It’s Benefit Enrollment Time – Disability and Long Term Care Insurance are Good to Have

This is part of a series of posts on choosing benefits.  Today I will look at the ins and outs of our choices for Disability, and Long Term Care insurance.  I’d forgotten about Disability, so I’ll save  Legal, Pet Insurance, Discount Programs and the rest for tomorrow.

We are really so lucky that Large Conglomerate gives us access to so many benefit programs.  In addition to health insurance, dental insurance, vision coverage,and life insurance, we have other choices to make.

Disability Insurance – Besides medical insurance Disability is the most important coverage to have.  At least according to me.  My mother is disabled, and her life (and ours) would be much easier if she had purchased it.  My dear cousin was blessed with a policy that paid her 60 percent of her salary from the day she had to leave her job due to her Multiple Sclerosis more than fifteen years ago, and paid until she passed away from cancer a few months ago.  When I put in an offer on my house the first thing I did was to get a quote for Mortgage Disability Insurance.  Very, very important stuff.

There are two components to the coverage that Large Conglomerate offers:

  • Short-Term Disability – Pays for up to twenty-six weeks if Husband is sick or injured and unable to work for  more  than five consecutive business days.  Large Conflomerate picks up the cost of this completely.  Thank YOU!
  • Long Term Disability – Picks up at twenty-six weeks and covers 60% of Husband’s salary if  he becomes totally disabled.  There are lots of caveats and restrictions that will vary from policy to policy, but the bottom line is this is GOOD.  We have to pay for the Long Term Disability, and at $120 and change per month it’s hard to swallow but not as hard as it would be if we cold even find anyone to give Husband a policy.

A definite YES.

Long Term Care Insurance – Long term care insurance provides assistance with daily living activities such as bathing, dressing, eating, using the restroom and moving about.  Coverage applies either at home or in a facility, and it doesn’t matter whether you’ve been in an accident, sick or just dealing with the  effects of aging.

This is hugely important insurance to us, especially because we are older parents.  We don’t want Son to have to pay to take care of us, or take care of us himself.  If you want to know more of the reasons why we are very much sold on Long Term Care Insurance you can read the post I’ve already written about it.

That said, with only one income, and with both of is being 43 years old, we’re not ready to buy it yet.  And because we didn’t buy it at our first opportunity we’d have to provide the dreaded Evidence of Insurability.  Remember our old friend Diabetes?    Which means  they won’t issue the policy.  Pity, because we could have gotten a $200 per day benefit for $37.60 per month each.  That’s an excellent premium.

Rest assured we will take advantage of this option if we are ever given the opportunity (hopefully the job Husband gets when we finially move will offer it).

TIP: Something I’ve learned is to really read through all of your options when you get a new job and are eligible for benefits.   Know those items that give you a perk for signing up the first time – like not having to provide Evidence of Insurability.  That’s something that could really bite you in the  tush later.

Read the rest of the series!

It’s Benefits Enrollment Time, Series Overview

It’s Benefit Enrollment Time – Medical Insurance Part 1 – Evaluating What You’ve Got

It’s Benefit Enrollment Time – Medical Insurance Part 2 – The Plans and What They Really Cost

It’s Benefit Enrollment Time – Dental Insurance and Why The Math is So Important

It’s Benefit Enrollment Time – Life Insurance a Bargain For Us

It’s Benefit Enrollment Time – Legal, Pet Insurance and Lots of Little Perks


2 Responses to “It’s Benefit Enrollment Time – Disability and Long Term Care Insurance are Good to Have”

  1. Scott A Olson, CLTC Says:

    Great blog.

    One quick point: most of the leading long term care insurers will issue a long term care policy for a diabetic, as long as the diabetes is stable, your a1c levels are below 9.0, and your BMI is around 35 or less.

    Additionally, many of the leading long term care insurers do NOT charge diabetics significantly higher premiums than non-diabetics. Most of my diabetic clients pay the same premium as someone who takes high blood pressure medications–(which is only about 10% to 15% more than someone who takes no medications.)

    Scott A. Olson, CLTC

  2. BeThisWay Says:

    Thanks for that info, Scott.

    We still can’t spare the cash right now, but I’ll get quotes when we’re ready.

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