Individual Disability Insurance Policies: A private insurance policy purchased by an individual which provides a monthly benefit if a disability renders them unable to work or reduces the amount they can work. These individual disability policies are governed by the law of the state in which they are issued.
Group Disability Insurance Policies: An insurance policy through a professional organization or other similar group which provides a monthly disability benefit. These policies are also governed by state law.
Long-Term Care Insurance Policies: In addition to providing “nursing home” benefits, these policies frequently provide a daily benefit to a disabled person.
Premium Waiver Benefits on Life Insurance Policies: Life insurance policies often continue a person’s coverage at no charge to the individual during periods of disability. The disabled individual has to notify the insurance carrier of the disability and apply for this benefit.
Business Overhead Policies: For most professionals in their own practices or business owners, Business Overhead Policies are a necessity. When you experience a disability, they cover your business expenses such as rent/mortgage, salaries, office equipment, etc., during the time of your disability.
Employer-Sponsored Benefit Plans: Employers often provide disability benefits beyond those required by New York State law. Such plans are governed by a federal statute known as the Employee Retirement Income Security Act of 1974 (“ERISA”)and may pay the disabled worker a monthly benefit equal to a percentage of their pre-disability income, typically between 50% to 66%.
Social Security Disability Benefits: All workers in the United States pay the “FICA” tax as a payroll deduction, which funds the Social Security system. If a disabled person has enough “credits” with Social Security, he or she may be entitled to a monthly disability benefit if a disability renders them unable to work.
Federal Employee Retirement System (FERS):An individual working for the Federal Government is eligible to receive a disability retirement annuity if he or she suffers a disability such as a debilitating physical or psychological illness or injury. The disability retirement annuity is coverage in addition to the Basic Benefits Plan, and is mandated under the Federal Employees Compensation Act.
Contact The DeHaan Law Firm PC for a legal consultation of your disability claim.
Other Types of Disability Benefits:
Public Safety Officer’s Death & Disability Benefits: A benefit paid to Public Safety Officers (i.e., police officers, firefighters, correction officers, etc.) by the U.S. government in the event they are killed or suffer a catastrophic injury in the line of duty.
New York State Short-Term Disability Benefits: All employers in New York are required to provide at least 26 weeks of short-term disability benefits to employees who suffer an off-the-job injury or illness.
Workers’ Compensation Benefits: All employers in New York must provide benefits, lost wages and medical expenses, to employees injured as a result of an on-the-job incident.
Injuries Sustained from an Accident: Personal injuries.
New York State No-Fault Disability Benefits: Under New York’s No-Fault law, if a person is injured in an automobile accident and cannot work as a result of that injury, that person is eligible for a weekly “no fault” benefit in lieu of the wages lost while disabled.
New York State Retirement System Disability Pension Benefits: State and local government employees in New York who participate in the State Retirement System may be eligible for an early or disability pension benefit if they become disabled and unable to work.
New York State Teachers’ Retirement System Disability Pension Benefits: New York State teachers who participate in the Teachers’ Retirement System may be eligible for an early or disability pension benefit if they become disabled and unable to work.
New York City Retirement System Disability Pension Benefits: New York City workers who participate in the City Retirement System may be eligible for an early or disability pension benefit if they become disabled and unable to work.
Union Benefit Plans: Unions frequently provide a weekly or monthly disability benefit to their members and often provide for an early retirement or disability pension.
Railroad Workers Benefits: Railroad workers may be eligible for disability benefits which mimic, or may even exceed, those available under Social Security.
Veterans’ Administration Disability Benefits: Veterans who suffered a disability while serving in the military may be eligible for a partial or full disability pension.
1987 Commissioner’s Group Disability Table, Society of Actuaries.