Accidents happen, unfortunately. On the job, it is best to ensure that you are covered if an injury or accident should occur. Healing or recovering can be a lengthy process. Filing for long-term disability may seem to be taxing but for the most part, the process is straightforward and simple. Here are some steps to filing a long-term disability claim and other important side-notes to be aware. Malden Solutions also offers an older blog that can explain why accident coverage is so necessary.
Claiming a File
First, a file has to be claimed. Information that will be included in a file is job information and documents from your physician including diagnosis and statements. Then, the insurance company has to analyze this and make a decision to approve or disapprove your claim. You may be asked for more information or you may be denied altogether due to the information being inappropriate. Ultimately, there needs to be proof that you are physically unable to work.
The Elimination Period
After filing a claim, typically a 30-90 day period ensues (sometimes it can take a year or half a year) in which the claimant has to be disabled before they can start receiving benefits. If the waiting period is longer, this can result in a lower premium. It is also important to note that you will have to pay out-of-pocket during this period. A 90-day elimination period is suggested.
Receiving Your Benefits
After the insurance company approves your disability, you will then begin to receive your monthly benefits. This is defined or labeled as the benefit period. A benefit period can last anywhere between two years or all the way up until a claimant receives Social Security (at age 67). It is suggested that claimants receive benefits until retirement. The longer that claimants receive benefits, the higher the premium.
Going Back to Work
Go back to work when you are able-bodied and ready. Going back to work will cease benefit payments. However, policies vary. Some policies allow benefits to still be paid out if there is a limit to how well you can perform on the job or if you are moved into a different position.
Other Important Steps
- Some insurance companies will only approve an LTD claim if you work full-time. Typically, full-time work is considered to be no less than 30 hours
- Some jobs will already have an LTD plan setup, that way you do not have to purchase the insurance from an outside agent if your company doesn’t offer accident coverage, here is why they should
- Most plans pay as much as 60-65% of your salary; though this may vary.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, Google+, and Linkedin.