On April 1, 2024, The Standard announced the completion of its acquisition of the Life & Disability business of Elevance Health. This move marks a significant expansion of The Standard’s presence in the employee benefits marketplace, particularly in the areas of life and disability insurance. While the press release highlights a strategic partnership and mutual growth opportunities for both companies, claimants seeking long-term disability benefits may be wondering: what does this mean for them?
The Key Takeaway: New Distribution, Same Challenges
The acquisition includes a 10-year distribution partnership that will give Elevance Health clients access to The Standard’s suite of products, including long-term disability (LTD), short-term disability (STD), accidental death and dismemberment (AD&D), and absence management services. For claimants, this may mean changes in the way disability policies are administered, including potential shifts in claims handling practices, communication channels and appeals processes.
While The Standard has a reputation as a long-standing player in the disability insurance market, claimants should be prepared for the nuanced challenges that come with filing claims with any disability insurance provider. Navigating claims, especially when transitioning between insurers, can be a complex process that often requires a thorough understanding of policy terms and administrative hurdles.
Potential Implications for Disability Claimants
- Complex Transition Periods: The integration of Elevance Health’s Life & Disability business into The Standard may create transitional challenges. Claimants may experience delays or confusion during this period, particularly if their claims were initiated prior to the closing of the acquisition. It’s important for claimants to retain copies of all correspondence, claim forms and policy documents to ensure continuity in their claims.
- Inconsistency in Claims Handling: The Standard has made a public commitment to customer service, but claimants may encounter differences in how claims are reviewed and adjudicated compared to Elevance Health’s prior practices. Understanding the specifics of how The Standard evaluates claims under its policies-especially LTD claims-may be critical to successful outcomes.
- Denials and Appeals: Like many large disability insurers, The Standard may deny claims for a variety of reasons, including insufficient medical evidence, missed deadlines, or disagreement over whether a claimant meets the policy’s definition of disability. Knowing how to effectively navigate the appeals process is critical, especially in light of the Employee Retirement Income Security Act (ERISA) regulations that govern many employer-sponsored disability policies.
What Should Claimants Do?
If you’re a policyholder affected by this acquisition, here are some steps you can take to protect your disability benefits:
- Review Your Policy: Take the time to thoroughly read your disability insurance policy. Understanding its terms, definitions of disability, and timelines for filing claims or appeals will empower you in the claims process.
- Stay Informed: Keep an eye on communications from both Elevance Health and The Standard regarding the transition. This will help you stay on top of any changes to claims procedures or customer service contacts.
- Seek Help If Needed: If your claim is denied or you’re unsure about the process, contact an experienced disability attorney. We specialize in helping claimants navigate administrative appeals and litigation for denied LTD claims. With a deep understanding of The Standard’s claims practices, we can help you secure the benefits you’re entitled to.
How the Ortiz Law Firm Can Help
At the Ortiz Law Firm, we understand how overwhelming it can be to handle a disability claim, especially during a time of transition like this. Whether you’re dealing with a new claim under The Standard’s administration or appealing a denial, we have resources to help guide you through the process.
If you are ready to talk to an attorney about your claim, we can help you with that as well. From filing administrative appeals to pursuing litigation under ERISA, we have the expertise and dedication to ensure your voice is heard and your rights are protected. Call (888) 321-8131 today for a free consultation to discuss your claim and how we can help you secure the benefits you deserve.
