Group Long Term Disability Plans
Many employers choose to offer long term disability insurance for their employees if they are working in risky jobs in which serious injury may occur. Long term group disability plans are provided in these instances in addition to workman’s comp which would cover medical expenses for any on the job injuries. Group long term disability plans provide partial income replacement in the long term when an individual’s injuries are so severe that he or she is not able to work for many years or ever following the job related accident.
Group long term disability is beneficial to employers who own businesses with high rates of injury, as not having long term disability insurance makes them much more likely to be involved in very costly personal injury lawsuits. Paying for a group plan is often far cheaper than paying for damages and lawyer fees for multiple serious lawsuits.
The Benefits Provided in Long Term Disability Plans
Benefits for long term disability vary from plan to plan. Some plans may only provide income replacement for five to ten years. Other more inclusive plans may provide income replacement until retirement. But income replacement does not mean a full salary. Typically, group plans pay no more than 60 to 70 percent of salary to disabled employees.
If you would like to learn more about filing a long-term disability claim, or if you would like legal help and guidance while filing your LTD claim, then the Indiana long-term disability lawyers of Hankey Law Office can help. To speak with an experienced attorney about your situation, contact us today at (800) 520-3633.