Disability income gap calculator: could you cover your bills on a disability benefit?
Disability coverage replaces only part of your pay. This calculator compares the benefit with your monthly expenses to show any shortfall and how long your savings would cover it.
Find your monthly shortfall
Enter your pay, the benefit percentage from your plan and your essential monthly expenses.
From your plan summary. Many plans replace a share of pay.
For example, a spouse income.
Your estimate
This calculator gives an estimate only. Benefit amounts, waiting periods, caps and tax treatment vary by plan. Read your plan summary.
Why there is a gap
Short-term and long-term disability plans typically replace a percentage of pay, often with a cap, and may not cover bonuses. Your expenses do not shrink by the same percentage, so many people find a gap between income and bills during a disability.
Closing the gap
Options include building savings, using a plan with a higher percentage, adding voluntary disability coverage or reducing expenses. Check the waiting period too. Several weeks without income can matter as much as the benefit percentage after it starts.
Common questions
What is the difference between short-term and long-term disability?
Short-term disability covers shorter absences, while long-term disability starts after a longer waiting period and can last much longer.
Is the disability benefit taxable?
It depends on whether the premium was paid with pre-tax or after-tax dollars. Ask your plan administrator.
What is a waiting period?
The time between the start of your disability and when benefits begin. It is often called an elimination period.
Can employers offer disability coverage?
Yes. We help employers add short-term and long-term disability.
Talk to us about disability coverage
Book a 30-minute call and we will look at your workforce, your budget and the disability options that fit. Visit us at 41000 Woodward Avenue, Suite 350 East, Bloomfield Hills, MI 48304, or call 248.370.8853.
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