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A long-term disability is an injury, sickness, or medical condition preventing you from doing your work. Most people who get long-term disabilities are sick, not injured. Long-term disabilities can happen to any age group. Long-term disability is important because it helps you cover up to six months of lost income if you become ill or injured. If you have long-term disability coverage, you may qualify for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).
Many individuals maintain private long-term disability insurance or receive it as part of their employment package. The benefits from these policies, which are often quite significant, are counted on to provide a substantial degree of financial security for anyone who becomes occupationally disabled for a significant period.
However, insurance carriers and the firms they hire to administer claims can be quite difficult to deal with when you file a claim. At a time when you are extremely vulnerable, they will make the process time-consuming, uncomfortable, and extremely complicated.
Long-term disability insurance pays out after you've been disabled for a certain amount of time. Disability insurance isn't taxable, and you don't have repayments. Long-term disability insurance is generally more expensive than Social Security disability insurance, but you get more coverage.
You'll pay monthly premiums based on your salary and the length of your disability. Your company will determine what percentage of your salary you need to be earning in order to keep paying premium payments. When you're able to go back to work, you can stop making payments.
How much does long-term disability insurance cost?
The price of long-term disability insurance depends on your age, gender, marital status, number of dependents, and other factors. The average annual cost of long-term disability coverage ranges between $1,000 and $2,500 per month.
Your company may offer additional discounts for employees with disabilities. If you qualify for these discounts, they could reduce your premiums significantly.
Long-term disability insurance is similar to short-term disability insurance. An employee must prove an illness or injury lasting longer than the elimination period. He/she receives benefits while he/she is unable to work due to illness or injury. After the elimination period ends, the employee may receive benefits until he/she returns to work or exhausts the benefit amount.
The elimination period varies depending on whether the policy is employer-provided or purchased individually. It also depends on the type of plan. For example, some plans require you to submit proof of loss within one year after the date of the accident, while others allow you to wait three years.
The elimination period is usually 90 days for most individual policies and 180 days for most employer-provided policies. You should know how long the elimination period is before purchasing the policy.
If you return to work within the elimination period, you won’t receive benefits. However, if you don’t return to work during the elimination period, you may still receive benefits.
There are two types of disability insurance depending on the type of occupation your hold. Own-occupation disability insurance covers people who work in their own occupation. Any-occupation disability insurance includes people who work in any occupation. The insured person must meet all eligibility requirements for both types of policies.
Qualifying injuries include:
These are several examples of requirements for applying for long-term disability, but there are many more. To learn more, contact one of our experienced long-term disability lawyers from The Disability Guys Michael Kalmus Attorney At Law.