Being that I am now a disabled veteran, I have been going through the disability process for quite some time. I was injured while working in the Air Force and am now deemed ‘unfit for duty’ as I can no longer perform any of the required job duties for which I was trained. Because of this, the Air Force will be medically discharging me this summer. But there’s quite a bit to my disability insurance, that most people just don’t think about. This is why it is important to see what type of disability benefits your insurance company offers and make sure that you do get coverage. This is especially important in dangerous occupations, such as construction where an injury could mean that you are no longer capable of performing your job functions and essentially making any money.
There are a few basic parts to a disability policy that you really need to look at that will ultimately determine what you are going to be getting when you are considered disabled. The key is to make sure that the benefits that you currently have are good enough for what you may need in the future. If they aren’t, you may want to consider a different insurance company to fill your actual needs.
The main part of the policy and probably the most important part of the policy determines how much you are likely to get from your disability. This is generally either a flat rate that will be paid out regardless of how much you make, or it will be a percentage of your base income without bonuses, benefits, or other considerations. You definitely aren’t going to get rich off of disability, but it will help to supplement your income somewhat and absorb some of your bills while you try to get back on your feet. It is important however that you check with your plan, because many plans state that if you get another job, then you will lose your disability benefits. Some will allow you to have a job but will place income limitations on that job. By doing this they are attempting to get people to forgo their benefits in order to obtain greater income. I suggest getting a plan that doesn’t have income limitations and there are many available.
Another benefit that some companies offer, that I myself have is educational rehabilitation. In order to get you back into the work force and eliminate your need for disability, it is cheaper for insurance companies to offer you the chance to go back to school. They will pay for you to take so many classes and will cover so much of your tuition and books. This will allow you to obtain other employment, which will often times negate your insurance plan as you are making too much income to qualify.
Medical expenes are also another thing that you need to look at in your policy. There are quite a few policies available that will cover your medical expenses either for a period of time or will cover them altogether. It really all depends upon the company and the insurance plan that you are on.
That is basically the general rundown of disability insurance. It is highly recommended that you read thoroughly over your contract before signing it. If there are any vague terms, then don’t sign up. The vague terms are the loop holes that will allow the insurance company to take advantage of you and screw you out of your money. It is also suggested that you shop around a bit and find the best policy to suit your individual needs. If you do these things, then you should have no issues with your new policy.