Long Term Disability Policies

Discussion in 'Pfizer' started by Anonymous, Feb 3, 2014 at 4:49 PM.

Tags: Add Tags
  1. Anonymous

    Anonymous Guest

    I will be transitioning to long term disability in the near future and have very little information on what, when and how I will be paid.
    I did up my LTD to 70%; is all of this paid by Cigna or is the standard 50% paid by Cigna and the additional paid by Pfizer?
    I've been told I can keep my benefits, as long as I make the request within 30 days of start of LTD, but I can't get a quote on how much this will cost me. Is it close to the amount I am currently paying as an active employee?
    I have been told by HR that once I start LTD and am no longer an active employee that I will be paid out my vacation days and that I will receive the standard severance package. Paying out the vacation days seems reasonable, but I was surprised about the severance package. Is this true? Has anyone else received a severance package when they transitioned to LTD?
    Mine is a unrecoverable disability. In other words, I will not be getting any better, only worse. I have heard of LTD insurance companies offering a settlement in these circumstances. Has anyone received this through Cigna? And, if so, was their offer fair?

    Any advice and/or information would be helpful. It would be nice to be able to budget/plan prior to surgery, but, so far, Pfizer and Cigna have been vague at best.
     

  2. Anonymous

    Anonymous Guest

    Wow. I'm truly sorry to hear about your condition. I hope it's not life threatening.

    If I were you, contact an attorney who specializes in disability. They should not charge you because if Cigna jerks you around, the attorney is paid by the insurer becuase it is likely the laws in your state require attorneys' fees if successful against an insurer. Or it is in the contract to get attorneys' fees for the winner.

    Although I know nothing about the severance issue, I do know that disability can get very tricky. The insurer may require you to apply for social security disability and then only pay you the difference instead of SSD plus your 70%. Your 70% basis may only be salary and not your full income. This is why you need to see an attorney for guidance.

    Also if your ltd monthly payments were taken out of your paycheck pre-tax then your 70% is taxable. If the payment was elected as after tax, then your 70% is untaxable and Obama gets none. Another reason to seek professional advice. This is in addition to your lump sum settlement question. Just make sure the attorney doesn't take his fees out of your lump sum settlement. The insurer knows what the attorney's fee is and should pay it on the side or add it to your fair lump sum settlement amount.

    Get your ducks in order now and don't sit around waiting for the insurer to act. Again, I hope you do get better and none of this matters. But if you don't, good luck and God bless.
     
  3. Anonymous

    Anonymous Guest

    Try to get a copy of the LTD plan on line. Have to figure there has to be something in writing. Since you are paying for the policy I believe it is also tax free. If they offer a severance thats a good thing. Definitely get someone to help you if you need to. It's too important. Good luck.
     
  4. Anonymous

    Anonymous Guest

    Sorry for your situation, I agree with the above poster get a lawyer - ASAP!

    I have known of 2 situations that individuals "would not be" approved by pfizer for their LTD issues and were given their walking papers because pfizer wants "nothing" to do with long term issues.

    One of these individuals actually told me their lawyer asked them . . .
    "You do work for a healthcare company right????" Ya think!. . . ..

    Good Luck with your battle!
     
  5. Anonymous

    Anonymous Guest

    I scrutinized LTD carefully about 5 years ago and at that time you could keep company insurance but would have to pay the full amount (same as Cobra) - too expensive for most people.

    If you get on SS Disability you'll get Medicaid at first and then Medicare.

    I can't imagine Pfizer would give you a severance payment when you're transitioning to LTD. They have no reason to do that.
     
  6. Anonymous

    Anonymous Guest

    Very true. The two people I worked with who had chronic health issues were the first ones laid off and pushed out the door.
     
