We\u2019ve put together a list of the most essential parts of your long term disability policy that you need to understand to move forward in this process.<\/p>\n
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The Definition Of Disability<\/h2>\n
Every policy has a different view of the definition of disability. This is what qualifies you to be considered a \u201cdisabled\u201d person. This is the most important piece of knowledge to understand in reading your\u00a0long term disability policy<\/a>. The underlying definition is the guidelines that you must match in order to seek the money you deserve for your losses.<\/p>\n In general terms, the definition of disability is broken up into two overarching categories: own occupation, and any occupation.<\/p>\n Any person that is categorized under own occupation must be unable to carry out the duties of their own job. This definition of disability labels the person as \u201ctotally disabled\u201d and unfit for work. They cannot perform the duties they were once completing on a day-to-day basis prior to their accident to place.<\/p>\n For the most part, long term disability policies provide benefits under an \u201cown occupation\u201d clause in the first two years of one\u2019s disability, then switch to \u201cany occupation\u201d<\/p>\n Claims filed under any occupation, typically deal with your analysis of employability. This category is more extensive and takes into consideration your education level, work history and previous salaries and wages.<\/p>\n If the analysis rules that you are able to work part time, then this the grounds for\u00a0deny claims<\/a>\u00a0, making you not viewed as \u201ctotally disabled\u201d under the any occupation standards.<\/p>\n Any occupation often includes the work \u201cgainful\u201d in its language. The definition of \u201cgainful occupation\u201d to most is that you are provided a career that allows you to make an income equal to at least 60% of your expected monthly earnings.<\/p>\n Now that you\u2019ve gotten an in-depth look as to what constitutes the different definitions of disability, it\u2019s time to take an even deeper look as to the pivotal exclusions and limitations involved.<\/p>\n Understanding mental health<\/a>\u00a0when it comes to filing for a long term disability claim is extremely important. Most mental health disorders only receive benefits up to 24 months.<\/p>\n Schizophrenia and Organic Brain Disease are the exemptions. Their benefits can be extended for a longer duration of time.<\/p>\n Disabilities such as substance abuse or alcoholism are on the opposite ends of the spectrum and will only receive benefits for a short period of time, or not at all.<\/p>\n It\u2019s important to understand that almost all policies have exemptions for your pre-existing conditions A pre-existing condition is any condition that you received medical attention for in the past 90 days.<\/p>\n This period of time is also known as the \u201celimination period.\u201d This is where you are disabled but undergoing a wait because you are not entitled to long term disability benefits.<\/p>\n This wait time is usually 3-6 months, and usually falls in line with your\u00a0short term disability<\/a>\u00a0benefits.<\/p>\n Read your company\u2019s summary plan and look for the duration of time they will provide benefits for. For example, some companies may pay you till your 65, while some have a fixed number of years.<\/p>\n Filing for Social Security Disability is oftentimes the next step to do after successfully receiving long term disability benefits.<\/p>\n Social Security Disability Insurance pays benefits to you and specified family members if you are insured. As long as you worked long enough and paid Social Security taxes, then you are qualified.<\/p>\n As long as you worked long enough and paid Social Security taxes, then you are qualified.<\/p>\n Your company will take this into fact and pay you less in long term disability benefits, depending on how much Social Security benefits you receive.<\/p>\n The taxability of your long term disability benefits play a huge role in how much money you are getting. It\u2019s important to thoroughly read to figure out if your premiums are payable to you before or after tax dollars.<\/p>\n Premiums paid before taxes will be taxed as general income. Premiums paid after tax will generally be tax free.<\/p>\n You\u2019ve read through the exclusions and limitations to watch out for. Here are some general points to take into consideration:<\/p>\n Ask questions and confirm answers.<\/p>\n<\/li>\n Ensure your employer reports and salary increases.<\/p>\n<\/li>\n Make sure you can afford to pay the premiums.<\/p>\n<\/li>\n Remember that this process is time consuming.<\/p>\n<\/li>\n Ask loved ones for help.<\/p>\n<\/li>\n Seek legal advice<\/p>\n<\/li>\n<\/ul>\n We understand that reading through your long term disability policy is a difficult document to understand.<\/p>\n Still need help? Book a free, no-obligation<\/strong> consultation with us to discuss your options.<\/p>\n Accidents happen, but we can help you get the compensation you need to recover.<\/p>\n Contact Conte Jaswal now<\/a>\u00a0to start getting your life back on track!<\/p>\nOwn Occupation<\/h3>\n
Any Occupation<\/h3>\n
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<\/p>\nExclusions and Limitations<\/h2>\n
Mental Health<\/h3>\n
Pre-Existing Conditions<\/h3>\n
The Waiting Period<\/h3>\n
Length Of Benefits<\/h3>\n
Social Security Disability<\/h3>\n
Taxes<\/h3>\n
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<\/p>\nAdditional Points<\/h2>\n
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<\/h2>\nConte Jaswal Can Help<\/h2>\n
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