Long Term Disability Attorney
When struggling with various disabilities, many people miss out on work and bills start piling up. When this happens, people usually start wondering if there's anything they can do to supplement their dwindling incomes. This is where long-term disability comes in. Not only can it help the person have an income, but it can take a lot of stress off someone who is unable to work.
What Is Long Term-Disability?
The first thing to know before applying is what long-term disability benefits are. Long-term disability, or LTD, includes benefits that will pay you a percentage of the amount you earned before you became disabled. Most of the time, these plans are offered by your employer, but you can also buy individual plans. If your employer offers this type of plan, you can sign up during the open enrollment period. Employers have different terms for these plans, so it's important to read everything thoroughly to ensure you understand what is and isn't covered.
How Does Long-Term Disability Work?
The next thing most people wonder is what types of benefits there are. Since this is a federal program, every state will have these available.
What Illnesses Qualify for Long-Term Disability?
For the most part, illnesses that qualify for these types of benefits are ones that leave you unable to work. The big requirement is that you must be unable to do your own occupation for the first two years. After that you are generally required to be unable to do any kind of job. The illness or disability also must last for an extended period of time. Some of the illnesses that qualify include chronic pain from back, hip or other orthopedic injuries, cancer treatments, liver or kidney failure, and even mental illness. However, most policies limit coverage for mental illness to a maximum of two years.
What Does Long-Term Disability Cover?
Most LTD policies have an elimination period of 6 months and you won’t get benefits during this period.. Short-term disability benefits can fill in this gap and usually last up to 6 months. Once the elimination period ends, you'll be eligible for benefits under the long-term disability plan. These benefits will pay a percentage of your salary, and you can receive the benefits for however long the term is stated to be in your policy or plan and as long as you remain unable to work. Keep in mind that plans that offer longer benefit periods will usually cost more than plans that offer shorter ones. Plans offered by employers are usually inexpensive and provide fairly limited benefits.
How Much Does Long-Term Disability Pay?
Unfortunately, there's no simple answer about how much these benefits pay. This is largely because it's calculated using a formula, and different people will have different information. Generally, long-term disability will pay between 50 and 70 percent of your salary. Most plans will also reduce your benefits by amounts you receive from other sources such as Social Security disability, worker’s compensation, and part-time employment. Since different plans have different terms, it's important to read over everything so you have a better understanding of your potential benefit amount.
How Long Does Long-Term Disability Last?
The exact length of time that you can receive benefits is going to be different from plan to plan. Some will only cover you until you can go back to work, and others will stop benefits after a certain number of years or once you turn 65. Plans also often limit benefits payable for mental illness. To figure out the exact benefit term, make sure that you read your particular plan because it might not be the same as someone else's.
Can I Get Both LTD and SSDI Benefits?
While LTD and SSDI programs are completely different so it is possible to receive both at the same time. In fact, many LTD plans require you to apply for SSDI. This is extremely helpful because SSDI applications can take a long time, so while you wait for SSDI benefits you can be receiving LTD benefits. However, the reason they require that you apply for SSDI is because they will reduce your LTD benefits by the amount you receive from Social Security. Other LTD plans won't require you to apply for SSDI, but it's still a good idea to apply for both because you will get more benefits if approved for both.. Most LTD plans also have a minimum benefit amount that you get paid no matter how much you get in other types of benefits.
Does LTD Coverage Continue After Termination?
This largely depends on whether you have an employer sponsored plan.. If you have an individual plan the coverage probably won’t cease if you lose your job as long as you continue to pay the premiums., However, if you have an employer sponsored plan, you probably won’t continue to be covered unless your employer allows you elect to keep the policy and you actually do that and continue to pay the premiums. If you become disabled while covered by the policy you will be eligible for benefits even if your employment ends. As a result, it's important to read the terms of your plan and to see what it says in the case of a termination.
How Can I Protect Myself While Applying for Long-Term Disability?
There are a few things you can do in order to protect yourself when applying for these benefits. For starters, make sure that you plan ahead. It's important to know what situations will result in your benefits being stopped. Not only does having a clear plan give you a piece of mind, but you'll also be prepared for whatever might happen. You also want to read your plan thoroughly. It's extremely important to know the terms of your plan so you know what to expect. You can get a copy of your plan from your employer or from the insurance company.
Should I Hire a Long-Term Disability Attorney?
While you can apply for these benefits by yourself, hiring a long-term disability attorney could save you a lot of time and hassle. It is very possible that you could make mistakes with your case that will prevent you from ever getting benefits that a lawyer can help you avoid. Not only can a lawyer help to ensure that things are filled out correctly, but this professional can also help you understand what to expect. Things can, and probably will, go much smoother with an attorney than the process would go without one.