There is no mystery about why insurers try to shrink long-term disability (LTD) benefits. They do it because the more they pay out on claims to injured or ill workers, the smaller their profits become.
The 29th anniversary of the signing of the Americans with Disabilities Act was recently celebrated here in Raleigh and across the nation. “Let the shameful wall of exclusion finally come tumbling down,” President George H.W. Bush said at the time he signed the historic civil rights bill that made clear the protections of the law for people living with disabilities.
Look around your Raleigh neighborhood, your workplace or as you drive around on the streets. More than one out of every four adults you see will one day experience a disability that will make them unable to work for at least a full year, according to the Social Security Administration.
No one wants to file for long-term disability insurance benefits. But sometimes circumstances give a person no choice. Some of the most common scenarios involve workers who become disabled in a work-related accident or who are diagnosed with a disabling work-related illness. There are also situations in which a person becomes disabled by injuries sustained in a motor vehicle accident caused by another driver’s negligence or in a slip and fall incident at a business or on someone else’s property.
For most people working in Raleigh, the most important considerations when thinking about taking a new job are wages and benefits. Before taking a job offer, you’re going to look beyond your annual salary and inquire about health insurance that will cover the cost of medical care should you or a family member need it. You’re going to look at life insurance as well, to check on the benefits that would go to your beneficiaries if you pass away. Just as important to look at carefully is the disability insurance a potential employer offers.