Comments on: Understanding Disability Income Insurance http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/ Bridging the gap between saving money and investing Thu, 20 Nov 2008 23:17:44 +0000 http://wordpress.org/?v=2.6.1 By: Melanie http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-77902 Melanie Sun, 22 Jul 2007 19:36:46 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-77902 Question: I have short term diability through my employer.I was in a auto accident over 1 year ago. The driver that was found at fault and ticketed his company has just setteled prior to my getting approval for spinal surgery , injuries caused from the car accident. His insurance was not enough to cover all the expenses.I filed for short term disability due to having spinal surgery. I recieved a letter stating that I qualify, however they state that since I am recieving money from my auto ins. the shortterm money they will pay will be 25.00 a week. I have recieved no money from my auto insurance,we are still in litigation. Help! Question:
I have short term diability through my employer.I was in a auto accident over 1 year ago. The driver that was found at fault and ticketed his company has just setteled prior to my getting approval for spinal surgery , injuries caused from the car accident. His insurance was not enough to cover all the expenses.I filed for short term disability due to having spinal surgery. I recieved a letter stating that I qualify, however they state that since I am recieving money from my auto ins. the shortterm money they will pay will be 25.00 a week. I have recieved no money from my auto insurance,we are still in litigation. Help!

]]> By: Gail http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-56394 Gail Sat, 09 Jun 2007 00:42:52 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-56394 Well, You would need an extremely healthy ermergency fund to overcome a short-term disability without short-term disability. I believe 6 years ago my policy ran me about $29 a month. When I had to tap the policy, I received $1600 a month (non-taxable) which covered the mortgage, utilities, food, car payment, etc. If we had used an emergency account, that would have been close to $10,000 gone. Unfortunately since I didn't have a long term policy it was a very tight time until I was approved for Social Security disability. Many disabilities only last for 6 months or less such as broken legs, etc. and a person would never even be eligible for LTD during that period. My company paid for my insurance for that initial 6 months (I doubt if all do), but then I went into COBRA at close to $400 a month not counting co-pays. Talking about a good medical insurance policy and a healthy emergency fund is pie in the sky for many people who are struggling to get by. I think having both is great, but having a STD policy is also a welcome and neccesary addition to help keep your family stable during what can be an extremely rough time and help avoid the financial ruin you spoke of in your article. Incidently the Short term policy doesn't take long at al to kick in, at least mine didn't. Well, You would need an extremely healthy ermergency fund to overcome a short-term disability without short-term disability. I believe 6 years ago my policy ran me about $29 a month. When I had to tap the policy, I received $1600 a month (non-taxable) which covered the mortgage, utilities, food, car payment, etc. If we had used an emergency account, that would have been close to $10,000 gone. Unfortunately since I didn’t have a long term policy it was a very tight time until I was approved for Social Security disability. Many disabilities only last for 6 months or less such as broken legs, etc. and a person would never even be eligible for LTD during that period. My company paid for my insurance for that initial 6 months (I doubt if all do), but then I went into COBRA at close to $400 a month not counting co-pays.

Talking about a good medical insurance policy and a healthy emergency fund is pie in the sky for many people who are struggling to get by. I think having both is great, but having a STD policy is also a welcome and neccesary addition to help keep your family stable during what can be an extremely rough time and help avoid the financial ruin you spoke of in your article. Incidently the Short term policy doesn’t take long at al to kick in, at least mine didn’t.

]]> By: Amy Fontinelle http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-56368 Amy Fontinelle Fri, 08 Jun 2007 23:14:30 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-56368 Personally, I don't think that short term disability insurance is necessary if you have health insurance and a solid emergency fund. I am sure that there are some situations (like yours) where it can be helpful, though. Personally, I don’t think that short term disability insurance is necessary if you have health insurance and a solid emergency fund. I am sure that there are some situations (like yours) where it can be helpful, though.

]]> By: Presenting The Cavalcade of Risk #24 » Silicon Valley Blog About Money http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-39886 Presenting The Cavalcade of Risk #24 » Silicon Valley Blog About Money Wed, 25 Apr 2007 14:32:34 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-39886 [...] Finance Advice tells us about Understanding Disability Income Insurance, which is a fantastic introduction to what else but disability insurance! How do you know if you [...] [...] Finance Advice tells us about Understanding Disability Income Insurance, which is a fantastic introduction to what else but disability insurance! How do you know if you [...]

]]> By: adistantsoil.com » Blog Archive » Disability Income Insurance http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-38205 adistantsoil.com » Blog Archive » Disability Income Insurance Fri, 20 Apr 2007 15:57:51 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-38205 [...] Here’s a good article on how to get disability income insurance, with links to a site that rates insurance pr.... [...] [...] Here’s a good article on how to get disability income insurance, with links to a site that rates insurance pr…. [...]

]]> By: Gail http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-37834 Gail Thu, 19 Apr 2007 13:28:18 +0000 http://www.pfadvice.com/2007/04/16/understanding-disability-income-insurance/#comment-37834 I notice you didn't mention Short Term disability through your employer. I paid for this while I was working (it was optional) and boy am I glad I did! I became disabled and it kicked in for the first six months. Because there was no taxes deducted, etc. I basically was getting more 'take-home' pay than when I was working. And when you are in the midst of falling into a bad chronic illness, expenses pile up with trips and co-pays to doctors, hospital parking, etc. SSD can be hard to get and has a waiting period also, although if you think you are eligible apply ASAP as the process can be long and arduous. I notice you didn’t mention Short Term disability through your employer. I paid for this while I was working (it was optional) and boy am I glad I did! I became disabled and it kicked in for the first six months. Because there was no taxes deducted, etc. I basically was getting more ‘take-home’ pay than when I was working. And when you are in the midst of falling into a bad chronic illness, expenses pile up with trips and co-pays to doctors, hospital parking, etc. SSD can be hard to get and has a waiting period also, although if you think you are eligible apply ASAP as the process can be long and arduous.

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