I will be having surgery and will be out of work for 4-6 weeks, i have short term insurance at work, but it only pays 60%, can i get another policy on my own and also collect that money???
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Yes, you can have two policies, BUT, you can never collect more than 70% of your working income. So if you buy a new policy with a 70% benefit rate, it would actually only PAY 10%. The point of that, is to make sure you can’t make more money ON disability, than off of it.
You can’t double dip.
And, for the record, now that you need the surgery, it’s too late to buy another policy.
They may but if one finds out about the other they may ask for some money back. You can’t be paid in excess of what you are entitled. The companies would normally pay half each.
No……….
no
Uh…no you can’t buy a short term policy on your own…no you can’t buy a policy to cover an event you know about (insurance is for unexpected events…not know and expected ones), and no you couldn’t get more than about 60% of your income anyway because no insurance company wants you to have an incentive to not work. If you could get 80% of your pay and sit on the beach all day long it’d be hard to pass up.