Do Employer-Provided Long-Term Disability Benefits In Florida Provide Enough Protection?
Long-term disability benefits in Florida may be available through your job and are often paid for by your employer. Included as part of your overall compensation package, they help to protect you in the event you are unable to work for a year or longer.
Unfortunately, when filing a claim, you may discover these benefits are not enough to make ends meet. Our Jacksonville long-term disability lawyer explains more about what employer-provided LTD insurance covers and when you might need additional protection.
What You Need To Know About Employer-Provided Long-Term Disability Insurance
Long-term disability (LTD) insurance protects you in the event accidental injuries, serious illnesses, or chronic health conditions prevent you from working for a year or longer. These are often included as part of your employee compensation package.
While you may be inclined to skim over insurance documents when filing out employee paperwork, it is important to review the terms of your LTD coverage carefully. Under the Employee Retirement Income Security Act of 1974 (ERISA), your employer is required to provide a copy of all policy-related documents, free of charge and at your request. Provisions to be alert for which could impact your rights to benefits include:
- Covered conditions: Insurers vary in the types of physical and emotional disabilities covered by the policy.
- Exclusions: Insurers usually have a long list of conditions that are excluded from coverage.
- Waiting periods: Once you are disabled, there may be a waiting period of five months or more before you are eligible to receive benefits.
- Length of coverage: Employer-provided LTD policies may only provide benefits for a few years.
- The amount of your benefits: Long-term disability benefits in Florida that are available through your employer may only last for a few years.
Do You Need Additional LTD Protection?
According to statistics from the Social Security Administration (SSA), roughly one out of every four adults is likely to suffer a long-term disability prior to reaching retirement age. As employer-provided long-term disability coverage may fail to meet all of your costs, privately purchased policies are available for a cost.
To determine whether you need the additional benefits these policies offer, review all the terms of your employer-provided coverage. Adding a private policy may be a good idea in the following situations:
- You suffer from chronic health conditions that put you at high risk for long-term disability;
- You are the sole or primary breadwinner for your family;
- Your employer-provided benefits last only for a limited period;
- The conditions you currently suffer from are not covered under your current LTD policy.
Our Florida Long-Term Disability Lawyer Helps You Get The Benefits You Deserve
When problems arise with long-term disability benefits or your rights in filing a claim, Farrell Disability Law provides the trusted guidance and experienced legal representation you need. Call or contact our Florida long-term disability lawyer online and request a consultation in our Orlando or Jacksonville office today.
Sources:
dol.gov/general/topic/health-plans/erisa#:~:text=The%20Employee%20Retirement%20Income%20Security,for%20individuals%20in%20these%20plans.
ssa.gov/pubs/EN-05-10029.pdf
