What is the difference between social security and long term disability?
Long term disability is an insurance benefit typically provided by your employer as an employee benefit. The LTD plan document will lay out all the terms and conditions you must meet to receive disability insurance if you become disabled. Long Term Disability Insurance will only pay a percent of your working salary each month. The definition of disability under the Plan will typically divide disability into 2 distinct time periods: Own Occupation and Any Occupation. In the Own Occupation phase you have to prove you are unable to work in your usual occupation or your chosen field of employment. In the Any Occupation phase, you have to prove you are permanently disabled and cannot work in any occupation you are suited to by education, training, or experience.
Social security disability is a government program where anyone with a sufficient history of contributing Social Security payroll taxes may be eligible. That program has very specific rules as to how you can qualify for disability. Typically those rules are geared towards medical severity. In social security, the standard of disability is always based on your inability to perform any work in the national economy.
At McDonald & McDonald, we handle long term disability insurance cases that are covered under federal ERISA law. Call (877)-428-9806 and we will be happy to answer your questions or concerns re: your long term disability claim.