What is ERISA and how does it impact my case?
ERISA stands for the Employee Retirement Income Security Act of 1974. It is a federal law that was enacted to set minimum standards for employer sponsored pension and health care plans. The Act was designed to protect individuals’ retirement and income rights. Most Long-Term Disability policies are governed by ERISA law. Typically, group policies provided by employers qualify under ERISA while individual policies are governed under State Laws.
ERISA gives individuals many protections that did not once exist. Because of ERISA, insurance companies must now provide the plan participant with plan information, important facts about the policy, the standards of reviewing your claim, etc. ERISA also sets rules for the insurance administrators’ fiduciary duties. In other words, ERISA requires that the insurance company deciding your claim do so promptly, neutrally, and properly.
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