Are you have been facing a long term disability for past few years and unable to work? You can be entitled for long-term disability benefits to restore your some of lost income if you have a long-term disability (LTD) insurance policy. Most of the LTD policies are ruled by the Employee Retirement Income Security Act and federal law generally recognized as ERISA. As a consequence, LTD policies are often mentioned as ERISA disability policies. Few imperative things to remember when you are considering filing an ERISA claim are elaborated further.
1. The success rate of your case depends on the LTD policy's accurate definition of "disability"
Some ERISA disability policies define the term barely, so that you will be found disabled when you are not capable to do the duties of any occupation. However, other policies describe disability as the incapability to "considerably" perform your own occupation. It is also probable that after receiving benefits (generally for 24 months), your policy's description of disability will switch to the more strict occupation standard. As a consequence, your LTD benefits being concluded after 24 months. You must check your policy's summary plan explanation and other LTD requirements, if you are considering filing for LTD benefits.
2. Most LTD plans have particular waiting period
Most LTD plans come with "elimination period" of 90 or 180 days, throughout which you are not yet entitled to receive benefits, although you are disabled. LTD candidates must consider about utilizing all their sick time and short-term disability benefits before filing for LTD benefits.
3. Employer policies may be taxable
Most group policies which are provided by an employer are taxable. They may withhold from your monthly payments for state, federal, and local taxes. Thus, it is advisable to purchase an individual plan with after-tax dollars; your benefits will be tax-free.
4. Insurance companies usually conduct undercover examination against policy holder
The primary reason of undercover observation is to discover some reasons to deny your claim, so carefully interact with people whom you believe are investigators. Insurance may visit your doctor; take your videos while outside your home, so it is advised to follow your doctor's orders concerning your physical limitations.
5. You have to file for Social Security Disability Insurance (SSDI) as well after get approved for LTD
Some LTD companies even arrange for an ERISA Disability Lawyer to represent you in getting Social Security benefits. Because your insurance company is permitted to diminish your monthly SSDI payment against your LTD benefits.
6. Your insurance company decides whether to give approval or denial for LTD benefits.
As we mentioned above that most insurance companies always try to find a way to give you a denial of your LTD benefits. Unfortunately, if it has happened to you, your case is not over. Each LTD policy provides you a method or a deadline to file an internal appeal of your denial. You can file a case in the federal court through ERISA Disability Lawyer.
7. LTD benefits depends upon the details of your plan
How much LTD benefit you will receive depends upon the specifics of your plan, it is generally around 60% of your previous salary. Besides it, short-term disability policies can pay 80% or more of your earnings.
8. Some LTD policies provide benefits until retirement age, while others pay for a particular period of time
Always check your policy's summary plan depiction before filing for taking more advantages of these policies.
9. Some mental and nervous conditions may limit your LTD policy payments
If you are considering applying for LTD benefits based on your mental or nervous condition like generalized anxiety disorder, depression, or chronic fatigue syndrome, be aware that you can take benefits for a limited amount of time, often 24 months in some policies.
10. Your doctor's opinion and your medical records must be matched.
Mostly, insurance companies obtain recent medical records and send your doctor a packet of forms to complete to find out any mismatch in your medical records and doctor's statement to prove you wrong. So, make sure to inform your physician if you are filing a disability claim.
Finally, consider that ERISA claims are tricky to navigate without an experienced ERISA Disability Lawyer. This is especially right, if your LTD Company acts in bad conviction to reject you benefits.