disability insurance

July 2, 2014

Long-Term Care: The Basics

In the year 2000, almost 10 million people needed some form of long-term care in the United States. Of this population, 3.6 million (37%) were under age 65 and 6 million (63%) were over age 65 (Roger & Komisar, 2003). Almost 70% of people turning age 65 will need long-term care at some point in their lives. This section of the website provides basic information so you can begin to think about how you will h andle the need for long-term care. Your path will be unique to you, and based on your preferences and circumstances. Let’s look at the basic questions covered in this section:

Many people think the phrase “long-term care” refers to an insurance policy. While insurance may be part of your strategy, long-term care encompasses everything from long-term services and supports and finances, to where you will live and how you will navigate the myriad of legal, family, and social dynamics along the way.

Source: U.S. Department of Health and Human Services, “The Basics” http://longtermcare.gov website. Accessed July 2, 2014. http://longtermcare.gov/the-basics/

July 2, 2014

Costs & How To Pay

Just as there are many kinds of long-term care services and supports, so is there a wide range of costs & how to pay for them varies between individuals. And while some people may qualify for a public program to help pay for these expenses, most people use a variety of options, including long-term care insurance, personal income and savings, life insurance, annuities and reverse mortgages to ensure they can pay for the care they require. As our population ages, new financial products are offering yet more options.

Important questions answered in this section:

GO HERE TO VIEW VIDEO: http://longtermcare.gov/costs-how-to-pay/

Source: U.S. Department of Health and Human Services, “Costs & How To Pay” http://longtermcare.gov website. Accessed July 2, 2014. http://longtermcare.gov/savings-calculator/

July 2, 2014

LTC Savings Calculator

The LTC Savings Calculator is as easy as 1, 2, 3 to plan for Long-Term Care.

Go to this page: http://longtermcare.gov/savings-calculator.

Answer the questions below (all fields are required), then submit your information using the “Calculate” button.

Source: U.S. Department of Health and Human Services, “LTC Savings Calculator” http://longtermcare.gov website. Accessed July 2, 2014. http://longtermcare.gov/savings-calculator/

July 2, 2012

Why Do You Need Disability Coverage?

I read an interesting article on the Fortune magazine website: Don’t Let Illness De-rail Your Retirement. I thought I would share some of the information with you.

Everyone knows about the importance of planning for retirement, and most people underst and the importance of having life insurance in case the unthinkable happens. But many people don’t give much thought to what might happen if they are injured while still working and saving toward retirement. They can’t work, so obviously investing is on hold, and they weren’t killed, so life insurance is of very little help. It’s a difficult qu andary to be in.

According to the Society of Actuaries, one in three American workers will suffer an injury which will prevent them from working for three months or longer. If this was you, how would you replace that income? And don’t think that just because you don’t perform dangerous activities like skydiving or motorcycle riding excludes you from this statistic; according to the Consumer Federation of America and Unum, 90 percent of those who miss work do so due to health issues such as cancer and back problems.

So what can you do to keep you family from suffering what could be a catastrophic loss? Long-term disability insurance can help bridge the income gap. Most employers offer long-term disability coverage to their employees, but those policies only offer 10 percent of the covered person’s income. Purchasing a individual long-term disability policy can get you coverage of up to 70 percent of your pre-tax income. And you can opt to select “own occupation,” which will allow you to collect disability even if you could work another job. For example, if you were a airline mechanic that could work a desk job, you won’t be forced to take a job you don’t want while you recover enough to go back to the job you loved.

So contact us and let’s get you started with the coverage you need.

May 24, 2012

Who Needs Disability Insurance?

Any insurance policy is designed to protect the policy owner from suffering financial loss when their life is changed by a disastrous event. But what happens when life is changed because of an injury or illness and you have to stop working in order to recover? The answer is without a disability insurance policy the injured will lose money and will not be able to pay their bills.

Disability insurance is a product that is designed to protect people from life changing disasters and financial destruction. If you end up getting hurt or sick and can’t work, you will end up with some pretty serious medical bills and a loss of income. The person who got hurt may feel that the source of the injury should be the one who pays for their injuries. While that may be true that the responsible party should care for the expenses of the injury the truth is it will take a long time for the issue to be settled in court. While you are waiting for the settlement your bills will continue to pile up. If you had purchased a disability insurance policy, you would have an income to meet the expenses of everyday life.

The benefits of a disability policy are fairly simple.

The protection that it gives to the policy owner is priceless. The policy helps by keeping the st andard of living close to what it was before the injury. It pays wages that would otherwise be lost because of lost hours..
The money the policy pays is allowed to be used for the expenses of everyday life. It can be used to pay for food, overdue bills or any other expense that you may have.
Depending on the policy it can also cover rehabilitation needs of the injured.
The coverage amounts can continue as long as the individual is still under medical care. The coverage usually ends when the policy owner can return to work or is released by the doctor.
The policy pays for the medical bills of the injured. It will pay for all the scans and test that are needed to help the person get well.

This type of policy should also be purchased by anybody who works and has the potential to get injured or ill, which is, well everybody! No one should lose their income and way of life because of an injury or serious illness. Talk to one of our agents today.

Karl Susman, Susman Insurance Agency

Long-Term Care: The Basics

The LTC Savings Calculator is as easy as 1, 2, 3 to plan for Long-Term Care.

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