There is nothing fun or entertaining about finding yourself in need of disability insurance. It’s an unfortunate situation to be in, and everything around it is complicated to boot. For this reason and others, buying a standalone policy before you are injured is definitely the smartest option. However, obtaining a Philadelphia Disability Insurance Lawyer and doing some research are the first steps you should take.
First, be aware that it can take four to six weeks just to complete the application process for disability insurance. There are phone interviews and medical exams, and everything about it is time-consuming. Once you are prepared for that, it is terribly important to know which kind of benefits you need. The choice may seem apparent based on your injury, but it is always helpful to be confident in your decision.
Short-term disability benefits are specifically for an injury that is expected to be fully healed within three to six months. Most employers offer some sort of short-term disability coverage, although some companies do provide long-term benefits. Long-term disability benefits are reserved for cases in which an injured person is expected to remain injured for a period of time longer than six months and up to as much as decades. This is the basic difference between short and long-term benefits, but there is more to understand.
It is important to realize that if you are depending on your employers’ short or long-term benefits, that you will be receiving far less than your current income in benefits. Most employer-provided benefits are capped at 50% of your income, and that is also taxed heavily at a rate of 25%. If you are going at it alone before you are disabled, the best option is a standalone policy that will give you at least 60% of your income, tax-free. Nevertheless, this attractive option can also be wretchedly expensive, so it is always completely understood why many people do not purchase disability insurance, privately.
No matter which financial boat you are in, obtaining an experienced lawyer is by far the best option. An experienced can first help ease the initial process of applying for benefits, which is tedious and time-consuming. Moreover, a large percentage of claims are denied when someone does not have an attorney, and a disability attorney is crucial to obtaining benefits after a denial.
Long-term disability claims are often delayed or denied completely for unfair reasons. These delays/denials are called, “Bad faith claims,” and a knowledgeable attorney knows exactly how to fight them. Long-term disability insurance companies will not tell you the unfair reasons why your claim has been denied, and therefore it is crucial to fighting for your compensation with qualified representation.
At Edelstein, Martin & Nelson, we understand how insurance companies play the game. We recognize their determination to save themselves from paying you what you deserve, and we know how to handle them. Our attorneys will fight on your behalf in order to obtain the compensation you need for your disability. If you are in the market for disability insurance or have recently become disabled, call 800-300-0909 or 215-731-9900 to set up a free consultation today.