Should I Buy Disability Insurance
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The right insurance policies for you will be ones that, in the case of life insurance, protect anyone who relies on all or part of your income from a financial hardship if you were to pass away and could no longer financially support them. And for disability, the right policy is one that protects against the risk of you losing the ability to earn an income during your working years.
You may also want to think about what kind of elimination period makes sense; this is the time between your claim for disability and when benefits begin. A longer elimination period can help you save on premiums, but this may only make sense if you maintain an emergency fund big enough to cover the gap between potential disability and when your benefit would begin paying out to you.
I am a partner of Adkisson Pitet LLP and licensed to practice law in Arizona, California, Nevada, Oklahoma and Texas. My practice is in the areas of creditor-debtor law and captive insurance. I am the author of books on asset protection, captive insurance, charging orders, and others. I have twice been an expert witness to the U.S. Senate Finance Committee, and am a member of the American Bar Association having served as the Chair of the Committee on Captive Insurance and the Chair of the Committee on Insurance & Financial Services. I have served as an ABA adviser to the drafting committees of the Uniform Voidable Transaction Act, the Uniform Protected Series Act, the Uniform Public Expression Protection Act, and the Uniform Registration of Canadian Judgments Act. I frequently lecture to attorney groups nationwide and at all levels for their continuing legal education.
If you are an Advocate, Attorney, or Third Party Representative and you are helping someone prepare an online Social Security benefit application, there are some things you should know.
Find information about health care coverage including Medicare and Medicaid. Also, learn about workplace disability insurance, compensation benefits for disabled veterans and Social Security benefits for people with disabilities.
Medicare provides medical health insurance to people under 65 with certain disabilities and any age with end-stage renal disease (permanent kidney failure requiring dialysis or a kidney transplant). Learn about eligibility, how to apply and coverage.
If you are suddenly unable to work for an extended period because of illness, injury or accident, long-term-disability insurance can save the day. Rich LaSalle/Getty Images hide caption
\"It won't happen to me.\" Maybe that sentiment explains the attitude of many employees toward long-term-disability insurance, which pays a portion of your income if you are suddenly unable to work for an extended period because of illness, injury or accident.
Sixty-five percent of respondents surveyed this year by LIMRA, an association of financial services and insurance companies, say that most people need disability insurance. But the figure shrank to 48 percent when people were asked whether they believe they personally need it. The proportion shriveled to 20 percent when people were asked whether they actually have disability insurance.
Benefits consultants agree that although long-term-disability coverage lacks the novelty appeal of some other benefits that companies are offering these days (Hello, pet insurance!), but it can prove much more valuable in the long run.
If you become disabled because of accident, injury or illness, long-term-disability insurance typically pays 50 percent to 60 percent of your income, while you're unable to work. The length of time the policy pays varies; some policies pay until you reach age 65.
However, as employers continue to shift the cost of various benefits onto workers' shoulders, long-term-disability insurance is no exception. Increasingly, they're offering the coverage as a \"voluntary\" benefit, meaning employees pay the entire premium.
\"If an employee can choose to pay for coverage on a post-tax basis, or is paying on a voluntary basis, it's better for them,\" says Jackie Reinberg, national practice leader for absence, disability management and life at the benefits consultant Willis Towers Watson.
\"These coverages all feel the same, and if you're going to choose one at all, you tend to go with the one that's cheapest and the one that you think you might use,\" says Carol Harnett, president of the Council for Disability Awareness, a membership group of disability insurers that does education and outreach about disability issues.
Auto-enrollment can make a big difference. Employers that auto-enroll employees in voluntary long-term-disability plans may get 75 percent of employees to participate, compared with 30 percent for employers that leave it completely up to workers, says Mike Simonds, CEO of disability insurer Unum US.
A growing number of health plans require employees to show \"evidence of insurability,\" meaning they must answer a series of health-related questions before they're approved. Some long-term-disability policies may also have pre-existing condition provisions that, for example, won't pay benefits for a condition for up to a year.
Many private businesses offer long-term disability plans to their employees as part of a larger benefits package, including healthcare and workplace retirement plans. Employees typically pay a portion of the cost.
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Disability insurance replaces a set portion of your monthly base salary up to a cap, such as $10,000. There are two main types of disability insurance: short-term and long-term coverage. Benefits end when the disability ends or after a specified period. Long-term policies may also pay for additional services, including training to return to work.
Temporary Disability Insurance provides cash benefits to New Jersey workers who have to stop working due to a physical or mental health condition or other disability unrelated to their work. The healthcare provider certifies how long you need to recover from your medical condition, up to a maximum of 26 weeks. Most employers in New Jersey are required to have Temporary Disability Insurance for their employees.Employers may choose an insurance plan offered by the state or by a private insurance company. Ask your employer which coverage you have. If you are covered by the state plan, apply for Temporary Disability Insurance benefits online via our secure system. If you are covered by a private insurance company, your employer will tell you how to file a claim. Click here for more information about private plan Temporary Disability Insurance.
Your employer is required to report your wages to the state after each calendar quarter. When your claim is under review, we consider the earnings reported for the 5 completed quarters prior to the week your disability began. The first 4 quarters of that time frame is called the base year.
If you become disabled due to an injury or illness related to your job, contact the Division of Workers' Compensation. If your disability is work-related and your employer's workers' compensation carrier denies you benefits or stops benefit payments, you may file an application with us.
If planning ahead, you may start your online application up to 60 days in advance for a planned medical procedure or pregnancy claims. To avoid deletion of your draft application: (1) within 14 days of starting the application, provide all information and confirm your claim; then (2) within 14 days of starting your leave, certify and file your claim. If applying after your disability period begins, you have 30 days from your first day of disability to file your application.
Payments are usually issued every two weeks after the initial payment, with a one-week lag for processing time. Once a payment is posted, funds should be available on your debit card within three business days of the payment date. Each day of benefits paid to you is one-seventh (1/7) of your weekly benefit rate. Payment may be more or less than a one-week period. 59ce067264
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