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Understanding The Basics Of Your Short-term Disability And Long-Term Disability Coverage

January 5, 2017

Short-term disability (“STD”) insurance replaces all or a percentage of income if one can’t work due to a covered disability.  Typically, STD benefits are payable for 180 days (6 months) or less.  While STD coverage can be purchased individually (through insurance companies like Aflac), it is often provided as an employment benefit.

Long-term disability (“LTD”) benefits replace all or a percentage of income if one can’t work due to a covered disability.  LTD coverage can be purchased individually (individual coverage), or earned as an employment benefit (group coverage).  LTD group coverage can be provided through plans that are fully funded by your employer.  These self-funded plans are often administered by third-party administrators (“TPA”) like Sedgwick.  LTD group coverage can also be funded and administered by policies of insurance.  LTD insurance policies may be issued by companies such as MetLife, Unum / Provident / Paul Revere, The Standard, Aetna, Cigna / Life Insurance Company of North America, Reliance Standard, Assurant, USAA, Prudential, Liberty Mutual, or Northwestern Mutual.  LTD benefits from individual coverage usually start 60 to 180 days after the date of disability.  LTD benefits from group coverage usually begin 180 days after the date of disability.  Commonly, people who receive LTD coverage as an employment benefit also purchase their own individual policies for added coverage.  In addition, some retirement pension plans provide a disability retirement benefit.

STD and LTD policies can be complicated.  It can be very challenging to handle your claim and appeal, especially while you are trying to take care of your own health.  If you make a mistake, it could cost you your benefits.  If your STD or LTD claim has been wrongly denied, it’s important that  you understand your rights and obligations.  Contact Chisholm Chisholm & Kilpatrick now.  CCK represents individuals in the application, appeals and litigation of life, health, short-term disability and long-term disability insurance benefits under the Employee Retirement Income Security Act (ERISA) and under private insurance contracts.

To schedule a consultation, please call us at 401-331-6300 or contact us online.