Consider this: If you couldn’t work starting tomorrow, how long would your savings last?

Unexpected events, like an injury or extended recovery, can drain resources quickly. That’s why Open Enrollment is a smart time to consider how your workplace benefits can help protect your income.

Disability insurance benefits from your employer replace a portion of your income, so you don’t have to choose between your health and your financial confidence. Whether you’re recovering from surgery or managing your mental health, these benefits help give you the flexibility to focus on what matters most.

Disability insurance: Getting the facts

Disability insurance can offer financial confidence when life takes a turn, expected or unexpected. Yet many people underestimate their likelihood of becoming disabled during their working years. In fact, one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they retire. Let’s clear up a few common misconceptions about why.

It’s not just for catastrophic or permanent conditions

Did you know that one of the most common reasons for using short-term disability benefits is maternity? In fact, disabilities are often temporary or common conditions like managing a digestive disorder, suffering an accidental injury, or receiving treatment for a mental health challenge.

While not always as life-altering as paralysis or a severe stroke, these conditions can still keep you out of work for weeks or longer. That’s why disability insurance benefits through your workplace can be so essential: they help cover a portion of your income, giving you financial confidence so you can focus more on your recovery and less on finances.

It’s not the same as workers’ compensation

There’s often confusion between workers’ compensation and disability insurance benefits. However, workers’ compensation specifically covers injuries or illnesses that happen due to a work-related illness or injury, such as falling off scaffolding or suffering a lower back strain from lifting something heavy at work.

But the truth is, most illnesses or injuries aren’t due to workplace accidents. They’re for everyday health issues that can happen to anyone. This is where disability insurance benefits from your employer come in.

Learning about your options

As you review your benefits during Open Enrollment, here are three key factors to consider:

• Know what’s available in your company’s benefits package related to income replacement beyond paid time off or sick pay. Your HR department is your best resource for learning what your workplace disability insurance options are—usually short-term and long-term. They can clarify your current benefit amount (the sum of money you would get each week or month if you can’t work) and walk you through any additional benefits you might have access to.
• Explore if support and resources come with your disability insurance benefits. Some disability benefits can help you get back to work easier and faster. Check to see if your workplace disability benefits come with added programs that can help ease the transition back to work. Some may also provide access to services including support for navigating a cancer diagnosis or resources to help caregivers so the transition back to work and staying at work is easier. 
• The state you work in may have mandated Paid Family and Medical Leave (PFML).  If you live in a state that mandates PFML, that’s a great start, but it might not cover everything you need. PFML typically provides partial income replacement for situations like bonding with a new child or recovering from a serious health condition. However, it usually has limits on how much you’re paid and how long benefits last. That’s where your short-term disability benefits might come in to help fill in gaps, like covering a higher percentage of your income.

Staying prepared for whatever life brings

Understanding the disability insurance benefits provided through your employer is an important step in supporting your financial wellness. Use Open Enrollment as an opportunity to review your existing benefits so you can make informed choices that help protect yourself and your loved ones through all of life’s stages.