Various factors affect how quickly you will begin getting LTD benefits if you are disabled and unable to work. First, most insurance policies have elimination periods or waiting periods that must expire before you are entitled to begin drawing benefits. The length of elimination periods can vary greatly. With employer-sponsored plans that are subject to ERISA, elimination periods commonly last between 90 to 180 days. Individual LTD policies may have much longer elimination periods, some lasting up to two years. As a result, until the elimination period is over, you will not receive LTD benefits.
The other varying factor may be how long it takes for the insurance company to approve your claim for benefits. In an ERISA-covered group LTD policy claim, insurance companies can take as long as 150 days, with allowable extensions of time, to process and decide an initial claim. In an individual LTD plan, the processing times may be completely different, whether longer or shorter. Therefore, you could be looking at many months, between the insurance company’s procedures and the applicable elimination period.
The bottom line is that even if you eventually qualify for LTD benefits, you likely will have at least a few months in which you may have to pay your bills without any income. In some cases, short-term disability policies may fill the gap, but you may not have that coverage or it may not coincide perfectly with your long-term disability policy. Whatever the case may be, you need to be aware of this potential hazard and plan accordingly.
If you have developed an illness or suffered an injury and cannot work, you may greatly benefit from calling us today and getting the advice you need. Bonnici Law Group has the experience and knowledge that is invaluable when pursuing a long-term disability claim. When you need answers, contact Bonnici Law Group today at 619-259-5199. As we focus our efforts on personal injury cases involving bicycles and long-term disability claims, we know how to protect your rights and build a strong demand for compensation in your case.