Take Time Now to Review Your Long-Term Disability Coverage
Regardless of your age, health, or income level, it is important to take steps to protect your financial security. Unexpected events can come up that leave you unable to work or meet your monthly expenses. Long-term disability benefits offered by your employer can help in these situations. You may have this type of coverage in place, but are you aware of the policy terms? Limitations and exclusions in your policy can impact your ability to obtain these benefits when you need them. To avoid unpleasant surprises, take the time now to review your coverage.
Employer Provided Long-Term Disability Benefits: Know Your Rights
Employer provided long-term disability benefits protect you in the event accidental injuries, illnesses, chronic health conditions prevent you from working. According to the Social Security Administration (SSA), roughly one out of every four 20-year-olds will become disabled before reaching retirement age. Benefits provided as part of your overall employee compensation package can provide a steady income in the event this happens. Knowing your rights and obligations in filing a claim is vitally important.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that applies to employer provided benefit programs, including those involving long-term disabilities. It sets minimum standards for how these policies are maintained and administered. It also provides requirements for how claims are processed and handled. These include:
- Deadlines for employees filing claims;
- Deadlines for insurers in approving or denying benefits;
- Procedures for appealing denied claims;
- Procedures for pursuing legal action to get the benefits you are entitled to.
In addition to the above, ERISA also gives employees the right to review their coverage at any time and requires employers to provide them with copies of all policy related documents, free of charge.
Review Your Employer Provided Long-Term Disability Coverage
To ensure you are protected against unexpected events, familiarize yourself with the terms of any employer provided long-term disability benefits that are in place. Knowing the details surrounding your coverage can help you determine whether you might need to supplement this coverage with private;y purchased insurance.
ERISA requires that these plans include a summary description, outlining the policy and any exclusions involved. Important information you need to review includes:
- Effective dates: Note whether you meet eligibility guidelines in terms of your length of employment or other stipulations.
- Waiting periods: Keep an eye out for wording regarding waiting periods, which could influence when you need to file.
- Plan limitations: Be aware of what your policy will and will not cover;
- Benefit amounts: Insure advises that benefits typically represent 50 to 60 percent of your wages.
- Payment caps: Policies typically have a limit in terms of how much they will pay.
Let Us Help You Today
When reviewing employer provided benefits and filing long-term disability claims, the Law Offices of Shea A. Fugate, PA provides the trusted legal guidance you need to protect your rights. To request a consultation, contact our Orlando Social Security disability attorney today.