No matter what type of obstacle you have, your time, energy, and emotions will all increase as you begin to learn as much as you can, so you can regain the best life in your special circumstances I will. Trying to tell you what is happening to you and your doctor is also a difficult task if you are married and / or you have children.
In all of this confusion in your life, the absolute last thing you need to worry is money! What if I can not work anymore? How is the bill paid?
Perhaps you say that you do not need disability insurance. Consider the following.
Statistics of disability [1]
Odds of a person with at least one long-term disorder (LTD) that lasts more than 3 months before that person reaches the age of 65.
DISABLED: (1999) According to fault management data, the number of people aged 17 to 44 with severe disabilities has increased by 400% over the past 25 years. One in seven people will be 65 years old with disabilities for over 5 years.
ODDS, statistics and obstacles: (1999) The opportunity to use insurance for your homeowner is about 1 in 88. Probability to use your car insurance at around 47. The possibility to use your LTC insurance is about 2. One of the two women and one of the three men will spend time at the nursing home. (CLU American Journal · Journal 1996) Over 12 million elderly people need some form of long-term care by 2020. (American Health Insurance Association). 72% of the resident of a nursing home is a woman. 90% of the residents of nursing homes are over 65 years old. 22% of people with disabilities are under 65 years old (Puget Sound Life Underwriters Journal 1996). Function-impaired people aged 18 to 64 account for 40% of Americans who need long-term care services. (Life insurance sales in 1995)
The likelihood of requiring LTC (obviously) increases with age. In 1991, it was 29.2% for people with disabilities of 45 to 64 years old, and 44.6% for disabled people between 65 and 74 years old. Between 75 and 84 years old it was 63.7%. 15.3% and 41.5%, respectively, had severe disability. (Employee Benefit Research Institute, 1995) 80% of handicapped children are being taken care of at home and adult nurseries. 72% of carers are family members and friends. (Puget Sound Underwriters Journal) The cost of home care can reach from $ 4.25 to over $ 200 daily, depending on the level of skill required (SF Chronicle, 1995). Care for each Alzheimer's disease patient will cost more than $ 213,000 on other medical expenses over the remaining 5 years. (American Journal of Public Health, 1994). More than 99% of nursing care seniors care is not skilled skill, care or intermediate care and is not subject to Medicare or Medicare supplements (Journal of the American Society of CLU & # 39; s, 1996).
Why people take STD and LTD
It is a complication from pregnancy (normal), pregnancy, injury (excluding the back), back condition and digestive / intestinal condition, leading the list of the top five causes of short-term disability (STD) there were. The cause of insurance claim and the proportion received about each cause are as follows.
LTD - 13% - Cancer, 12% - complications due to pregnancy, 11% - back, 9% - cardiovascular system, 5% - depression
(2003) Every year, 12% of American adults have long-term disabilities. One of the seven workers has a disability of more than five years by age 65, and in the case of age 35, the probability of experiencing a disability of three months or more before reaching the age of 65 is 50%. If you are 45 years old, the number is 44%
STD - 20% - pregnancy (normal), 9% - pregnancy (complications), 9% - injury (except the back), 8% - back, 8% - digestive /
The main cause of disability insurance is STD and LTD. It is important to check if your company is offering these insurance. If so, please make sure that you are covered. If not, you can get personal STD and LTD. By accessing the following website, you can obtain detailed information on disability insurance.
How much disability insurance is "sufficient"?
The research shows the following for STD (short term disability) and LTD (long term disability) provided by employers.
According to the Bureau of Labor Statistics, according to the Labor Statistics Bureau, workers in short-term disability range (22%) are less than a quarter and long-term disability insurance is only 13%, according to the Department of Labor Statistics.
Short-term disability insurance (47%) is half of the workers of large-scale employers (more than 100 employees), and over one-third has long-term disability insurance (40%).
Coverage of disability (US Insurance Council 2004) 82% of employees lack adequate coverage.
