You are living life, and then suddenly you are faced with a serious illness and can no longer work. What do you do? For many, long-term disability is an option.
What is Long Term Disability Insurance?
Basically, long term disability covers you when short term disability ends, typically after three to six months and is provided by your employer or is a policy you purchased yourself. Long term disability would then pay you a portion of your income until you can return to work, or for as many years is stated in the policy.
How Do I Know if I Qualify?
If you are thinking about filing a claim, you should take a look at your policy documents or call your Human Resource Department to determine what is required to be determined “disabled”. Generally, if you are found unable to perform your occupation you will be considered to have a disability. One of the most important factors is the opinion of the physician treating you. Your medical records will be requested.
Other Points to Consider
Most employers require that you be employed full time when you become disabled to receive benefits. There is generally a waiting period of three to six months before you can receive benefits, but this generally coincides with the length of your short term disability policy. Pre-existing conditions are often excluded from you receiving benefits of any kind. There may also be conditions that are excluded or there may be time limits on certain types of conditions to receive benefits. If you are approved for long-term disability, in most cases the company will also want you to apply for Social Security Disability benefits as well.