Many people think they are familiar with what it takes to be able to file a claim for a disability. However, in reality, they don’t know the ins and outs of what is involved. When a person on the job suffers an injury or gets sick as a result of their work working conditions, it’s possible to file a claim for benefits.
Since an employer is legally bound to providing their employees with a safe working environment, failing to provide it can result in them having to cover damages which may have been caused as a result through workers compensation insurance.
However, this is not the same as disability insurance which an employee can claim in hopes of receiving paid time off for treatment for injuries or conditions which aren’t necessarily a result of their work environment.
The difference between these two types of insurance can be confusing for some people. Here are some of the most common misconceptions about disability insurance.
You Will Be Covered For Any Disability You May Develop
Sadly, disability insurance doesn’t always cover every claim. The majority of claims are rejected. Moreover, even when a claim is accepted the individual usually only gets a small piece of their regular salary.
While you may feel solid now, handicap is unusual. Disease represents 90% of new handicap claims. Getting sick can happen to just about anyone whether they’re expecting it or not, which they usually are not.
Disability Insurance Is Too Expensive
Not having disability insurance can be significantly more costly. In the event that you start to feel the effects of a disability. If you suffer from a lifelong disability, you could find yourself losing hundreds of thousands of dollars to as much as a million in lost wages.
Additionally, you could suffer a significant cut in your retirement fund you always planned for. However, paying for disability insurance is a much more reasonably priced alternative.
Often companies will offer policies which are either paid by them or by the employee themselves but provide protection in the event of suffering from a disability.
You Don’t Need It
While you may feel ok now and don’t foresee any issues coming up, disabilities are often entirely unpredictable. People falling ill unexpectedly represents about 90% of all disability claims. You can never be sure when it could happen to you.
There’s No Hurry
People must report their conditions as quickly as they possibly can without wasting any time. In order to have the best possible chances of winning their case, they should follow a strict time guideline.
Taking your time in reporting your condition will likely work against how the people reviewing your case see the validity of it.