Nobody wants to suffer a temporary or long-term disability as it could affect one’s livelihood and enjoyment of life, like loss of companionship and mobility. But life, as they say, can pull some pretty nasty surprises that we can’t do something about to avoid.
However, you’re not powerless as you can simply get disability insurance (DI) the soonest time you can. Most employers provide such insurance to their employees but you can also get one for yourself. Now, suppose you already have one and you figured in an accident that has left you disabled, how do you go about filing your claim or making sure that you’re qualified for it in the first place?
Aside from getting help from experienced disability insurance lawyers in Los Angeles, you should also equip yourself with some essential knowledge about disability insurance so you’ll at least know what to expect and how to go about it. Here are five essential things about disability insurance that you must know:
Ways to get disability insurance
There are several ways on how you could secure disability insurance to have you financially covered when the worst thing happens. There is employer-provided insurance coverage as part of the benefits given to employees, which is generally a short-term insurance policy. Social security also has specific insurance that covers disabilities of its beneficiaries, while certain states like New York and California offer short-term disability insurance to residents. Some credit card companies also have their own DI programs for cardholders although coverage may be limited. Finally, you can simply buy your own DI policy so you can choose between the two types of disability insurance, which will be discussed later.
Having a DI is primarily meant to offer you financial coverage in case you encounter a disability that could last for months or a few years. When you have a DI and your application gets approved, you can at least have a source of income during the time that you’re unable to work. For many, it can be a lifesaver as they can cover their daily expenses while recuperating from their disability.
Two types of disability insurance
The two types of disability insurance are short-term and long-term coverage. The first one generally covers anywhere between 60% to 70% of a person’s base salary for up to a full year. The second type, meanwhile, could cover 40% to 60% of the base salary and could last up to several years.
Requirements to qualify for disability insurance
Eligibility requirements generally depend on the type of DI that you have, as well as the policy of the insurance company. But generally, one has to have suffered a disability that can be supported by medical evidence, including a physician’s assessment of the disability. For short-term DIs, the decision can be made within two weeks following the disability; for long-term DIs, it could take up to three months.
Dealing with an unfair claim denial or delay
Not all applications for disability insurance will be approved. In case yours got denied and you feel that the decision is an unfair denial or there is unnecessary delay in the release of your benefits, you should immediately seek help from a disability insurance lawyer. Your lawyer will help you file an appeal with your insurance company and supply the necessary documents to strengthen your claim.
Hiring a disability insurance lawyer when you encounter a problem with your claim is a must. This way, you’ll have a great chance of being approved so that you can receive the benefits that are included in your policy.