Howard Levitt and Rob Lilly: Accessing long\u002Dterm disability benefits (LTD) and navigating the process is no easy feat. Read on.
Typically, 60 per cent to 70 per cent of base salary with 66.6 per cent being the most common. Payments can last until age 65. That can be a significant sum.
If you have paid the LTD premiums, the payments are not taxable. If your employer has paid them, they are. Some employees begrudge LTD deductions from their paycheques, but it is a sound investment given the tax implications. Q: I suffered from depression for many years before I started my job. Am I still eligible for LTD benefits if my depression gets worse?It depends on the policy wording. Some LTD policies exclude claims for any pre-existing condition for which you had symptoms or received treatment in the year or so before you started the job.
You must submit a form explaining why your condition prevents you from working. And your doctor or specialist must also submit a form setting out your diagnosis and why you are unable to work. These forms go directly to your LTD insurer and your employer should not be privy to your confidential medical information. The insurance company decides if you qualify, not your employer. If your health-care professional believes you are still disabled at the LTD mark, you should qualify for LTD benefits.
Q: My insurer cut off my LTD benefits at the two-year mark saying I can work in “any occupation.” What does that mean and is it legal?Much of our litigation against insurers stems from this scenario. Most policies state you will receive benefits for up to two years if you can’t do your “own” job, but after two years, if you can do “any occupation,” your benefits will stop. Much ink has been spilled on what qualifies as “any occupation.
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