As a lifelong insurance agent, now retired, I would like to address the Granite Caregiver Act and how compensation for such programs is figured.
We keep hearing that 60% is not enough to make a difference, yet that percentage is in keeping with other forms of temporary income-replacement plans many folks have now. No one takes home 100% of their earnings. Your take-home pay, after withholdings, is approximately 75% of gross earnings. Income replacement plans are not meant to make you comfortable and cozy; they make life bearable due to unforeseen circumstances.
Workers compensation usually provides 66โ % wage replacement, while disability insurance often replaces 60% to 70% depending on your earnings. Short-term disability replaces 40% to 60% and long-term disability replaces 50% to 80%. The fluctuation has to do with individual earnings, union options, insurance company offerings, etc., but no one can collect 100% of their wages or any percentage much higher than my figures.
As a self-employed business owner, I was able to afford myself whatever flexibility I needed to take care of family matters, without financial penalty. That is not a luxury most workers have.
Everyone deserves access to income replacement plans when life throws a curve ball and we, society, donโt want them knocked down and out.
NANCY GREENWOOD
Concord