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How long does it take to get benefits from a disability insurance carrier?
Each policy has a waiting period for those insured to claim benefits. For example, you may have to wait 90 days from the day you start paying premiums to receive benefits if you become disabled. Read your specific policy to know how long your waiting period is.
What do I need in order to file a claim?
You'll need proof of your disability in order to file a successful disability claim. This means that doctor's records, treatment verification, prescriptions, and other medical documentation should be submitted along with your claim form. If your carrier requests or requires more information or paperwork, submit that as soon as you can to begin receiving benefits.
How can I get disability insurance?
You can get disability insurance through a personal policy or through a group plan at your workplace. Depending on your needs, you can configure a plan to your price range and preferences.
What happens if my employer goes bankrupt or my job is terminated?
New laws made organized retirement plans exempt property during a business's bankruptcy proceedings. This means that employees of a business filing for bankruptcy won't have their plans completely wiped out. The Pension Benefit Guaranty Corporation is a federal government corporation that insures plans and backs up funds in case they are wiped out.
How long does a claim take to process/be resolved?
That depends on what type of insurance claim you are dealing with and how many benefits you're pursuing. From the time you are first denied a benefit, there are many appeals you have to go through. It can be months until the claim reaches the Department of Labor level.
Is there a set length that I can get benefits from my employer's plan?
That depends on the group policy's terms. Your policy may provide short or long term disability benefits, which determines how long you can get benefits for lost wages.
If my claim is denied by my employer's insurance company, do I appeal to the company or to the Department of Labor?
You'll want to file an appeal with the insurance carrier first. If you can provide them with specific examples of why their decision was unfair, they'll probably change their decision. An experienced attorney can negotiate with insurance companies on your behalf.
How long do I have to file a claim under ERISA?
You have 180 days to file a claim of denied or unfair employer insurance claims under ERISA. After an appeal is denied by the carrier, you can file a complaint under ERISA.
My boss won't provide me with copies of the booklets that outline the insurance policies that I am participating in. What can I do?
If you don't have a copy of your plan's policies or claims procedures, you have the right to request one from your employer or the plan administrator. Submit a written request for the documents. If your request is unfulfilled, you can file a complaint to the Department of Labor, the administration that enforces ERISA.
Are there entrance requirements for these plans?
Requirements to start investing in these plans change from workplace to workplace. However, the Department of Labor states that typical plans require an employee to be at least 21 years old and work for the company for a year.