LONG-TERM DISABILITY INSURANCE

Once you have obtained long-term disability insurance, it’s important to know what must happen to qualify for these benefits.

First, you must experience a disability that lasts longer than a year verified by your physician and medical records. Disabilities that will prevent a person from working and earning an income for less than a year are insured through short-term disability insurance which is often offered through one’s employment. Long-term disability may be offered by an employer or be purchased by an individual.

Second, your disability must meet the definition of disability included in the policy. Please note that your policy may only cover you if an illness or injury prevents you from working in any occupation. Other disability insurance policies will cover you if you are unable to work in your own preferred occupation. This distinction is important for a person who has a high-earning specialty, such as a surgeon who can no longer perform surgery.

Once you have covered these points and find you are qualified, you need to file a claim. You will need to authorize your insurance company to review your medical records to verify your disability claim.

When you are looking for disability insurance, make sure you have the right guidance to get the best coverage for you. Contact MBhealth for expert advice.

Yes, you can file a disability claim while you are still employed. Typically, a disability claim is filed when a person can no longer work or can’t work effectively in the same job they held before the injury or illness.

Whether or not you can begin to receive disability benefits depends on the exact terms of your insurance. Most people get this kind of insurance, especially short-term insurance, through their employers. Long-term disability insurance may be offered by employers or be obtained by individuals.

You will need to provide complete medical documentation in order to support a claim on your disability insurance. Normally, this is done by assigning your insurance company the right to review your medical records.

Short-term disability insurance covers disabilities that are likely to affect a person for a year or less. Long-term disability insurance applies to disabilities that last longer than a year, typically from two years to the rest of a person’s life. It is essential to understand all the provisions of a policy when you are purchasing a short-term or long-term disability insurance policy. MBhealth can help you understand the provisions of policies available to you so you can get the right insurance for your situation.

When you need to file a claim on your long-term disability insurance, you should expect a delay —called a waiting period—of between 60 and 180 days before you start receiving benefits. In some types of long-term disability insurance, the waiting period can be as long as a full year.

This waiting period is also called the elimination period. The length of this period is stated in your specific policy. The shorter the waiting period, the higher the higher premiums.

Shorter waits are most commonly associated with short-term disability policies. Longer waiting periods result in cheaper premiums but of course you will have to cover your own expenses for a longer time.

You can choose the duration of your long-term disability benefits. You should assume that the longer you want to be able to receive benefits, the higher your premiums will be.

When purchasing short-term or long-term disability insurance, it’s essential to understand all the terms of your insurance to avoid surprises. When you are suffering from a disability, that’s the time you do not want to find out that your insurance does not help you when you need it most. For help obtaining disability insurance that protects both you and your family, contact MBhealth.

Short-term disability insurance typically provides benefits for six months to a year and is usually provided through a person’s employment.

The duration of long-term insurance can vary dramatically. Since this insurance is often purchased by an individual, they can choose a period as short as two years or as long as the rest of their life until retirement.

The waiting period until benefits start being received is generally briefer for short-term insurance, often between 30 and 90 days. With long-term insurance, the waiting period can be 90 days to a full year. It’s also possible to obtain disability insurance with a waiting period of zero days but it will have a higher premium..

Short-term disability insurance pays a higher percentage of the person’s usual wages—up to 80%. Long-term insurance pays slightly less but, of course, continues to pay for a much longer term.

Because much more is paid out from a long-term insurance policy, the premiums are significantly higher. This insurance is designed to help people who have been seriously injured or who have become severely ill and may never be able to work again. Short-term insurance is designed to help those suffering from a health condition they can recover from.

Whether you are planning to offer disability insurance to your employees or you’re seeking your own coverage, call MBhealth to get the exact coverage you need.

The correct answer to this question should ideally be calculated after a conversation with an experienced insurance consultant. That’s because there are so many costs that should be taken into account before the policy is purchased.

You need to consider factors like these:

• How much income are you accustomed to bringing in? You should plan to replace 60% to 80% of your pre-disability income after taxes.
• What other disability benefits do you have available? Would you qualify for Social Security Disability Insurance (SSDI) if you were injured or ill? Your long-term insurer may require you to apply for SSDI to receive their payments.
• How much does it cost you and your family to live? Are you the major breadwinner?
• How much debt do you have? You will need to continue to pay these bills.
• How long do you want your long-term benefits to last? Long-term benefits may last as little as two years or till age 65 or later. Just remember, the longer you receive benefits, the higher your premiums.

Whether you receive this insurance through your employment or on your own, the amount of long-term insurance you purchase should fit into your overall financial situation and goals. Talk to the experts at MBhealth to review your entire situation and get the right disability insurance.