Long Term Disability can be confusing, so our Celebration Long Term Disability lawyer clarifies some common misconceptions about your policy and benefits.
Are you considering a Long Term Disability (LTD) insurance policy? You likely have questions or may have heard that getting benefits can be difficult. Our Long Term Disability attorneys are here to clarify some details concerning LTD policies, claims, benefits, and more.
Myth #1: You Will Likely Never Need Long Term Disability
If you think you do not need Long Term Disability insurance, you should know that 27% of American adults live with some disability. Even if you are healthy, there is a one-in-four chance you will need Long Term Disability benefits sometime in your life. Getting the insurance now may be crucial to your financial well-being in the future.
Myth #2: You Can Only Get Long Term Disability If You Work Full Time
It is a common misconception that LTD policies are only offered to full-time workers. The truth is that you can qualify for an LTD policy as long as you meet specific criteria and you can be approved for benefits if you can prove that you are losing wages due to an illness or injury.
If your employer doesn’t provide Long Term Disability insurance, you have the option to acquire a personal LTD policy independently. This applies to individuals working full-time, part-time, or even those who are self-employed. If you are unsure what type of policy will work best for your situation, contact our Celebration Long Term Disability lawyer.
Myth #3: Long Term Disability Insurance Is Expensive
While it might seem like an expense you can do without, preparing for the possibility of needing supplemental income after an illness or injury is worth it. Typically, you and your employer share the cost of your LTD policy. Other types of policies are paid 100% by the policyholder.
Generally, the cost of your LTD policy is 1% to 3% of your annual salary and is dependent on several factors, including:
- Age
- Gender
- Current health status
- Occupation
- Benefit period
- Benefit amount
- Elimination period
- And others
Our Celebration Long Term Disability lawyer recommends securing your LTD insurance sooner rather than later, and if you have any questions about your policy, feel free to call us.
Myth #4: Social Security Benefits Alone Will Cover My Expenses
Social Security Disability Insurance (SSDI) is a government-sponsored program partially paid by your Social Security taxes. If you have enough work credits, you may be eligible for SS
DI benefits if you become disabled and cannot work, although it can be harder to qualify.
Compared to LTD claims, SSDI claims have a much higher denial rate. The Social Security Administration reports a denial rate of initial claims of 70%. Once your claim is approved, your benefits could be just a small portion of your current paycheck. A Long Term Disability policy is a wise addition that helps to ensure your financial needs are met if you cannot work.
Myth #5: You Do Not Need A Celebration Long Term Disability Lawyer To Assist With Your Claim
Navigating the entire process from filing a claim to receiving benefits can be complex and time-consuming. Having an experienced LTD attorney offer their assistance can be highly beneficial. Our law firm works exclusively on LTD cases, and our team is thoroughly experienced in all aspects of these insurance policies, including how to best negotiate with the insurance companies.
If you have questions about your LTD policy, need help filing a claim, or submitting an appeal, contact our team today. We will happily discuss your case and help you get the highest and best result possible.