St Louis Long Term Disability Lawyer Explains the Types of Long Term Disability Insurance
In the blink of an eye, you can go from healthy to disabled and need the help of a St Louis long term disability lawyer. Long term disability benefits can be difficult to understand, particularly since it’s in the best interest of the government and/or the insurance carrier to prevent you from getting the benefits you need. The best time to educate yourself regarding long term disability benefits is before you need them. There are two entities that provide long term disability coverage; the Social Security Administration and private insurance companies. Each have their own requirements to be eligible for benefits. Any worker who has paid into Social Security has the right to apply for benefits, provided certain requirements are met. Private insurance is either provided by an employer or can be bought by an individual.
Social Security Disability
Social Security has a long term disability benefit built into the program. As long as you have worked at least part-time and paid into Social Security for ten of the last twenty quarters, or two and half of the last five years, you may be eligible for disability benefits. Coverage extends for a maximum of five years, based on the number of quarters you work. Unfortunately, Social Security disability is a notoriously difficult benefit to receive. It’s important to contact an experienced St Louis long term disability lawyer who knows how to navigate the red tape of Social Security to get the benefits you need.
Most private long term disability policies have a waiting period of several weeks to several months and provide up to 70 percent of your income for a specified number of years and may extend your entire life. There are two types of policies.
- Non-cancellable policies can’t be cancelled for any reason, except non-payment of premium. You have the right to renew the policy every year with no increase in your premium or decrease in the benefits paid.
- Guaranteed renewable policies give you the right to renew the policy with the same benefits each year. Insurer can raise the premium, but only if everyone in your rate class receives an increase. The policy can only be cancelled for nonpayment of premium.
Contact a St Louis Long Term Disability Lawyer
If you’ve been hurt and can’t work, the last thing you need to worry about is money for daily living expenses. If you need help getting benefits, call David M. Hicks, St Louis long term disability lawyer, at 314-812-4885