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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Dec 08 2022, 6:13 pm
Does anyone know how this works? (California for reference.)
It looks like I need to sign up for some program in order to get PFL but I would have to pay more in fees for this program than I would get back. Am I missing something? Does anyone have experience?
Thanks!
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Greenapple
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Thu, Dec 08 2022, 6:42 pm
Just claimed it for one of my employees. NY based.
Part of the WC and Disability package that is mandatory for any corp with w2 employees is the pfl benefit. The policy doesn't get affected.
Ask your insurance agent. They should be able to guide you.
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amother
Hydrangea
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Thu, Dec 08 2022, 7:24 pm
In California, independent contractors can elect to pay into the Disability Insurance Elective Insurance
I believe the cost is 5.64% of your net income as reported to the IRS and your weekly benefit would be based on your highest quarter of the past year or so.
I don't know how long you have to pay in to be eligible or whether it makes economic sense for an individual to pay in.
The PFL and disability are both covered.
I know some people who had private disability insurance as independent contractors and the amount that you can get back is potentially higher since there is no cap as there is for this program and so a high earner would want to get private disability insurance to ensure that they would receive an amount that replaced their income.
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