Disability Income Insurance – Disability

A sudden interruption in income, due to a prolonged period of illness or injury, can have serious financial consequences for many of today’s employees.

If you’re lucky, you may be able to receive group disability benefits through your employer. However, you will need to make sure that the benefits available through your group disability coverage are adequate for your needs. Group disability benefits are taxable if your employer pays the premiums, may be capped at a relatively low amount, and may not cover variable income such as bonuses or commissions. As such, these benefits may not be enough to maintain your lifestyle or pay all your bills if you become too sick or injured to work. An individual disability income insurance policy can help supplement long-term group disability benefits and protect more of your income. An individual disability income insurance policy that you buy on your own is completely portable, which means you won’t have to worry about losing coverage if you change jobs, and the benefits that are usually paid out are tax-free if you’re the premium payer. Also, the insurer cannot cancel an individual disability income insurance policy (as long as the premiums are paid), and with a guaranteed renewable policy, your premiums will never change over the life of the policy. Disability income insurance policies have exclusions and limitations. and benefits generally paid are tax-free if you are the premium payer. Also, the insurer cannot cancel an individual disability income insurance policy (as long as the premiums are paid), and with a guaranteed renewable policy, your premiums will never change over the life of the policy. Disability income insurance policies have exclusions and limitations. and benefits generally paid are tax-free if you are the premium payer. Also, the insurer cannot cancel an individual disability income insurance policy (as long as the premiums are paid), and with a guaranteed renewable policy, your premiums will never change over the life of the policy. Disability income insurance policies have exclusions and limitations.

Long Term Care: Long Term Care

For most of us, it’s unpleasant to imagine a time when performing routine tasks might be difficult as a result of injury, illness, or aging. If the time comes when you need substantial assistance to perform daily tasks, it’s unlikely that you want cost to be the primary decision-making factor for your long-term care. Long-term care (LTC) services can be expensive, and costs generally continue to rise. Planning ahead can help ensure that you have more control in getting the type of care you want, in the setting you choose, should the need arise.

What is long-term care? Long Term Care

Long Term Care includes a variety of services and supports to help meet personal care needs over a long period of time. Services include help with Activities of Daily Living (ADLs) such as: bathing, continence, using the toilet, transferring to/from a bed or chair, dressing, and eating. Long-term care services are generally not covered by personal health insurance or Medicare because they are not intended to cure, improve, or treat a specific medical condition. Medicaid can help people with income and assets below state requirements. Whether long-term care services are provided in a nursing home, assisted living facility, or in your own home, the costs can be enormous. The average stay in a nursing home is 835 days (2.3 years) and $183,700. The national average hourly rate for a home health aide is $20 and that can add up quickly.

As you can see, there are many alternatives to consider when preparing for the possibility that you may need long-term care. Generally, starting early has advantages.
First , at younger ages, you are more likely to be in good health and qualify for various types of insurance.
Second , starting early means you can reach your goal with savings amounts in lower fees or annual premiums .