A serious illness or an accident that results in injury can prevent a person from being able to properly perform his or her job. In the event that you become disabled and cannot work, you will want to have some security. Disability insurance is crafted to replace a portion of your income in the event of such an unfortunate occurrence. A good disability lawyer knows the gritty details of what qualifies as a “disability” for the purposes of the law. This definition will depend on your particular insurance policy and the laws of the state in which you reside. Disability lawyers also understand the important differences between short-term and long-term disability insurance benefits and how to ensure that his or her client receives an appropriate income. Ask for experts at www.preszlerdisabilitylaw.com
What Short-term and Long-term Disability Policies Have in Common
Both short-term and long-term disability benefits are the result of private insurance plans and are not a government benefit. These plans are typically secured through your employer and are sometimes included as part of a benefits package that includes group insurance. The government does provide Social Security Disability Insurance, however.
Short-term Disability Benefits
Short-term disability policies provide benefits that help you to maintain your income for only a limited period of time, at most 24 months, but most frequently somewhere between nine and 52 weeks. These benefits kick in only after you run out of sick leave. Short-term disability benefits will aid you in the event of a short-lived but serious disability – for instance, an accident that results in broken bones that will eventually heal.
Short-term disability benefits kick in after a waiting period and provide you with a certain percentage of your income. Short-term coverage is often meant to supplement other resources in times of hardship. You will likely also draw on your savings and the good will of family. If your disability persists, however, short-term disability benefits may prove insufficient.
Long-term Disability Benefits
Long-term disability insurance can protect your income for many years after you have exhausted both your sick leave and your short-term disability benefits. Long-term disability benefits can potentially extend until you turn 67, though they may cover a shorter period, such as two to five years.
If you cannot replace your income, you may end up in serious debt or even experience foreclosure on your house. Long-term disability benefits are more comprehensive and than short-term benefits and are a boon to anyone who relies on his or her income for support. However, in order to receive long-term disability benefits, you will have to acquire evidence from your doctor explaining how your condition prevents you from working, along with an estimate of when you will be ready to return to your job.