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Disability Insurance Plans: What You Need to Know
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Long Term Disability Insurance
Disabling injuries or illnesses can be emotionally and financially overwhelming. If you can't work because of your disability, then the stress of lost wages only adds to your worries. Disability insurance can help protect you from financial losses if you can't work because of a disability. Long-term disability insurance policies provide benefits for workers who are unable to return to work before six months or so.
Most employers protect their employees with workers' compensation coverage. But if they're injured while not at work, then the employee needs an alternative way to pay for medical bills and lost wages. Some benefits packages include long-term disability insurance to replace the wages an employee loses if they can't work. Consumers can also buy their own long-term disability policies. This page discusses the importance of long-term disability policies and how an attorney can help you get benefits.
Long Term Disability Providers
More employers provide long-term disability insurance than short-term disability insurance. Long-term disabilities are often more severe and financially damaging than short-term ones, so these policies are vital. If your employer offers disability coverage, then the payments can be made by the employer, the employee, or a combination of both. If your job doesn't offer disability insurance as a benefit, then consumers may want to purchase a private policy through an insurance carrier.
Policy Adjustments
Employer-sponsored long-term disability policies may have fixed payments and coverages. If you have the option to adjust your policy, or if you are purchasing your own, then the following factors can affect your benefits:
- length of coverage you want
- whether or not your spouse is covered under the same policy
- length of time between the onset of your disability and the beginning of benefits
- amount of benefits, or the income that you want replaced
- circumstances of the disability
Common Terms of LTD Coverage
Long-term disability insurance generally pays 50%-70% of the disabled employee's weekly salary. The length of these payments depends on the terms of the contract. Some policies pay for five to 10 years, while others pay until the employee reaches age 65. Disability policies through work may have different requirements, such as full-time employment status. Additionally, you may have to work for the company for a certain amount of time before you can get coverage.
Read the terms of your insurance policy to make sure that you fulfill your part of the contract. Some policies include a clause saying that the beneficiary must seek alternative employment. The best way to get maximum benefits under a disability policy is to understand the terms and conditions of your contract.
If you have filed a disability insurance claim according to your carrier's rules and have been denied, you need an attorney to help your appeal. Long-term benefits are essential if you can't work and provide for your family. Call the Coye Law Firm to get started on your appeal today.
