Many individuals have the “It can’t happen to me” attitude when it comes to an injury or illness, especially individuals under the age of thirty. Unfortunately, research tells a different story. A survey has indicated that over 80 percent of people recently polled believed that they could do more than they are doing to prevent something serious from occurring.
Do You Have Disability Insurance?
When you’re unable to work due to a sickness or accident, disability insurance can provide comfort and security to you, and your family. It can be difficult to ascertain the risk of becoming disabled either temporarily or on a permanent basis, but you do have a 45 percent chance of this happening if you are under the age of 65. How would you pay your bills, provide food for your family, make your car payment, meet your child’s educational needs or save for retirement?
Planning for disability is just as important as having the proper medical coverage. Disability coverage gives you the financial cushion, should anything happen to you for an extended period of time and you’ll find a number of packages in place to meet your specific needs. This also allows coverage in case your employer’s compensation plan falls short.
What is Your Type of Coverage?
Disability insurance offers financial support to individuals who suffer an illness or injury. Your employer may offer coverage, but you need to do some research to ensure that it is adequate. Privatized coverage may offer more options for an individual, too. Short and long term disability insurance differ based on the length of coverage. While short typically kicks in quickly, you won’t be covered more than a few months.
Long-term has a longer waiting period and provides coverage to those who have a crippling disability and can no longer work. Worker’s compensation does not cover individuals who get hurt outside of the workplace or contract illnesses. The Social Security Administration offers coverage for disabilities, but the amount of money is minimal, and it starts after six months.
Will Your Insurance Deny Your Claim?
Unfortunately, an insurance carrier can deny your claim, and you may need to seek the help of an experienced and knowledgeable denied disability attorney. The reasons behind their denial can vary, but they may include the following:
- Unable to ascertain objective findings: A reviewer may deny your claim because the findings weren’t clearly evidenced through your exams and tests. Proper documentation and medical receipts can help, but some insurance policies require a clear definition of such.
- Pre-existing condition: Depending on the policy that you’ve selected, there may be a 12 month pre-existing waiting period. If you saw a physician for an ailment that happened 4 months before your coverage, this could fall under that category.
- Not under the care of a Physician or medical facility: In order to receive proper compensation for your injury or illness, you will be required to show that you are being treated by a licensed physician. You will also need the appropriate documentation such as medical receipts and evaluations to back this claim.
Imagine working so hard to be able to pay your bills, own your own home and car and have it all taken away due to a debilitating sickness or injury. Disability insurance can provide financial peace of mind to families and allow you to save enough money to enjoy your retirement.
Author Georgina Clatworthy writes regularly on topics relating to health, financial planning and consumer issues. Should disability happen, it is important to know you can rely on your disability insurance. However, if you are denied disability benefits by your insurance company, then disability lawyers, Marc Whitehead and Associates, have many years experience securing disability benefits for clients and handle all cases with professionalism and compassion.