Jul 14, 2022 - Long Term Disability Insurance by Seltzer & Associates
When you find yourself disabled and unable to work, providing for your financial needs can become a major concern. Fortunately, there are several resources that can help you through this difficult time, and a Philadelphia disability insurance attorney is yet another resource that can help you overcome the challenges you face. As you pursue your long-term disability insurance benefits to replace your lost income due to a disabling condition, you need to carefully review your policy and understand the requirements, limitations, and definitions that will be used by your insurance company to determine your claim and the financial benefit you receive from them. Seltzer & Associates is here to work with you through this process and help you obtain the disability insurance benefits you deserve. You can rest assured that Seltzer & Associates will provide a thorough analysis of your claims and work with you and your disability insurance company to secure your long-term disability insurance benefits.
When you are unable to work due to a disabling illness or condition, you may have multiple potential income supplement streams to draw from. You may have multiple insurance policies and may be eligible for other benefit programs. These other sources are considered offsets to your long-term disability insurance benefits. As you apply for your disability insurance benefits, you should explore other available benefits and may even be required to apply for these additional benefits by your long-term disability insurance company.
Disability insurance companies often require claimants to pursue these other sources of income so that they can reduce what they must pay claimants. Insurance companies look out for their own bottom line and seek ways to lessen their own liability when paying long-term disability insurance claims. This is particularly relevant to high-earning professionals since a percentage of their pay is greater than other professions, and insurance companies pay out greater dollar amounts under these policies.
There is some fairness in offsets: if a claimant were able to utilize multiple benefit sources at their full capacity, the economic impact could be receipt of funds over and above what the claimant would make while working. To reduce improper payment, insurance companies are able to offset what they pay on a claim by what other sources should be paying the disabled claimant. This quickly gets complicated and often leaves the insured waiting on necessary funds. This complexity and the urgency for disabled claimants to promptly receive their long-term disability insurance benefits is why working with a Philadelphia disability insurance attorney is crucial to the outcome of your claim.
An Experienced Philadelphia Disability Insurance Attorney Can Help You with Offsets
Your insurance company has expert analysts at its disposal. Do not put yourself at a disadvantage by taking their expert’s evaluation as a final decision. An experienced Philadelphia disability insurance attorney can analyze your insurance company’s decision on how much they are paying you and how they have arrived at an offset calculation. Human or technical errors may deprive you of the full disability insurance benefits to which you are entitled. With Seltzer & Associates evaluating your insurance claims and policies, you know you have someone in your corner to fight for the benefits you deserve.
Common Long-Term Disability Offsets
Your long-term disability insurance company will seek to lessen the amount they pay you by using other benefit sources to offset what they owe you. Social Security Disability benefits are one of the most common offsets your long-term disability policy expects you to pursue. Portions of workers’ compensation benefits, settlements from injury related to your disability, and state and local benefit programs may also be used to offset your long-term disability benefits.
As a high earning professional, you may have individual disability insurance policies to provide further financial security should your disabling condition prevent you from working. Competing insurance companies may dispute what they should pay you and when. Having Seltzer & Associates examine your disability insurance policies and other income sources such as settlements, or government benefits can help you ensure you are not being taken advantage of or missing out on the financial resources you contracted for with your disability insurance company.
Calculating Offsets and Your Disability Insurance Benefits
Your disability insurance company has criteria and formulas to determine the offset amount they will reduce your disability insurance benefits by, even if you have not received the benefit yet, such as with Social Security Disability benefits. Your insurance company has immense experience working with offsets and can calculate expected offsets from other sources such as Social Security and promptly reduce what they pay you. However, miscalculations by your long-term disability insurance company end up costing you, the claimant, at a time when you should be focused on your health and well-being. Seltzer & Associates is dedicated to helping clients make sense of their disability insurance policies and benefits and will not let an insurance company treat you unfairly.
Your policy will explain how potential offsets are treated when it comes to your benefits, but it can still be confusing to understand how this will impact the dollar amount you receive, especially when multiple offsets are involved. Conversely, if your long-term disability insurance company does not reduce your benefits by an offset that you later receive, such as expected Social Security Disability benefits, your insurance company could ask for reimbursement from you over time or a lump sum payment. This can be particularly challenging since it can take some time to receive certain benefits that offset long-term disability benefits, like settlement funds. Due to these delays in receiving offsets, you may receive a larger long-term disability payment than you would once the offset is appropriately calculated and applied, and your insurance company will expect these funds back. This could put you in a difficult financial position. Seltzer & Associates can help you work out these payment issues with your disability insurance company and smooth out any necessary repayment process.
Contact a Philadelphia Disability Insurance Attorney to Explain Your Offsets and Claim for Disability Insurance Benefits
Understanding your disability insurance claim and how offsets affect your long-term disability insurance benefits can be confusing, but an experienced Philadelphia disability insurance attorney can help you. Contact Seltzer & Associates to discuss your disability insurance benefits by completing our online form or calling us at 888-669-4222.