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You are eligible for long-term disability claims, if you are unable to work for an extended period of time, owing to some injury or illness.It is important to get in touch with a good lawyer who will explain everything about the long-term disability, the amount you will be paid, and after how much time you will start receiving it.
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You are eligible for long-term disability claims, if you are unable to work for an extended period of time, owing to some injury or illness. • It is important to get in touch with a good lawyer who will explain everything about the long-term disability, the amount you will be paid, and after how much time you will start receiving it. • You may suffer injury due to negligence of others or may be unable to work for a longer period, owing to some serious illness like cancer or diabetes. Long term disability insurance coverage ensures that you do not face any financial hardships by supplementing a portion of your income.
1. Long Term Disability Coverage and Tax • The premium for long-term disability coverage is either paid by the employee or the employer, or both of them share the cost. If the premium amount is paid by the employee, then the insurance amount is not taxable. • On the other hand, if the premium amount is paid by the employer, then the amount paid by the insurance company to the disabled worker is taxable.
2. Qualifying Period for Long Term Disability Insurance Benefits • A worker has to be off-work for quite a few months before he/she can claim long-term disability insurance benefits. • The amount of time a disabled worker has to wait to be eligible for long-term insurance benefits is called the elimination period or qualifying period. Qualifying period usually ranges from 90 days to 180 days.
3. How Much Money is paid by Way of Insurance Benefits? • A disabled worker is usually paid 50 to 80 percent of his total salary. This means that a person drawing $3,000 prior to injury will receive anywhere between $1,500 to $2,000, depending upon the injury and terms of insurance coverage. • Some long-term disability coverage plans have monthly maximums, which may cap the actual amount a disabled worker is entitled to receive.
4. Private Insurance Companies • It is often seen that long-term disability claims are not fairly entertained by private insurance companies. It is understandable as the more claims they pay, the lesser amount of profit they can show to their shareholders.
A person unable to work for an extended period of time suffers from both emotional and financial distress. This is further aggravated by late or wrongful denial of claims by insurance companies. • If you or your family members have been involved in some unfortunate accidents and are being denied the insurance money despite paying the premiums on time, you need to immediately get in touch with a knowledgeable and experienced long-term disability claims lawyer. • A lawyer well-versed with the law will aggressively fight for your cause and ensure that you get your rightful money to meet your financial, medical, and other obligations.
5. Conclusion • Long-term disability can result in immense hardships. In fact, they are the reason for a large number of bankruptcies and foreclosures. • A worker with destabilizing injuries or illnesses must look for a well-known, long-term disability claims lawyers. Share Lawyers is a firm where you will find some of the best personal injury lawyers Toronto as well as the best long-term disability lawyers.
