Acquiring a long term disability may cause emotional and financial problems because you will be required to pay for all your medical and rehabilitation bills, though you cannot work due to your condition
Fortunately, you can receive disability benefits from Long Term Disability (LTD) Insurance. To learn more about this program, read the following FAQs that are connected with it:
Q: What is LDT?
A: It is a private insurance program that replaces a part of your loss salary if you are suffering from a long term disability. Its coverage can last for one year or longer.
You can receive disability benefits if you are included in an individual or group program. Individual coverage may be bought directly from insurance brokers. You can buy it of you did not receive any medical treatment for any disabling condition for the past 10 years.
Meanwhile, group coverage may be offered by your employer or a professional association or group.
Q: How much money will I receive from LTD Insurance?
A: It will provide you with a monthly salary replacement, which can either be a specific dollar amount or a part of your gross pre-disability earnings. Remember that variations may exist so it is advisable that you read the summary plan description to know more details regarding the issue.
Q: What is a pre-existing condition under an exclusionary period?
A: It covers any medical condition for which you acquired medical care for around three to six months before the effective date of your LTD Insurance. Be sure to check if your plan has a “pre-existing conditions exclusionary period.”
During this time, your plan will not cover all medical conditions that you are suffering from. These conditions will only be covered after the allotted exclusionary period ended.
Q: How long will my LTD Insurance coverage last?
A: Your coverage may last from one year up to your retirement age.
Q: Are there other programs that can provide disability benefits?
A: Yes. Government administered programs like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) can provide you with disability benefits, provided that you were able to comply with the requirements of each program.
SSDI only provides disability benefits to individuals who are unable to work due to an illness or injury that will last for at least a year or may cause their death. The Social Security Administration (SSA) does not provide financial assistance to those who are only suffering from short-term or partial disability.
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