  7. Anonymous

    Anonymous Guest

    Definitely, get a copy of your LTD policy via Pfizer or Cigna. Everything will be spelled out in there in terms of what the policy covers. Your doctors will have to fill out forms for Cigna and they will request that you apply for SS within the first few weeks of starting LTD. Drs hate filling out forms and part of it comes from the fear they will say something wrong, so do yourself a favor and offer to fill out the main parts and take an extra copy for them so that they can write it in their own hand. Ask to see a copy of it before they send it to Cigna. It takes a long time for SS to determine your disability eligibility and they often turn you down on the 1st attempt, unless you are terminal. Definitely hire a SS attorney---do not use one of the large corporations that Cigna uses, only because they are usually non-attorney representation. Use an attorney!!! The cost difference is minimal. Also, if you are eventually awarded SS, the amount Cigna will pay will be reduced by your monthly SS amount---it's referred to as an "off-set". Once you are awarded SS, you will transition to Medicare 2 years from your first check. Good luck to you...I know the anxiety you are facing about this whole process. Being diagnosed with a disesae that is not curable and will only get worse is very scary. Personal experience has shown me this, but you will get your brain wrapped around all of it eventually and life begins to settle down. Find peace in doing what brings you happiness, stay connected with friends, and if you believe in a higher power, then lean on him/her. Best of luck too you...
     
  8. Anonymous

    Anonymous Guest

    Amy, have you been drinking in NYC again?
     
  9. Anonymous

    Anonymous Guest

    This person is actually sick and looking for advice and you make some joke about it. Grow up. Go to the Amy Schulman thread to make jokes. This isn't the thread for it.
     
  10. Anonymous

    Anonymous Guest

    Get a lawyer, the insurance company will do everything they can to deny you LTD going forward.
     
  11. Anonymous

    Anonymous Guest

    Let me post a reply as Pfizer has slowly done their cloak and dagger routine:

    I was told by my manager that, per Pfizer's new policy, I would be "laid off" once I transitioned onto long term. I was given the layoff wave and date, which is about 3 months in the future. Part of the 3 months is WARN pay, with regular income (a welcome relief after 70 percent pay on short term). The other month I can only account for as paperwork time with regular pay.

    At the end of the 3 months, I will be "laid off", already receiving long term disability and will receive a severance package, standard as per policy.

    Insurance benefits I can continue at either Cobra rates (I agree, way too expensive) or as part of the "fixed package" for 24 months. The fixed package is what I had as an active employee, similar costs and everything. After the 24 months, my understanding is that I will be on my own for insurance (which is scary considering my medical conditions), but will already have medicare as part of SSDI.

    So, end result, navigating this process has been unnecessarily shadowed and bewildering, but if you have literally no other choice, can be survived. My best wishes to anyone else who has to go through it.
     
  12. Anonymous

    Anonymous Guest

    Let me post a reply as Pfizer has slowly finished their cloak and dagger routine:

    I was told by my manager that, per Pfizer's new policy, I would be "laid off" once I transitioned onto long term. I was given the layoff wave and date, which is about 3 months in the future. Part of the 3 months is WARN pay, with regular income (a welcome relief after 70 percent pay on short term). The other month I can only account for as paperwork time with regular pay.

    At the end of the 3 months, I will be "laid off", already receiving long term disability and will receive a severance package, standard as per policy.

    Insurance benefits I can continue at either Cobra rates (I agree, way too expensive) or as part of the "fixed package" for 24 months. The fixed package is what I had as an active employee, similar costs and everything. After the 24 months, my understanding is that I will be on my own for insurance (which is scary considering my medical conditions), but will already have medicare as part of SSDI.

    So, end result, navigating this process has been unnecessarily shadowed and bewildering, but if you have literally no other choice, can be survived. My best wishes to anyone else who has to go through it.
     
  13. Anonymous

    Anonymous Guest

    Is it private insurance LTD or social security LTD?
     
  14. Anonymous

    Anonymous Guest

    I believe Pfizer offes LTD through UNUM.
     
  15. Anonymous

    Anonymous Guest

    Actually it's Cigna
     
  16. Anonymous

    Anonymous Guest

    Prudential now
     
  17. Anonymous

    Anonymous Guest

    Definitely get an attorney. Pfizer will screw you any way they can
     
  18. Anonymous

    Anonymous Guest

    #11 is true - have a friend who was in the same boat and yes did receive the standard severance. Assumed it was due to not being offered an alternative position to accomodate the disability.