At the actuary association, we say that only 2.5% of employees receive individual disability compensation (that is, they are paid by employees, not employees).
If you have already read other blogs on disability insurance, you know how important it is to know the type of insurance you have and the amount of insurance you will pay when you need it.
Well, you know the amount that your STD and LTD pay monthly. How much is the problem?
There are several simple ways to judge how "sufficient" is, and it depends on family.
1) Sick leave - Maintain at least 5 days, maximum 10 days. In this way you can meet the usual time difference before your STD starts.
2) STD - Most STD policy covers up to 26 weeks. In order to ensure "adequate" STD TIME coverage, it is necessary to cover the exclusion period of LTD in several weeks.
3) LTD - Sometimes, I hope your LTD plan will cover you until your retirement age. (Note: The retirement age is 65 years old, but retirement age is increasing, but please confirm that you know retirement age).
Well, let's talk about money. To calculate how much you and the amount of money your family needs, consider the following.
Please pay attention to the following points every month.
1) Outgo Your "paying" fee (including but not limited to rent, utility, car and gasoline, medical expenses, nursery service, loan, credit card etc)
2) Income of disability Add income received every month from STD and / or LTD your company pays to income (ie spouse's income) other than your company. Add this amount to the amount you are saving and how long it will last.
The gap between disabled income and outcome of income is the amount of income you want to offset with private retail policy.
What is the necessity of insurance benefits for obstacles?
What is the odds? : (2005) In the next hour, 194 people were injured in a car accident, 57 houses hit fire, 230 people died and 1,027 people become obstacles.
There is the latest disability trend related to you.
* Today, we are doing our best. As a result, physical disorders and diseases have increased significantly.
* Over the past 25 years, the number of people with severe disabilities from 17 years to 44 years has increased by 400%. The number of people receiving protection is increasing, but most Americans still have gaps in income protection for persons with disabilities.
* It is surprising to consider this within a year, but only one in 1,200 people need your fire insurance - generally considered as the need for a home owner, but one in eight People became sick, injured or killed.
* The risk of becoming a disabled person will continue to increase.
The main factor is aging.
* Due to advanced trauma and cancer care, more people today survive diseases and injuries that were fatal 20 years ago. In 1930 the average life expectancy was 61 years old. Today, it is 76. In the year 2050 will be 82 years old. Today, 3.6 million Americans age 65 and over will be 13.8 million in 2040.
* As the survival of Americans increases, their age does not change, they will continue to have a major impact on disability. According to the National Association of Health Employees, there are 3.74 obstacles per 1,000 people between the ages of 45 and 49. This will increase about 5 times with age, for 15.18 people per 1,000 people from 60 to 64 years of age.
* In addition, the traditional retirement age is rising, and part-time jobs are likely to become part-time after retirement, so the risk of disability will increase later.
Change in labor force
* According to the Bureau of Labor Statistics, over 10.5 million people have started their own business, working in consulting and at home. More women are working than ever. Many families today depend on two incoming calls. In the early 1900s, there were only 500,000 married women in the labor force. They are only 4.5% of all married women. Today, about 39 million married women work outside the home (equivalent to 60% of all married women). Among them, there are 17 million children under the age of 6.
* As the number of working women increases and resident depends on two people, the probability of women becoming sick more than men is twice as high, so the necessity of disability protection is increasing. As more people work at home to learn basic income, the need for more flexible and individualized protection is increasing.
Increase workplace injury
* Over the years, the cause of disability has changed in the workplace.
* Today, injuries due to mental state, severe back pain, carpal tunnel syndrome, muscle / tissue disorder and chronic fatigue syndrome are dramatically increased. The most common long-term disorders (those lasting more than 3 years) include cardiovascular and cardiac diseases, dorsal disorders, psychiatric conditions, general illnesses and subjective pain.
* General short-term disability (less than 3 years old) includes pregnancy with problems of normal pregnancy, complications, injury, muscle or skeletal problems, psychiatry or substance abuse.
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