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[IBM Pension] Re: LTD & Pension

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  • regasega
    Do you know if any other LTD companies are any different? Seems like it might be the way they operate, no? L. ... sounds like a wonderful benefit but only
    Message 1 of 9 , Jan 1, 2006
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      Do you know if any other LTD companies are any different? Seems like
      it might be the way they operate, no?

      L.

      --- In ibmpension@yahoogroups.com, Becky Johnson
      <highgatespringer@y...> wrote:
      >
      > I can attest personally to what snakes LTD (Metlife) are. LTD
      sounds like a wonderful benefit but only until you have to use it.
      Social Security is deducted from LTD benefit the balance is paid to
      you, also LTD will take their "cut" from retroactive SS funds. They
      will bombard you with paperwork and innumerable hoops to go thru to
      maintain your LTD. Their goal is to knock as many recipients out of
      LTD as possible. They are rewarded (bonuses) by the number they
      successfully eliminate from LTD. AND if you are successful in
      satisfying the demanding paperwork, they in my case had a private
      investigator follow me, I only know this because my Doctor showed me
      the report.... I was reported doing nothing that would contradict my
      disability, and the report was full of inaccuracies that I needed
      legal representation to dispute. I won another battle and then was
      directed to see a physician of their choosing and his brief exam (.5
      hr) found me able to work, regardless of conflicting medical reports
      from my doctors.
      >
      > At this point I gave up, all the fight had left me, they won. I
      had 25 years with the company and lost just about everything, I was
      offered medical benefits thru Cobra, who can afford those rates? but
      I was offered an early retirement with no benefits just $$, a
      pitiful amount compared to what I had anticipated. I MUST MENTION
      SOCIAL SECURITY STILL ACCEPTS MY DISABILITY and I continue to draw
      benefits from them. The net being: if you used your car insurance to
      often, they would drop you, the same goes with LTD, mine isn't an
      isolated case, I've spoken with many others who had the same
      experience.
      >
      > Paly <pal409@y...> wrote:
      > Be very very careful with LTD it is goal of the insurance
      comapany NOT to pay you. They are snakes.
      >
      > "A. Chew" wrote:
      > the LTD rules, as I understand them.
      > income that you received is subtracted from your LTD
      payment. this includes Social security, and any pension.
      >
      > as an example...
      > if your LTD were 3000
      > if your s.s. were 1000
      > your ltd would be 'off set' and your total monthly would remain
      3000.
      >
      >
      > ----- Original Message -----
      > From: keep_ur_promises
      > To: ibmpension@yahoogroups.com
      > Sent: Wednesday, December 28, 2005 9:11 AM
      > Subject: [IBM Pension] Re: LTD & Pension
      >
      >
      > I believe that generally, you will receive LTD as long as you
      qualify for benefits OR when you begin drawing your (full) pension
      amount. In other words, your LDT benefits cease (regardless of
      whether or not you are still diabled) as soon as you qualify for,
      and begin drawing your vested pension amount ( you can't draw both
      at the sime time) . You can however, if you qualify, be drawing
      Social Security Disbility and your pension at the same time. This is
      my opinion only, so this advise is roughly worth what you are paying
      for it.
      >
      > --- In ibmpension@yahoogroups.com, "otismom53" wrote:
      > > If someone is approved for LTD, are they also eligible to
      receive their vested DB ammount when 'seperating' for LTD???
      >
    • thekanck
      Let me just suggest for the benefit of others (sorry about your situation it stinks for sure) that current employees pursue a supplimental disability policy
      Message 2 of 9 , Jan 1, 2006
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        Let me just suggest for the benefit of others (sorry about your
        situation it stinks for sure) that current employees pursue a
        supplimental disability policy outside of IBM while they can still get
        one.

        Now that IBM has cut default LTD coverage from 66% down to 50% and
        Short-term disability from 1 year down to 6 months... (yes that was
        nice of them ... wasn't it...?) it is possible to get a supplimental
        LTD policy on your own for roughly 20% of salary ... not a lot of
        money, but it is your own policy, portable, since you pay the premiums
        the benefits paid if any are NOT taxed, and spreads the risk of being
        denied coverage across two insurers.

        Worth looking into ... also in the event of a layoff you would still
        have coverage if you got your hand caught in the weed-eater or
        something after you had to let the lawn service go... (earnings
        lookback formulas vary but most are average of last 12 mo. or 24 mo.
        whichever yeilds the higher "base" earnings).




        --- In ibmpension@yahoogroups.com, Becky Johnson
        <highgatespringer@y...> wrote:
        >
        > I can attest personally to what snakes LTD (Metlife) are. LTD sounds
        like a wonderful benefit but only until you have to use it.
      • Paly
        ... From what I read and people I spoke with all these company paid plans operate this way.I have heard nightmare stories where they just stop a persons check
        Message 3 of 9 , Jan 2, 2006
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          > regasega <regasega@...> wrote: Do you know if any
          > other LTD companies are any different? Seems like
          > it might be the way they operate, no?

          From what I read and people I spoke with all these company paid plans operate this way.I have heard nightmare stories where they just stop a persons check without notice. Its a disgrace that it happens.

          > thekanck <no_reply@yahoogroups.com> wrote:
          > Let me just suggest for the benefit of others
          > (sorry about your situation it stinks for sure)
          > that current employees pursue a supplimental
          > disability policy outside of IBM while they can
          > still get one. . .

          EXCELLENT ADVICE !!!!!!!

          Also if you are paying the premiums yourself, the diability income you receive is not taxable. I notice the cops and firemen don't have this problem, the secret word is UNION.
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