amazing musing on Health Insurance
Disability insurance policies are designed to pay part of your wages should you be injured in an accident or are unable to work because of illness. Here are two types of policies available: long-term disability and short-term disability.
Short term disability pays a portion of your wages should you be out of work due to injury for up to one year. Some employers pay for this benefit for their employees, some offer it for employees to purchase.
If you have a pre-existing medical condition, the time to enroll is during the initial enrollment period when a medical exam is not required.
Replacement of wages is only partial; insurance underwriters, as well as your employer, want you back at work as soon as possible. Usually there is a waiting period of 14 days in which you will not
receive payment.
Long term disability policies are purchased to replace what your potential earnings would be from the time you become disabled until age 65 when Medicare would be available.
For instance, if you are 55 and make $40,000 per year, you should purchase a policy for $400,000.
You cannot get a long term disability policy if
(1) you are or are soon to be pregnant,
(2) make less than $18,000 per year,
(3) are unemployed, or
(4) you are required to carry a weapon for your job.
Typically, the waiting period for long-term insurance to kick is at least 60 days and as much as a year.
Disability insurance is an important aspect of your
overall insurance coverage plan, and if your employer offers it as a benefit you should definitely consider it as a wise investment.
The tuition arrangements are set up; the dorm room is assigned and your son or daughter is headed off to college in the fall. In all of the confusion of the paperwork, deadlines and financial arrangements did you remember to check on their health insurance?
Many, but not all, insurance companies provide for health insurance for college students under a family policy; do you know for sure that yours does?
With some insurance companies, coverage depends on whether or not the student is a full time student. Review your policy or ask your insurance administrator; if you have an HMO plan, will your student be covered if they go to the student healthcare facility away from home?
Check the age limit as well; you may find that once your son or daughter reaches a certain age they are dropped from the policy no matter what.
Ask your insurance company to provide an extra insurance card for your son or daughter to carry with them; if there is an additional card for prescription medications; make sure they have that too.
This preventative step will help eliminate confusion when they suddenly have to see a doctor.
There are student health care plans that are available through most colleges that are a reasonably priced alternative if your policy excludes your child.
Isn’t college confusing enough without having to worry about whether your child is covered should he or she need to seek medical attention? Take the time to look into health insurance before they head off to college in the fall.
P.S. You will definitely need extra money during these hard times. Think out of the box – read more about investing in foreign currency. This can become a source of passive income.
