What is the difference between long term and short term disability?
ANSWER:
Short-term disability is basically sick leave. If you are out of work for a week or two, your employer may continue to pay a salary. However, it is not coming out of his payroll budget, but from the short term disability that he provides as a benefit on the job.
Long-term disability is also a replacement of your salary, but for a longer time period which could be anywhere from a couple of months to two years. A very few employers will continue long term disability until you turn 65 or qualify for Social Security disability. If you are completely disabled, it still often takes at least two years to qualify for SSI. Thus your disability insurance on the job can provide you with at least part of your salary.
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Health Savings Accounts
You can use this account to pay for your qualified health expenses, including expenses that the plan ordinarily doesn’t cover, such as eyeglasses and hearing aids.
Expenses paid out of the HSA that are eligible expenses under your high-deductible health plan will count toward the plan’s deductible.
