An Insurance Coverage Employees should Most Likely Have
In 2013, the U.S. Department of Labor’s Bureau of Labor Statistics recorded more than three million non-fatal workplace injuries and illnesses, and 4,405 deaths. These statistical data are so much lower compared to the yearly average of accidents, injuries and deaths before 1971 (the year the Occupational Safety and Health Administration or OSHA was passed into law), thanks to the consistent efforts of OSHA in implementing health and safety in work environments.
Workplace accidents resulting to injuries and deaths, however, continue to happen, making these a major concern of federal, state and local governments. Each time a worker is harmed, different issues are brought into the open, including the concerned employer’s compliance with workplace safety laws, the severity of the injury sustained by a worker and the effect it will have on this worker’s financial future.
Some accidents cause no more than minor scratches, while others are more serious, requiring days or weeks of bed rest. Some injuries are definitely severe, however, causing long term disabilities (LTD) that render a worker unable to work for months or even years, taking away his or her capability to earn wages.
It is a good thing that some employers provide their employees with a long term disability (LTD) insurance policy as part of their comprehensive employee benefits package; this is to protect their employees from losing any form of earnings during the long period when their injury or illness will keep them out of work.
As explained by the Hankey Law Office, long-term disability (or LTD) coverage is an insurance plan structured so that you receive compensation for the wages you lose as the result of an injury, illness, or any other condition that prevents you from working. It is similar to life insurance, in that it will provide you with financial compensation in the event that you suffer injury from an unexpected tragedy, but instead of covering medical expenses, it reimburses you for lost, future wages.
An LTD policy usually stays effectivity for 10 years or until the insured employee reaches the age of 65. An employee can start enjoying the benefits of his/her LTD policy after his/her short term disability insurance benefits have ended (the short term disability insurance benefits, which employers may also provide for employees or which employees may purchase on their own, typically last between three to six months).
Despite employees’ eligibility to receive LTD benefits, however, many applications get denied or are awarded benefits that are lower than what the policy stipulates. Many insurance providers, obviously, are guilty of avoiding making payments, thus, they do all things possible to deny claims, delay assessment of applications or payment of claims, or pay much lower benefits.
Since an insurance policy is a legal contract, it would be wise if the injured employee make the application for the benefits through the help of a legal expert who is adept in the LTD insurance benefits law.