Some Startling Disability Insurance Facts

The website, protectyourincome.com, states the following facts about disability insurance and disability benefits:

1. Someone who is 35 years old has a 50 percent chance of disability for 90 days or more before they turn 65.
2. Most people in the U.S. are better prepared financially in case of death (usually with life insurance) than if they get disabled, even though the chances are at least three to five times greater (depending on age) that a disability will occur.
3. Upwards of 375,000 Americans become totally disabled every year.
4. Approximately one out of seven people who are between the ages 35–65 can expect to become disabled for five years or longer.
5. Almost 30 percent of the people who are between the ages 35 and 65 will experience a disability that lasts at least 90 days during their working careers.
6. About 110 million Americans do not have long term disability insurance.
7. About 8 million adults have some disability that limits or prevents them from working.
8. 46 percent of all foreclosures on conventional mortgages are brought about by a disability. Approximately 2 percent are caused by the death of the homeowner.
9. Benefits from an employer plan are taxable. Individual policies, purchased as an individual pay benefits free of income tax.
10. Most people, no matter their income, spend 65 percent to 75 percent of their cash flow. In thinking about this, this means a person should aim toward securing as much disability income insurance they can toward the goal of replacing such income.
11. If you put away 10 percent of your income each year, then simple arithmetic says that one year of being totally disabled could wipe out the 10 years of principal that you put into your savings.
12. How good is social security disability income? Anyone at any income level can apply for Social Security Disability Insurance but one requirement is that you have to have worked at least 10 years before becoming disabled.
13. The Social Security disability Insurance program pays $722 per month on average. The requirements to receive disability benefits are so strict that only about 35 percent of the individuals that apply for benefits actually qualify and wind up receiving benefits.
14. The most common chronic conditions listed for limitation on working are back disorders (21 percent), followed by heart disease and arthritis.

Source: www.soundfinancialplan.com, from the MDRT

Having disability insurance is a key component to anyone's financial plan. The key is to buy good coverage. If you have a claim, hiring a disability benefit attorney will help you document your claim well and avoid a coverage denial.


Copyright (c) 2008 by John V. Tucker and Tucker & Ludin, P.A. All rights reserved. For assistance with your Long Term Disability claim, ERISA Disability benefit claim, Social Security Disability claim, or Veterans Disability compensation or pension claim, call Disability Lawyer John Tucker at (866) 282-5260.

DISABILITY BENEFIT TIP OF THE WEEK: Long Term Disability Claims....Deadlines - Do NOT Miss Them

While every Long Term Disability policy and plan is different, they all impose deadlines that a claimant has to meet to file for disability benefits, to appeal a denial of those benefits, and to file a lawsuit once you have gone through the pre-suit claim process (what insurance companies call "exhausting administrative remedies").

When you first stops working because of a disability, you must apply for disability benefits and provide proof of your disability (i.e., medical records, vocational records, performance reviews that comment on your inability to do the job, "buddy letters" from friends or co-workers that know you and have observed your limitations, etc.). The deadline that applies to filing for benefits and providing proof of that disability can usually be found under the heading "Proof of Loss" in you policy or company's disability benefit plan. Policies and plans will require that you submit you application and proof of disability anywhere from within 30 days to up to a year after the date you stopped working. If you do not notify your insurance company within that deadline, the insurance company could deny your claim.

If your benefits are denied, or paid and then terminated, you will be provided a chance to appeal that decision. Again, different policies and plans have different deadlines, as well as a different number of times you may appeal before filing a lawsuit. Most employer benefit plans allow 180 days from the date of the denial/termination letter to file an appeal. Individual disability insurance policies may not offer an appeal or may offer a very short appeal window of 30 or 60 days. Read your policy or plan to find our your deadline.

NOTE: If you did not receive your denial letter until much later than the date on the letter, look at the date on the envelope to determine if the letter was sent on the same day that the letter was written. If not, keep the envelope as proof that the insurance company delayed mailing this letter, as this may give you more time to gather the evidence you would like to submit for an appeal.

It is important to understand that your policy or plan may require one or more appeals before you file a lawsuit, so do not think you can skip that process. Missing the appeal deadline may cause you to lose your claim forever.

Once you have gone through the pre-suit appeals, you may file a lawsuit. Your plan or policy may state how long you have to appeal. If it does not, your state law will determine the statute of limitations to file a lawsuit. If you miss this deadline, you will lose your right to file a lawsuit to recovery your benefits forever.

REMEMBER: Read your policy or plan thoroughly to determine what deadlines apply to your particular claim. Failure to meet those deadlines could result in the denial of your claim. If you are not sure what deadlines you must meet, consult with an attorney who specializes in disability cases. We recommend consulting with a disability benefit attorney from the beginning of your claim, but you should certainly contact an attorney if your claim has been denied before you file an appeal.

Copyright (c) 2008 by John V. Tucker and Tucker & Ludin, P.A. All rights reserved. For a free consultation about your Long Term Disability claim, ERISA Disability benefit claim, Social Security Disability claim, or Veterans Disability compensation or pension claim, call Disability Lawyer John Tucker Toll Free at (866) 282-5260.

Multiple Sclerosis Patients With Relapsing-Remitting MS May Get Relief From New Drug

The National MS Society is reporting a study on its research page that may of interest to those with Relapsing-Remitting Multiple Sclerosis. The study, titled Oral FTY720 (Fingolimod) Reduced Relapse Rate More Effectively Than Avonex in Initial Results of One-Year Study on relpasing-remitting Multiple Sclerosis, addresses the impact of an experimental drug called FTY720 on relapsing-remitting Multiple Sclerosis. The drug is a Novartis product which is also referred to by its tradename, Fingolimod. It is still in clinical trials. Novartis hopes to begin the FDA approval process for Fingolimod in 2009 according to the article.

With any luck, this new medication may reduce the impact of MS on people with relapsing-remitting MS, as well as reduce the incidence of disability due to MS.


Copyright (c) 2008 by John V. Tucker and Tucker & Ludin, P.A. All rights reserved. For assistance with your Long Term Disability claim, ERISA Disability benefit claim, Social Security Disability claim, or Veterans Disability compensation or pension claim, call Disability Lawyer John Tucker at (866) 282-5260. Disability benefit attorney John Tucker is a member of the Board of Trustees of the Mid-Florida Chapter of the National Mutliple Sclerosis Society, and has represented many individuals with MS in disability insurance and disability benefit claims.