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With Disability insurance, the taxation of benefits is based on how the premiums were paid. If the premiums are tax deducted, then benefits will be taxable as ordinary income.… However, if the premiums were not tax deducted (meaning paid with after-tax dollars), the benefits will not be subject to income tax.
Short term disability policies offer a variety of benefit periods (how long the benefit lasts): 3, 6,12, and 24 month benefit period options are very common. Check y…our policy for the benefit period.
Last april 25 i have torn and ligament surgery i was in short term dissability that time and i receive a notice from my emplyer that my fmla exhaust july 31st 2011 but up to n…ow already october 2011 iwas still cannot go to back to work.so this coming october 25 my ltd will start kicking in i dont know when my doctoer will release me to go back to work because the mobility of my left hand is not well yet. If my doctor will release me go back to work maybe early next year. Can i still go back to work or im already no job when i come back. My manger called me and told me that she cannot held my job for me when i acked her what do you mean by that when i ask her am i fired she said no. She only told just read the packet that the ltd sent to me. My question is just because fmla exhaust july 31st and im already inltd can i still have a job or im already no more job when my fmla exhaust
Yes, if you are receiving Social Security disability payments.
Fibromyalgia can be or become a very serious issue over time, specially if not properly treated. It is a condition that insurance companies do not want to insure on an individ…ual basis. If you have fibromyalgia, try to obtain income protection through work as it will be the best option for you to obtain coverage. Group Disability insurance can be offered on a guaranteed standard issue basis, meaning that anyone can get it. However, there are certain guidelines that must be met.
The simple answer is Yes. A person can certainly qualify to receive Long Term Disability benefits because of having cancer. However, it is not the fact that he/she has cancer …that qualifies him/her for benefits. In order to qualify for Long Term Disability benefits, a person must satisfy the requirements set forth by their Group or individual policy - which can be found by reviewing the definition of total disability along with the guidelines for Residual disability. Without getting too far into detail, the requirement to receive Disability benefits from a group or individually owned policy will be worded something like: To be considered totally disabled you must be unable to perform the material and substantial duties of your occupation (or "any" occupation, depending on your contract). Thus explaining that it is not necessarily Cancer that enables a person to receive Long Term Disability benefits, but rather the inability to perform his/her occupational duties that can be caused by cancer. In order to qualify for Residual benefits (benefits for partial disability), the debilitating injury or illness must cause a loss of income greater than 15-25%, depending on the policy.
Incarceration? Like in jail? No, its not a disability to be in jail be a long time.
There is no fixed answer to this question, because it depends upon the terms of the contract. That is, disability insurance benefits, assuming they are not government-provided… benefits such as Social Security Disability, are paid pursuant to a contract (insurance policy) between an insurer and an insured. If you are a covered under a group long-term disability policy (for example, provided through your employer), the Human Relations Department will be able to provide you with the specifics of the duration of benefits. If you have an individual policy (one that you have paid for), you would have selected the duration of benefits at the time that application for the policy was made. Assuming that the policy was issued by the insurance company upon the terms requested, that duration of benefits would apply. Another factor to consider is that disability benefits will continue under the policy for as long as you are determined to be disabled per the policy definition of "disabled". That is, some policies are written as "own occupation" policies, which means that generally, you will continue to be considered disabled for as long as you are unable to perform the material duties of the job that you held at the onset of your disability. Other policies are written as "any occupation" policies. These generally require that you be unable to perform any sort of occupation in order to collect benefits. Finally, keep in mind that all policies will have a finite end time for the payment of benefits. This may be expressed in terms of an age (for example, 65), or in the number of years that benefits are paid. Also, most disability policies have an elimination period on the front end. This is generally similar to a deductible (in a property and casualty policy) but is measured in terms of time that has to pass before benefits begin to be payable.
Can you file on the taxes that are taken out of long term disability check
A long-term disability is an illness or accident that impairs you from working and earning an income for a period of 3 months or longer. Lon-term disability insurance will pay… a monthly benefit in case you can't work for three months or longer. Benefit period is usually 2 years, 5 years, or to retirement age (age 65, 67). The waiting or elimination period is generally 90 days or 180 days, after which benefits start.
Yes, If you look under your medical deductions. Any reputable company will send you a cost analysis of what you have spent in "premiums" for the year. Take this to your accoun…tant or tax prep service.
Long Term Disability Insurance (LTDI) is a type of insurance that protects your ability to earn income. LTDI benefit periods can be 2 years, 5, 10 years, or to age 65, 67 or a…ge 70. When you get sick or hurt and can't work, a monthly benefit is paid to cover for some of the lost income. When taking a disability insurance policy it is advised to try to protect as much of your income as possible, and with the right riders you can protect up to 100% of income (if you include the "catastrophic disability rider" on top of the base benefit.
You have to check into Social Security disability, if you don't have your own disability insurance (individual policy, or through your employer); It is recommended that you ge…t your own Disability Insurance policy if your employer does not offer such benefits. Yes, there are disability insurance policies available in Virginia.
The long-term coverage ends at retirement age (age 65 or 67) or up to age 70 if you continue working at least 30 hours per week. The benefit period however, can be selected fr…om: 2 years, 5 years, 10 years, to age 65, 70 or lifetime.
Individual long-term disability premiums are not tax deductible, but paid with after-tax money; therefore the benefit will not be taxable. The only disability insurance premi…ums that are tax deductible are the business expense and overhead DI (BOE/DOE) and Buy-Sell DI, as well as Key-Person DI.