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Yes, employer paid disability insurance plans are normally paid with pre-tax money, therefore the benefits will be taxed.
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Can long term disability deduct what SD is giving you for your child due to your disability?
if your long term disability is integrated with social security disability, then yes. This is the case for most employer paid long term disability plans, or your employee benefits package. If the Long-Term DI policy is an individual plan, not through your employer - you could receive the full base benefit if it's not integraded with Social Security Disability Benefits.
Do you have to apply for Social Security Disability when you start getting Long Term Disability from your employer?
Yes, if your disability insurance policy has a benefit that is integrated with social insurance benefits.Most employer paid disability insurance policies are integrated with social security benefits, because of the lower premium they have to pay. Individual disability insurance plans can be purchased with or without social security integration. Benefits that are not integrated with social security benefits will not be affected whether you apply or not for social security disability benefits.
Can you receive disability from your job and disability from social security at the same time?
Yes, it is very common for disability insurance plans to include a clause for social security disability, meaning the insurance company will pay a portion of the monthly benefit, expecting that you would apply for social security benefits to pay for the "Supplemental Social Security benefits". In the event you get declined by Social Security, then the insurance company would cover the additional supplemental benefits. Employer group plans as well as individual disability insurance plans can include that clause.
Does the state of offer disability insurance?
Five states have mandatory short term disability insurance: CA, HI, NJ, NY, and RI. The other 45 do not have state plans, but you can purchase a private policy through your employer.
Are the funds that are contributed into a pension fund by employer and employee taxable or nontaxable?
Depends...on the plan...if it is "qualified" under the IRS rules or not AND if the contribution is within certain limits (as a percentage of income, etc.). Also, it is almost always TAXABLE...but generally not NOW. Which is to say it may not be taxable the year it was contributed, but it (and the earnings on it) generally are when they are withdrawn or received. As a general rule - most employers plans (like a 401k - which is named after the section of the code that establishes the guidelines for it) are qualified...and contributions to them by either party are not currently considered income taxable (although they may be subject to social security tax)...but upon retirement and taking the $ out, that will be. To complicate it more, not all States follow the federal rules for what they consider income or unemployment, etc. taxable. (When and how much the employer gets to deduct as a payroll expense can be a much more complex calculation...but the employer paid contribution (he gets nothing out), is a payroll expense at some time).
Do group disability plans cover spouses?
No
What is a provider networking employer sponsered health plans?
Networking provider Employer-Sponsored plans makes up the Health Insurance.
What if your employer does not have short term disability plAN?
You do have the option to get an individual plan for Short Term Disability Insurance! The advantage is that if you change jobs, you take the plan with you. Same goes for involuntary job loss, you're still covered if you lose your employment. Also, some employer plans do not cover off the job injuries or disabilities, while individual plans cover you 24/7 for any illnesses or accidents. You should talk to a good agent (see below) to discuss all options available to you..
How do you collect your 401k on disability?
Most 401k plans offer for a "Disability Withdrawal" while you are still considered an active employee. You would want to call your plan information line, see if a withdrawl of that type is availiable, and follow their procedures from there.
What do aflac agents do?
They sell supplemental insurance to core company medical and dental plans. Can be specific plans for cancer or Accidental Dismemberment and Disability, Short or Longterm Disability as examples.
Do you have to pay taxes on life insurance inheritance?
Taxes on a individual life insurance policy is generally not taxable in any manner. A main factors in deciding the taxabiity of this is who paid the premiums for the life insurance and whether or not it was deducted on a tax return. If the premium was paid through a group life plan where the employer paid the premiums entirely then it would be taxable. Most employee benefit plans are set up by professionals who are aware of such things and make sure that the small premiums for the life and disability insurance are paid by the employee with after tax money so that tax problems do not arise.
Does there have to be a certain amount of employees to have disability insurance?
In the US, California, Hawaii, New Jersey, New York, and Rhode Island impose mandatory state disability insurance programs for employees. The purpose of the programs is to provide some protection against wage loss caused by short-term non-work-related disabilities. The insurance premium is submitted to the insurer by the employer but paid either jointly by the employer and the employee, or entirely by the employer, depending on the employer's good will. There are some limits to what the employee may be required to contribute by the employer. This insurance is in addition to two well-known government disability programs: Worker's Compensation and Social Security. Employees' contributions are federal tax-deductible. Simple answer: No. Group Disability Insurance is not like Group Health Insurance -- and all the ERISA regulations that control how this employee benefit works. With Group Disability Insurance, an employer can "carve out" a select group of employees -- meaning the employer can create a "plan for just one employee (himself!)". An employer can also offer a contributory insurance plan, in which case the employee will contribute a certain percentage of premium. Or the employer can choose to offer a voluntary plan, where the employees enroll on their own accord and pay full premium.
