When a person becomes disabled, they sometimes cannot return back to work. When this happens, they are out of an income during one of the most important times of their life. Without it, they can find themselves overwhelmed by bills due to necessary medical assistance. It is because of this that long term disability exists. Long term disability is insurance for people who are unable to return to work due to their disability or illness. It provides them with the financial assistance they need for a long period of time when they cannot come back to work.
Long Term Disability Benefits
Disabilities have the power to alter the course of a person’s life. They can be a source of great physical and financial burdens. That is why, during this time, the individual should not be overwhelmed by expenses that pile up due to their lack of income. Long term disability insurance can provide income protection to an individual for months, years, or even decades if necessary depending on their policy. This can provide the individual with the financial support they need during a difficult time in their life. Long term disability payments can help them cover medical bills, lost wages, and future lost wages as a result of their inability to return to work.
Individuals who suffer from substantial injuries or illnesses that prevent them from returning to work may be eligible for long term disability. Some of the most common disabling injuries and illnesses in the United States can include:
- Heart disease
- Diabetic complications
- Accidents sustained in car accidents
- Neck, back, and spinal injuries
- Broken bones, strains, and sprains
How Do Long Term Disability Benefits Work?
There are many things for an individual to consider when filing a claim for long-term disability insurance. Two important factors they must determine are the length of their elimination period and the length of their benefit period. These decisions are made in combination with the individual’s financial situation, if they have other insurances, and what they are able to afford.
When discussing long term disability, the elimination period is also known as the waiting period. This refers to how long the individual must wait after they become disabled in order to start receiving these benefits. Elimination periods may be anywhere between 30 to 90 days, or even months to a year.
The benefits period is the length of time that the benefits are paid out. Individuals are able to choose to pay out benefits for a handful of years or even until they retire.
Contact our Firm
If you or someone you know is looking to receive long term disability benefits and needs the help of an experienced attorney, contact Walker & Hern today.
Our firm has significant experience helping people just like you retain or defend their Long Term Disability Benefits. Contact Walker & Hern for a free consultation.