Do you know how to file a claim for disability insurance? Disability insurance is a type of insurance that pays you a certain amount of money every month if you become disabled. The most common types of disability are short and long-term. However, you could also get mortgage disability insurance and individual credit disability insurance. Let’s take a look at how and when you want to file a disability claim so that you can continue to pay your utility bills, mortgage or rent, car loan and doctor’s bills as well as buy groceries and essentials.
When to File a Disability Claim
In general, you should file a claim as soon as you know that you are disabled. The information in your plan will list the requirements you need to fulfill in order to receive benefits.
How to File a Disability Claim
It’s important to understand that disability falls under ERISA (Employee Retirement Income Security Act). The Act was passed in 1974, and it states that the participants in the plan must be provided with all of the information needed to understand their benefits and receive them. This includes any financial information and fiduciary responsibilities.
Read Your Plan Information
The first step to filing a claim is to read your plan information. That information should tell you what criteria you need to meet in order to file a claim, where you need to file that claim and the additional information and documents you’ll need to provide in order for your application to be processed. Once you know this information, you can fill out the claim form and submit it.
Completely Fill Out the Claim Form and Submit It
Next, you’ll need to fill out the claim form. If you’re having someone else fill out the claim form for you, you’ll need to authorize them. There’s usually a space on the form where the individual can indicate that they are the authorized representative. Make sure to include any needed documentation. This could include medical records pertaining to the reason why you’ve been declared disabled, financial information and vocational information. Filling out the form completely and making sure that you’ve included all the needed documentation can help decrease the time it takes to process your form and help you avoid delays.
Keep Copies of Everything
It’s important to make and keep copies of everything you send and receive about your disability claim. By keeping everything, you’ll be able to reference it later, and you’ll be able to resubmit information if it gets lost.
Respond to Inquiries in a Timely Manner
If you receive a request for additional information, provide it as soon as possible. Responding to inquiries promptly can help ensure your claim is processed in a timely manner.
Try to Get Everything in Writing
When receiving information and getting information, it’s best to get everything in writing, even if you spoke over the phone. This is so that there are no misunderstandings, and that you have a record of all the communications about your claim.
How Fast Is a Disability Claim Processed?
According to the Department of Labor, disability plans must make a determination within 45 days. However, the insurance company can extend that deadline by 30 days if they notify you that they need more time to review the claim, explain the reason they need more time, don’t request more information and give you a date by which you can expect a decision.
If the insurance company does need more information, you should be given 45 days to submit the additional documents. Once you provide the additional documents, the insurance company will have an additional 30 days to review and process your claim. If the insurance company needs additional time after the first extension, they can request it, providing they notify you before the current deadline.
What Happens if Your Claim Is Approved
If your claim is approved, you should start receiving your disability money so that you can pay your bills and purchase essentials.
What Happens if Your Claim Is Denied
If your disability claim is denied, the insurance company should notify you in writing that your claim was denied and the reason for the denial. At this stage, you should have at least 180 days to appeal the denial. Your letter should tell you how long you have to file an appeal and submit additional information to support your claim.
Getting Disability Insurance with Fearnow in Florida
At Fearnow in Florida, we offer disability insurance, including long and short-term disability. We also offer mortgage disability insurance and credit disability insurance. Our mortgage disability insurance is designed to help you pay for the mortgage on your home, and our credit disability insurance is designed to help you pay your other creditors.
To learn more about disability insurance and to get a quote for disability insurance, give us a call at (813) 689-8878.