However, I just got off the phone with my plan administrator who states that when we are on STD, all benefits stay in force as if we were an active employee.
On LTD, life insurance, health insurance and disability insurance stays in force and is collectable.
As I recall, when changing plans or carriers, an employer always has to be sure they are addressing all existing situations, temporarily disabled, etc. In this case, that was overlooked.
I find it incredible that judges cannot “judge” in favor of the spirit of the law! Liberty Mutual denied me of LT disability even after ten back surgeries. All they had to do was show they followed a process to come to a conclusion. I sent my case with critical comments for changes in the law to Hillary Clinton, my Senator, and received back a bunch of rhetoric and do nothing. ‘But she soundly supports the disabled.’ Insurance companies should be criminally held responsible for what they did to me during the process of obtaining LTD. They used the system to their advantage by postponing medical approvals to make the dates extend beyond my legal reach. They back dated letters, sent them to wrong addresss (all at their admision), and harrassed me with endless forms. The final date for appeal was one day before my last test stating I had five severely degenerated disk’s and two moderate. One day!!!
I wrote a comment on ERISA/ Disability. The same case the CEO of Liberty Mutual sat on the board of Bank of America overseeing first corporate compensation then Human Resourses. That year he voted to give the CEO of BOFA $220 million in stock on top of his salary. In return the CEO of BOFA started using Liberty Mutual to handle their ERISA and W/C benefits as well as purchasing LM’s financial arm and making employees use it as their 401K. CORPORATE CORUPTION.
Bob, you’re wrong. (“If the Schwab retirement account had gained $500,000 do you think there would have been a lawsuit?”)
Of course not, because if the value of the account had gone UP there would’ve been no loss.
>”(…and who didn’t lose lots of money during this period of the dot com collapse)?”
If Schwab had acknowledged Goeres as the beneficiary in the first place instead of dragging their feet for 16 months, THERE WOULD’VE BEEN NO LOSS. Goeres would’ve been able to sell the stock and get out of the market before it sank another 500 grand.
As for Amschwand, you say “if there were no limit to the employer’s liability for benefits many medium to small companies would drop them completely.” But you’ve got it all wrong. Who said anything about no limit to the employer’s liability? Melissa Amschwand isn’t suing for unlimited damages, she’s suing for the face amount of the life insurance policy — the insurance policy that her husband EARNED by working for Spherion and contributing premiums.
Jeez, Agent, take a chill pill. Nobody is saying Sperion HAD to provide life insurance to their employees. But they chose to, as part of their benefits package to encourage people to work for that company. It’s a contract. And once both parties agree to the contract, both parties are bound by it. If Spherion chooses to offer life insurance, and the employee takes advantange of it and pays premiums, then he is entitled to the benefits of that contract.
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However, I just got off the phone with my plan administrator who states that when we are on STD, all benefits stay in force as if we were an active employee.
On LTD, life insurance, health insurance and disability insurance stays in force and is collectable.
As I recall, when changing plans or carriers, an employer always has to be sure they are addressing all existing situations, temporarily disabled, etc. In this case, that was overlooked.
I find it incredible that judges cannot “judge” in favor of the spirit of the law! Liberty Mutual denied me of LT disability even after ten back surgeries. All they had to do was show they followed a process to come to a conclusion. I sent my case with critical comments for changes in the law to Hillary Clinton, my Senator, and received back a bunch of rhetoric and do nothing. ‘But she soundly supports the disabled.’ Insurance companies should be criminally held responsible for what they did to me during the process of obtaining LTD. They used the system to their advantage by postponing medical approvals to make the dates extend beyond my legal reach. They back dated letters, sent them to wrong addresss (all at their admision), and harrassed me with endless forms. The final date for appeal was one day before my last test stating I had five severely degenerated disk’s and two moderate. One day!!!
I wrote a comment on ERISA/ Disability. The same case the CEO of Liberty Mutual sat on the board of Bank of America overseeing first corporate compensation then Human Resourses. That year he voted to give the CEO of BOFA $220 million in stock on top of his salary. In return the CEO of BOFA started using Liberty Mutual to handle their ERISA and W/C benefits as well as purchasing LM’s financial arm and making employees use it as their 401K. CORPORATE CORUPTION.
Bob, you’re wrong. (“If the Schwab retirement account had gained $500,000 do you think there would have been a lawsuit?”)
Of course not, because if the value of the account had gone UP there would’ve been no loss.
>”(…and who didn’t lose lots of money during this period of the dot com collapse)?”
If Schwab had acknowledged Goeres as the beneficiary in the first place instead of dragging their feet for 16 months, THERE WOULD’VE BEEN NO LOSS. Goeres would’ve been able to sell the stock and get out of the market before it sank another 500 grand.
As for Amschwand, you say “if there were no limit to the employer’s liability for benefits many medium to small companies would drop them completely.” But you’ve got it all wrong. Who said anything about no limit to the employer’s liability? Melissa Amschwand isn’t suing for unlimited damages, she’s suing for the face amount of the life insurance policy — the insurance policy that her husband EARNED by working for Spherion and contributing premiums.
This case truly is an outrage.
Jeez, Agent, take a chill pill. Nobody is saying Sperion HAD to provide life insurance to their employees. But they chose to, as part of their benefits package to encourage people to work for that company. It’s a contract. And once both parties agree to the contract, both parties are bound by it. If Spherion chooses to offer life insurance, and the employee takes advantange of it and pays premiums, then he is entitled to the benefits of that contract.