biggest mistakes employers and employees can make. Becoming disabled could be financially catastrophic, especially for families that rely on a single income. If you’re a close relative of Bill Gates or Jeff Bezos, becoming financially burdened may not be a problem for you. But if you’re not, you need to ask yourself: how are you going to replace your income in the event that you can’t work? Both business owners and employees who earn and need to continue to generate incomes must protect themselves and their families.

That’s where Group Disability Insurance comes in. Group Disability Insurance is:

1.) Extremely affordable
2.) A fantastic Employee Benefit
3.) Protection for people who need to protect others.

Some people are under the false impression that Group Disability Insurance is expensive. This couldn’t be further from the truth. In the event of the unthinkable, NOT having Group Disability Insurance is far more costly. Even though it’s not a flashy benefit, none of your employees are going to jump for joy, it’s one of the most important benefits you can provide. Because when life happens and someone gets disabled, this will be the lifeline that keeps their family financially afloat.

If you’d like to set up Group Disability Insurance for your team, contact us at marketing@corpstrat.com and we’ll get you started!