You may have heard of the two primary types of disability insurance: short-term and long-term. Long-term disability, also known as LTD, covers employees who cannot work due to medical reasons. Thus, these workers receive a monthly payment to help offset their lost wages. One unfortunate reality of this process is that it can be difficult and exhausting to secure the benefits that are due to you; that’s why there is some important information you need to know to ensure your success.
Intricacies of the Insurance Policy
Decoding the intricacies of the insurance policy itself is a daunting task. Both group insurance and individual policies will have their own peculiarities. As such, you must acquire the plan before you begin the process of filing your claim. Fortunately, your company’s HR department can assist you. They will give you the procedure along with the summary plan description. Request that you receive all documents in writing – otherwise, you might not get the proof you’ll need to substantiate the claim.
Relevant Time Limits to Meet
Missing the mandatory time limits will diminish the validity of your claim. Filing your initial application and then completing the appeals can take longer than you might think. Therefore, you mustn’t miss the deadlines. If you do, you’re subject to denials by the insurers.
What Qualifies as “Disability?”
This question is perhaps the biggest one on your mind: “what does disability mean?” While it’s easy to assume that disabilities are a loaded term, the truth is much different. As it turns out, the real definition of disability is rather subjective.
Factors That Aren’t Covered
Pre-existing conditions do not fall under the aegis of disability insurance. Although these conditions can be debilitating, receiving treatment before the policy goes into force can complicate your claim. The factors that are never covered include drug abuse, alcoholism, acts of war, suicide attempts, and injuries caused by criminal acts. Mental health disabilities, such as depression and anxiety, will allow you to receive benefits, but they will expire after a set period (usually 24 months), but this doesn’t always happen.
A Customer Testimonial
MaryAnn Oakley of Von Paris needed our help with an insurance claim. Fortunately for her, our own William Fedo was on the ball: “William Fedo is very responsive and helpful when having to file a claim. I just send him the paperwork from my doctor and answer his questions and/or fill out a form and he takes care of the rest for me. The process is so smooth with him.” Kudos to you, William!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!