Unfortunately, though, the MSN article failed to bring up some very important points. Since it was a nationally-based article, it didn’t highlight specific states such as New York, Connecticut and New Jersey, as being guaranteed-issued states. Continue reading
Long-term care is a critical part of anyone’s overall financial plan. As we age, the odds for long-term care increase significantly. Unless you have an excess of wealth, it makes sense to have a long-term care insurance policy.
Skeptics frequently say, “Well, if I take that money I was going to put into long-term care insurance, and invest it properly and earn X%, in 20 or 30 years, I might have the same amount of money that I would have in a long-term care policy.” That may be true, but they’re taking risks by forfeiting the structure, support, and stability of an insurance product.
There are two different types of disability insurance: short-term and long-term. I have previously discussed short-term disability insurance, and in this article I’ll be discussing long-term disability coverage.
Many people receive long-term disability insurance from their employer, and the company may pay for part or all of it. Whether you have the option of receiving long-term disability from your employer or not, there are important factors to consider.
What is Long-Term Disability & Why Do You Need it?
If you get sick or injured, depending upon where you work, you may have access to short-term disability insurance benefits—either through your major medical insurance with your employer or through a supplemental benefits plan also through your employer.
The purpose of short-term disability is to replace your income until your long-term disability (if you have it) kicks in. Statistics show that most people are disabled for no longer than 3-6 months, and payments can begin from the onset of an accident and fairly soon after an illness. Even if you only miss a week or two of work, you may qualify for benefits for that time period—in addition to possibly being out longer.
If you are turning 65, or are already a member of the Medicare Eligible market, you’ve more than likely spent a number of hours reviewing the Medicare system. During this research, I am fairly certain that you have wanted to: tear your hair out; throw your laptop; desktop or tablet against the wall in frustration; scream the harsh words racing through your mind at the people who wrote the Medicare rules and regulations.
The Four Parts of Medicare Continue reading