Disability insurance benefits
Disability insurance may be a neglected form of insurance until you really feel the need to buy one, and when you actually do it may be late. Statistics show that women have about 10% more risk of becoming disabled. But both sexes remain at risk of becoming disabled rather than dying from work related accidents.
Anyone can opt for disability insurance but if you are in a job that involves risk, you should specially consider getting one.
Types of disability insurance
There are 3 types of disability insurance,
- Social Security Disability Insurance (SSDI): This federal government provided insurance is for those who are disabled for at least 12 months and are not able to work as a result. This offers long-term disability insurance only and needs you to provide medical evidence of your disability.
- Employer-Sponsored Disability Insurance: There are many companies who provide disability insurance benefits for their employees. Benefits up to 60% of the salary are received by the employees if they are receiving long-term-care. These benefits may be earned for 5 years or until you reach the age of 65. Some cases may deem it feasible to extend it to your lifetime if conditions so arise.
- Individual Disability Insurance: Private health insurance companies provide individual disability insurance if you are self employed. However, the premium that you may need to pay largely depends on the occupation you are in. These policies are usually more expensive as compared to group disability.
What benefits of disability insurance can you receive?
Employer provided disability insurance as well as Social Security Disability Insurance (SSDI) entitle you to,
- Tax benefits: If you pay the premiums out of your post-tax dollars, then you do not have to pay taxes on the benefits you receive. But otherwise, you are required to pay a certain amount of tax on the benefits that you receive.
- Discounts: You may find disability insurance discounts, but some employees offer short-term insurance free of cost and allow you to choose long-term insurance on discounts.
How to file disability insurance claim?
When filing disability insurance claim keep in mind the following advice:
- Date of claim: The date you want your claim to begin must be decided carefully. This date will help decide the weekly benefit amount to be allotted to you.
- Form: Fill up your form very carefully and make sure all the information asked for is given in your form. Any error or omission on your form may cause delay to the procedure or even return your claim unattained.
- Doctor’s Certificate: The insurance professional reviewing your claim will require you to get a doctor’s certificate signed.
- Incomplete form: In case you cannot complete the form due to your disability or if you happen to be an authorized insurance agent filing the claim on behalf of your client, you will have to request the company to send you the relevant form.
- Worker’s Compensation: In case you are receiving temporary worker’s compensation and the disability insurance that you have filed is for the same days, then you do not need to get a doctor’s certificate.
- Sending the claim: Your claim for disability insurance must reach the nearest insurance office not earlier than 9 days and not later than 49 days from the first day of your disability.
If you are involved in a job that has chances of you getting disabled then it is advisable that you get disability insurance. Your insurance agent will be able to guide you best on the kind of disability insurance that you must have. Keeping it for later may not be a good idea when you actually need it.
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