Should I Apply for Private Disability Insurance?

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Should I Apply for Private Disability Insurance?

Should I Apply for Private Disability Insurance?

With all the tedious requirements and wait times for Social Security disability benefits, you might be wondering whether you should try private disability insurance. There are costs and benefits for both. You may also be looking into private disability insurance because your disability claim with the Social Security Administration (SSA) was denied. If this happened to you, then consider talking to a Philadelphia disability lawyer about your next steps.

What Should I Expect from Private Disability Insurance?

When it comes to long-term disability insurance, you can purchase this through your employer or a private insurance company. The two biggest Should I Apply for Private Disability Insurance?benefits people notice right away are a shorter processing time and looser eligibility criteria. However, some private insurance companies may have stricter eligibility criteria than others.

What long-term disability insurance usually does is cover half your prior working salary. That way, if your disability prevents you from working, you will have your basic living expenses still covered. Depending on the private disability plan you invest in, your coverage could even cover up to 65% of your prior income.

Before deciding which private disability insurance plan to buy, make sure you check all the requirements and policies. Look at things like:

  • Premiums
  • How long you will be covered
  • Whether pre-existing conditions are accepted

Consider contacting a Philadelphia disability lawyer to run through all the policies with you. Doing this might prevent you from choosing a private disability insurance plan that could hurt you in the long run. The last thing you want is to be stuck in a contract you cannot escape from.

Private Disability Benefits Vs. Social Security Disability Benefits

When comparing private and social security disability benefits, you start finding the costs and benefits of each. Compared to social security disability insurance, private disability insurance:

  • Takes less time to apply for
  • Involves more flexible eligibility requirements
  • May pay more in benefits in the long run

Where you would be denied disability benefits from the SSA for a partial disability, a private disability insurance company would pay you benefits for this. However, some private disability insurance companies come with costs like:

  • Time limits on how long you will receive disability benefits
  • Monthly premiums
  • Charging payments from you when health issues arise

The SSA is not the only organization that will make you undergo their own medical examination, but so will some private insurance companies. One major benefit of receiving benefits from the SSA is that they will maintain your disability benefits as long as you are disabled. Private insurers can stop your disability benefits once your time limit runs up, even if you are still disabled.

Social security disability benefits are also already paid for through the taxes and work credits you earned from working.

Disability Attorney in Philadelphia

Applying for disability benefits can be a long frustrating process. Feel free to ask a Philadelphia group disability insurance lawyer for help if you were denied the disability benefits you need. You can call Edelstein Martin & Nelson at (800) – 300 – 0909 today for a consultation about your disability claim. Our experienced team of Philadelphia disability attorneys can help you figure out why your disability claim was denied and what options you have.