Long-term disability is special coverage that covers the ill person when short-term disability expires. A short-term disability policy may only last six months to one year. The policyholder may still be suffering from the illness or injury at that time. Therefore, the long-term disability policy would have to take over at that time. The benefit payout for a long-term disability plan is usually slightly less than a short-term payout. For example, LTD may only pay 50 percent of the worker’s paycheck whereas STD may pay as much as 80 percent. An injured or ill person can collect long-term disability for many years after the short-term policy ends. A person’s employer may offer a long-term disability policy, or the person can obtain a private policy. Insurance companies have generous long-term disability plans for self-employed individuals and contractors. Visit at www.preszlerdisabilitylaw.com and ask any questions about it.
What Does Long-Term Disability Cover?
Long-term disability covers the medical essentials and wage reimbursement for the injured or ill party. The individual will receive a portion of his or her usual work wages during the duration of the illness. Payments may start immediately, or the covered party may have to wait a certain amount of time before the insurance company makes the payment.
Things to Consider Before Choosing a Long-Term Provider
An LTD plan that an employer offers will not leave the covered party with much opportunity to make changes. However, a plan that a self-employed individual purchases may have several variations. A person who wants a lower premium might choose an insurance policy that has a 30-day waiting period. Alternatively, a person who wants immediate payment would choose the insurance policy with the higher premium. Some policies have income requirements, and they reduce benefits for people who make under a certain amount of money. A consumer will want to keep that in mind while he or she is searching for reliable coverage.
Which Illnesses are Covered Under Long-Term Disability?
Any disability that renders a person unable to perform his or her essential job duties is considered a payable disability. A physical illness such as a broken leg or ankle counts as a disability. An immobilizing condition such as pneumonia is a disability, as well. Disability policies also cover mental illnesses such as anxiety disorder, bipolar disorder and depression. The insurance company maintains a list of the illnesses that it covers, and it will pay the benefit if the policyholder provides the appropriate medical information.
Denial of Disability Benefits
A small chance exists that an insurance company will deny a person disability benefits. The insured person has the option to appeal the decision at that time. A disability lawyer is a person who makes sure that insurance companies are rightfully paying out people who are genuinely ill and need help. A disability lawyer can represent the case in a firm manner with all the right documentation. Such a person can make a huge difference in an ill Canadian’s life. A person who receives a rejection from the insurance company can contact a disability attorney for a free consultation.