Every policy and insurance carrier is different. Private policies have income percentage limits, and monthly benefit caps. For example, many policies will replace up to 70% of monthly income. The monthly benefit cap could be as low as $5,000 per month, or as high as $15,000. People with higher incomes are often subject to the monthly benefit cap.
Then the person or company paying for the policy determines what level of income replacement fits their budget. Higher benefit amounts cost more. Many policies have lower percentage replacements because the purchaser did not want to pay the extra premiums.
In most states, state paid disability and private disability insurance payments are exempt from garnishment. It is best to consult an attorney or debt collections specialist for more information.
Disability has nothing to do with your life insurance. These are two different things.
IF you paid the premiums with before income tax funds for this private disability insurance the amounts that you receive is NOT taxable income to you.
State disability payments typically are not affected by any private coverage you may have. Some private policies will "integrate" with other disability programs to make sure that you are not replacing too much of your income. Insurers don't want people making more money being disabled than working.
LTD is a private insurance policy, not a gov't benefit. Some LTD policies pay benefits even if you receive SS disability - ours does.
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No there is no state disability in Arkansas. You will need to buy a private policy.
If a particular state did allow both, they generally would offset the state's by the private compensation each week it was drawn.
is this social security disability or private? Some private allow disability payments while retraining for a job. If SS, I'd go to the SSA and make the report; would be helpful to have SSN as well.
As long as you meet the guidelines to be able to deduct medical expenses, payments for private insurance are deductable.
Individual disability insurance benefits are not taxable, because the premiums are paid with after-tax money. The employer paid disability insurance policies have taxable benefits due to the fact that premiums are paid by the employer with pre-tax money.
Taxation of disability benefits from a private disability insurance policy are based on whether the premiums are being expensed or not. Assuming that the premiums are not expensed and you are paying with after-tax dollars, your benefits will not be taxable.