Review your options to determine if you should take a buy-out on your Long Term Disability. Consult with a lawyer who can evaluate your Long Term Disability benefits. Your attorney can explain the pros and cons of buying out your Long Term Disability.
A Texas lawyer for long term disability can provide insights into the ramifications of any decision you make. They can address your legal concerns and questions. That way, you will be well-equipped to make an informed decision regarding a Long Term Disability buy-out.
What Is Long Term Disability?
Long Term Disability refers to an insurance policy in which you receive benefits because you cannot work due to a disability. With this, you could recover 50–70% of your pre–disability earnings. You must meet eligibility requirements before you can start to get these benefits.
The waiting period for Long Term Disability plan benefits varies. It can take weeks for your benefits to begin. To continue receiving benefits, you must provide your insurance company with medical records to show that your disability is ongoing.
A lawyer can provide Long Term Disability application assistance. They can guide you through the application process and help you submit the required materials promptly. If your claim is approved and you are offered a buy-out, your attorney can explain exactly what this proposal entails.
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What Is a Long Term Disability Buy-Out?
An insurance company could offer a buy-out in lieu of periodic payments. If you approve a buy-out, you will receive one lump-sum payment. Alternatively, you may receive monthly Long Term Disability benefits from your insurer.
If you accept a buy-out, you receive money you can use right away. The tradeoff is that you are no longer eligible to get benefits. As such, a buy-out is beneficial in some instances and detrimental in others.
As you consider a buy-out, request legal help. An attorney can share details about whether Long Term Disability can be garnished and other factors relating to your benefits. The information they provide can help you determine if it is in your best interests to approve or decline a buy-out.
Should I Take a Buy-Out on My Long Term Disability Today?
To find out, meet with a Long Term Disability lawyer to examine your situation in depth. They can share a Long Term Disability ebook and other resources to help you determine if now is the right time to initiate a buy-out. Your attorney will encourage you to assess several factors during the decision-making process, including:
Flexibility
With a buy-out, you receive a lump sum that you can use however you choose. This could give you enough money to put a down payment on a house, pay off debts, or make investments. Conversely, a buy-out is a one-time payment — after you use the full amount, you cannot reopen your Long Term Disability benefits claim.
Time Left on Your Claim
If you have a long time left on your claim, what you receive in a buy-out offer could be far less than what you would get if you keep getting regular payments. Along with this, it helps to consider your life expectancy relative to your claim. If you are dealing with a permanent disability that impacts your life expectations, it may be beneficial to consider a buy-out.
Your Medical Expenses
Treating your disability can be expensive. By getting a lump-sum payment, you have money available you can use to cover your medical costs. On the other hand, you cannot receive benefits moving forward.
Your lawyer can explain the differences between Short Term and Long Term Disability and discuss other pertinent topics with you. If you receive a buy-out, your attorney can let you know if they believe it is fair. They can also negotiate a buy-out on your behalf.
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How Can I Negotiate a Long Term Disability Buy-Out?
You can negotiate a Long Term Disability buy-out on your own, but doing so could do more harm than good. An insurance company is likely more focused on its bottom line than your best interests. Therefore, an insurer could submit a lowball offer, and if you approve it, you miss out on the opportunity to maximize your buy-out.
Let a lawyer handle your Long Term Disability buy-out negotiations. Your lawyer understands the challenges that come with getting a reasonable buy-out offer. They will keep you updated as they advocate for you and represent your best interests throughout these negotiations.
Ultimately, an insurance company may be unwilling to raise its buy-out offer. In this scenario, your lawyer can help you calculate your expenses and weigh other factors. They can share a wealth of information to make sure you understand what can happen if you approve or reject a buy-out.
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Work with Long Term Disability Lawyers Who Will Prioritize Your Claim
A Long Term Disability buy-out can be overwhelming, as any decision you make will have far-flung effects. If you are unsure of what to do, ask a Long Term Disability attorney for assistance. Your lawyer will give your case the attention it deserves and help you avoid making a rash buy-out decision.
Marc Whitehead & Associates has earned 1,500 five–star reviews, thanks in part to our dedication to our clientele. Trust our team to assist you with your Long Term Disability claim. Contact us for more information.
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