Many people choose to neglect the possibility that an illness or accident could prevent them from going to work at any time.
However, disability is actually a commonplace occurrence, and everyone is at risk. According to the Social Security Administration Fact Sheet from April 2014, 1 in 4 people that enter the workforce will become disabled at some point before they retire.
While it’s impossible to know when an unfortunate accident or illness can strike, leaving you or someone in your family disabled, one thing that can be guaranteed is that when this happens, your financial obligations do not stop, even if your salary does. This is why it is important to have a disability income health insurance plan. These plans protect you and your family and safeguard your financial stability should you fall on unfortunate times.
The way these plans typically work is you pay a premium (usually monthly) that matches your income. Then when you or someone covered by your policy is disabled, the company will pay a benefit (typically around 60% of your gross income), for a certain length of time, to supplement your loss of income and keep you on your feet.
Sometimes it is possible to purchase a disability insurance option from your company’s insurance provider in addition to your original policy. However, depending on your income and needs, it may be beneficial to purchase an individual plan through a separate company.
There are many factors that make up a disability health insurance plan. It is important to understand the policy’s definition of “disabled,” how long the elimination (waiting) period is from time of disability to beginning of benefits, the benefit period, and other factors such as retirement protection.
Because of the intricate nature of these plans, it is highly recommended that you utilize a health insurance agent or broker. McKnight & McKnight Insurance Solutions is a family business, so we understand the importance of protecting our loved ones. Our agents have the expertise, experience, and resources to find the perfect disability health insurance plan for you and your family. Call us today at (813) 792-2301 to schedule a phone appointment or web conference from the comfort of your home.
