How Much Are My Long-Term Disability Benefits? ERISA Sarasota Long Term Disability Attorney

“Financial pre-planning does not end when you buy your Long Term Disability Policy,” says ERISA disability attorney Nancy Cavey. There are two considerations in determining how great your long-term disability benefits will be if you become disabled. Normally, your insurance policy provides that you’ll be paid a percentage of your salary if you become disabled.

There are two important considerations that will determine the amount of your long-term disability benefits. The first is whether or not your long-term disability benefits are taxable. This was discussed in a recent posting.

The second consideration is whether or not your long term disability policy has an offset provision that will reduce your benefits. What’s an offset? Some policies will provide that if you receive Social Security disability benefits (including dependent benefits for your children), workers compensation benefits, retirement disability benefits, or even a distribution from your 401(k), your long-term disability benefits will be reduced by the receipt of those benefits.

You will often find a minimum mandatory payment provision in your policy. What is that? This allows a long-term disability carrier to reduce your gross long-term disability benefits by “off settable” benefits.  This offset may be so great that you receive very little long-term disability benefits. This offset can also be greater than the gross amount of your long-term disability benefits. If that happens, many policies say that they’ll pay you a minimum amount of benefits. Perhaps as little as $100.

Do you know whether your long-term disability policy allows your gross disability benefit to be reduced?  Do you know if there is a minimum mandatory payment? You should find these things out now and not before you become disabled.

Many long-term disability policy holders are surprised to learn that their benefits can be reduced. Here’s another surprise!

After the long-term disability insurance company produces the gross amount of your benefits to practically nothing, they will then deny your client. Why? Long-term disability insurance carriers know that if there are little or no benefits left after offsets, it will be difficult for you to find an experienced and skilled long-term disability Attorney to fight for you and secure the benefits you are entitled.

Don’t let the long-term disability insurance company rob you of your peace of mind! Get a copy of your policy and read it. If you see offsets and minimum mandatory payments, your long-term disability policy may, in fact, be worthless in your time of need.

If you have any questions regarding your long-term disability policy, please contact experienced long-term disability/ERISA Tampa Bay attorney, Nancy Cavey.

If you have any questions, please give us a call at 727.894.3188 or contact us online by clicking here.

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