# 5 - Is something missing - From your company group long-term disability protection ?
Don’t wait until you file a disability claim with your employer’s group disability plan to find out something may be missing.
You should be particularly worried if any of the following facts apply to you :
· Your current annual income exceeds $100,000
· A portion or all of your income is based on either of the following : --- Bonuses --- Commissions
Did you know that the benefits from most employer sponsored group long-term disability plans are taxable ? That means that even if the plan states it will pay you 60% of your existing income, you will not get that amount at claim time. You will get that amount less the tax you have to pay on the benefit you receive from the insurance company. So, you might get more like 40% - 50% (depending of course on your tax bracket). Would that lower monthly income be difficult to live on ?
Keep in mind that, as well as losing your income, your disability may cause additional medical expenses not covered by your health insurance.
If you are located in California, there is something you can do to fix this problem. We can possibly help you add a supplement to your group plan to bring your monthly income while disabled closer to your current take-home pay. This supplement belongs to you and as such is portable. That means you can take it with you to a future job. A supplement like this can be quite inexpensive.
If you’d like additional information or clarification on this subject, please give us a call. We are here to serve you. Life is much less stressful to discover these details before you are unable to work and are filing a claim !
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