Long term disability (LTD) insurance protects employees from loss of income in the event that they are unable to work due to illness, injury, or accident for a long period of time. LTD insurance ensures that employees will receive a percentage of their income – generally 50-70% – if they cannot work due to sickness or a disabling injury. This can help pay your mortgage, rent and other expenses that health insurance won’t cover.
LTD is generally only available when short-term disability (STD) insurance benefits expire, usually within six months – if they are available at all. However, only a handful of states mandate STD benefits – and Virginia is not one of them.
Long term disability insurance is separate from workers’ compensation benefits. It is generally provided by employers as part of a comprehensive employee benefits package, although many employer-provided LTD insurance policies may be inadequate to meet a disabled employee’s needs. If an employer does not offer LTD insurance, employees generally have the option of purchasing it separately. Although LTD benefits are tax deductible in the latter case, the premiums generally make it cost prohibitive.
Long Term Disability Policies Vary
Every LTD policy’s terms and conditions vary. The length of LTD payments will be defined in the policy itself. Some payments last for only a few years; others can last until the employee retires, and many policies may exclude payments for certain diseases and pre-existing conditions. Some LTD policies will pay disability benefits if an employee is unable to work in his or her current profession; others will specify that the employee must look for other work – even if it’s in a completely different field.
LTD & SSD: Reimbursement Issues
Most LTD policies include “fine print” which stipulates that benefits, or some portion of them, must be reimbursed for any overlapping months if the beneficiary is later found to be eligible for Social Security Disability (SSD). However, many LTD carriers offer “buyouts” – where they pay a lump sum based upon the amount of benefits received and life expectancy.
Geoff McDonald & Associates: Experienced & Aggressive Attorneys Fighting For You
Long term disability benefits, and their interaction with STD and SSD benefits, can be overwhelming. If you’ve been injured and are receiving LTD benefits, have been denied LTD benefits or are being asked to reimburse benefits based on SSD, contact the experienced and aggressive Virginia disability attorneys at Geoff McDonald & Associates. We can help guide you through the bureaucratic procedures and help you receive – or keep – the benefits you deserve.
Let us show you why we’re the firm for you. Our No Fee Guarantee® means that you don’t owe us a legal fee unless we win or settle your long term disability case. For over 20 years, we’ve been helping clients injured in all types of accidents obtain the compensation they deserve. We have the knowledge, experience, resources and assets to assist you in seeking justice. Let our experience help you. Just call Geoff at (804) 888-8888 – and speak with a lawyer who cares.
We accept clients from across Virginia, including these areas: Eastern Shore, Hampton Roads, Chesapeake Bay, Northern Virginia, Central Virginia, Southern Virginia, Shenandoah Valley, Blue Ridge Highlands and the Heart of Appalachia.
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