Disability insurance plays a vital role in helping people live normal lives especially in situations when they have a serious disability. It helps them to pay bills and also get back to work as fast as possible. It is good to know about the different programs that are available so that they can help when the need arises.
Employers: Employers offer all kinds of insurance plans – health, life insurance and dental coverage. They also offer disability insurance to get and retain good employees. Both long and short term insurance policies are on offer to employees. Some companies pay 100% of the premiums; others offer it at discounted rates and let the employees choose the kind of coverage they want. Check with the Human Resources Department to see if coverage is available and the extent of it.
State: Only a few states offer disability insurance – so for those who don’t have private coverage can get it from the state. The onus of finding out if one’s state offers this facility lies with the person in need. These programs cover even those who are unemployed – rehabilitation may be a possibility too. Check to see if your state offers such programs.
Social Security: Benefits under this program are available at any age to those who pay social security taxes. The only requirement is that the condition has to be serious – whether physical or mental. SSA doctors and the personal physician have to concur on the disability before benefits are handed out. This insurance will cover only serious long term issues – for partial or short term issues, state insurance might. One can expect to get monthly wages, Medicare coverage and vocational rehabilitation.
Workers’ Compensation: This covers situations where people get hurt on the job – or develop issues due to their job. Other insurance programs cover situations that occur outside the work place. Check to see what kind of coverage is available through the program and how to get it.
Veterans Benefits: This program is administered through the DVA and has two different programs: 1) Disability compensation: which pays a certain amount to service members who have physical and mental issues and PTSD as well. 2) Disability Pension: this is an annual amount which is available to war veterans who don’t have much income, over the age of 65 and not able to work. The VBA also offers vocational training benefits and health care to all veterans.
There is always a possibility that one would need disability insurance at some time or another. People should consider buying while they still have a job and they are healthy. Before going ahead and investing, check what kind of coverage is available through the employer and then buy supplemental coverage.