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Why is LTD Insurance Policy More Valuable than SSDI

7 Aug 2020

Why is an ERISA long-term disability policy worth more to you than social security disability?

So why is it that an ERISA long-term disability plan will give you more money in the long run than social security disability will? Well, the answer is simple. Each long-term disability insurance contract has different terms and different pay rates. From experience, some policies will pay you only 60% of your pre-injury wage. In other cases, some policies will pay up to 80% of your pre-injury wage. Most will fall somewhere in the middle between those two, but the higher the percentage, the more valuable it is to you and the better policy it is for you.

But if you compare that to what most people get on social security disability, most people are only getting probably between a thousand and $2,000 per month on social security disability. But if you made $6,000 a month at your employer before you became disabled, then your disability benefit could be up to $4,000 a month. That’s a huge benefit for you to be able to get in addition to any other benefits that you might be able to get.

Now, most of those policies will require that you apply for social security disability and whatever you from social security disability will offset what the long-term disability insurance carrier has to pay, so you will combine both of those sources of revenue. And maybe you get $1,300 a month from social security and your total benefit is up to $4,000 a month, so now you’re only actually getting $2,700 a month through your long-term disability benefit. Either way, you’re still getting a lot more money than you would get from just having social security disability.

It’s a wonderful employee benefit that a lot of employers offer to their employees. If you have a long-term disability insurance policy, you need to make sure that you know that and that you follow the rules so that you don’t lose out on that extra money every single month.

If you have any questions about this on whether you have a long-term disability plan or whether it’s covered by ERISA, shoot us an email, send us a message on Facebook or Instagram. We’d be happy to look into your case and help you figure out what you have available to you and what is not available to you. Thanks.

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Brandon and his team at Osterbind Law are truly peerless. This is exactly how a modern personal injury firm should operate. The firm is holistic in its approach and thoughtful. It's no wonder why they get such great results for their clients. And no surprise, their clients love them. I've had the pleasure of working with Brandon on a professional level and he levels up, big time. Kudos.
Nathaniel Amendola
3 months ago

Very compassionate and knowledgeable people who helped us with our situation. They worked quickly and I can’t tell you how grateful I’m they were so caring. I would recommend this firm to anyone that anyone
Lori Rudder
a year ago

The entire team at Osterbind Law are incredible. They communicated with us with every step and process that was happening . They provided the knowledge, support, and empathy to us on the case. And when the curve ball was thrown, they dug in deeper. I have nothing but the highest respect for Brandon and Hannah and the entire team. They made us feel more like a family, than a client.
Wendy Shull
a year ago

The staff is caring and very knowledgeable. They help you as quickly as possible, and worked very hard for us. I'm so pleased with the way they assisted us.
Meghan Rudder
a year ago

Brandon and his team did a great job helping me through my case. I'm so glad I chose him and stuck with him through the transition to his own firm. The staff is very knowledgeable and friendly. They feel like family after all this! Thank you for everything!!Amber J
Amber Higby
2 year ago
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