The Worst Part About Getting Sick Isn’t Medical Bills

[OfTheCross]

For many working-age Americans, medical bills are only a small part of the burden of getting sick; lost income can be a much bigger cost. In other words, fixing health insurance alone isn’t enough – and may even do less to improve patients’ financial security than policies that would insure against lost income.

...

In the U.S., a huge gap exists between paid sick days, which can cover some short-term medical issues, and long-term Social Security Disability Insurance, which requires applicants to be out of the labor force for at least one year and comes with large barriers to going back to work. Just 39% of American workers have access to short-term disability insurance, a benefit available to just 15% of part-time workers. Most of these workers live paycheck-to-paycheck and can't afford to lose their income for even a  short period of time.

bloomberg

Is there such a thing as private-market disability insurance? I know I can't get it on loans, but I'm talking about insurance to living expenses...

[Wingnut]

Is there such a thing as private-market disability insurance? I know I can't get it on loans, but I'm talking about insurance to living expenses...

AFLAC

[Gefn]

I’m bookmarking this.

I don’t have dental insurance. Latest visit I have to pay in two installments on my credit card. Dang. Stupid cavity.

[Right_in_Virginia]

AFLAC

Mutual of Omaha, UNUM, too.

[OfTheCross]

thanks for the posts @Right_in_Virginia @The Ghost

I did a quick search and they only seem to offer Short-term.

AFLAC in particular seems to only pay $2800 when you're out of work for 6 weeks.

I was more curious about the long-term options.

[Wingnut]

Don't forget the biggest socialist saftey net to tap if you go fully "disabled".   

[OfTheCross]

Don't forget the biggest socialist saftey net to tap if you go fully "disabled".

You would do away with Disability benefits?

Is it bigger than Medicare/Medicaid/Social Security?

I never really hear the Disability program talked about

[Right_in_Virginia]

thanks for the posts @Right_in_Virginia @The Ghost

I did a quick search and they only seem to offer Short-term.

AFLAC in particular seems to only pay $2800 when you're out of work for 6 weeks.

I was more curious about the long-term options.

Individual disability plans were originally designed to bridge the waiting period for SSDI.

[OfTheCross]

Individual disability plans were originally designed to bridge the waiting period for SSDI.

Ah.. understood.

I was looking for a private alternative to SSDI as a way to cut the government out.

[Weird Tolkienish Figure]

You guys are wrong. Government must be the safety net that provides any and all bridges when any possible calamity befalls one of our citizens. /s

[Jazzhead]

It is common, and sensible, advice to have enough savings to be able to survive six months of not working.   The root cause for many is simply that they do not prioritize savings.   Commercial insurance is typically most useful for potentially catastrophic expenses such as the loss of a home or unexpected hospital bills, or to protect the family against the loss of the breadwinner's life.   It can be useful for income protection in short-term disability situations, but don't forget the option of self-insurance - personal savings!

[Wingnut]

It is common, and sensible, advice to have enough savings to be able to survive six months of not working.   The root cause for many is simply that they do not prioritize savings.   Commercial insurance is typically most useful for potentially catastrophic expenses such as the loss of a home or unexpected hospital bills, or to protect the family against the loss of the breadwinner's life.   It can be useful for income protection in short-term disability situations, but don't forget the option of self-insurance - personal savings!

IIRC OTC's plan was to use his credit cards in the event of a "unexpected event" rather than follow your prudent advice on a savings/rainy day fund.

[OfTheCross]

It is common, and sensible, advice to have enough savings to be able to survive six months of not working.   The root cause for many is simply that they do not prioritize savings.   Commercial insurance is typically most useful for potentially catastrophic expenses such as the loss of a home or unexpected hospital bills, or to protect the family against the loss of the breadwinner's life.   It can be useful for income protection in short-term disability situations, but don't forget the option of self-insurance - personal savings!

Everyone should have a short term plan. But what do we do in case of a long-term situation?

What if we can't work for 2 years, or forever...?

That's that Disability covers a bit of but it would be nice if we could purchase some kind of long-term disability insurance from the private market.

[OfTheCross]

IIRC OTC's plan was to use his credit cards in the event of a "unexpected event" rather than follow your prudent advice on a savings/rainy day fund.

What a mischaracterization.

You should link him the post where I said that   

[Victoria33]

You would do away with Disability benefits?  Is it bigger than Medicare/Medicaid/Social Security?  I never really hear the Disability program talked about

@OfTheCross

Company Disability Insurance, SSDI, SSI

Company Disability Insurance:
Before I knew my husband, an Engineer employed by a large company, when he was hired he had a choice of two insurance polices - regular life insurance or disability insurance.  He took the disability insurance, not know he would need this the rest of his life.  He had a bone disease, Ankylosing Spondylitis but did not know it at that time.  A few years later, he was walking in his office and fell to the floor.  His hip bones had collapsed - they were dying.  He never worked there again - that disability insurance kicked in and he had income the rest of his life, along with long term SSDI.

Private companies no longer offer Disability Insurance.  Social Security programs are used now. 

Below explains SSDI and SSI.  Social Security Adm. sent people to me for psychological testing/medical evaluation of past ability and ability now.  SS Adm. used my reports to enroll people in these programs or deny them benefits.  My report affected the rest of their life.  I took this responsibility seriously and my reports ran about 10 pages, single spaced.  Here are the two programs:

SSDI, or Social Security Disability Insurance, will help you if you have a long history of work, and you have paid into Social Security in prior work years. To qualify for SSDI, you also need to have been working for five of the last ten years. SSDI will help if you are severely disabled and can't be employed in your field of work. Your medical issue must meet the Social Security disability guidelines, and SSDI will pay eligible family members, as well.

Supplemental Security Income, or SSI, will support you if you have low income and few resources. It will give you cash for your basic needs, like shelter, clothing, and food. SSI pays out money based mainly on your monetary need. The program will award benefits if you have low income and are 65 or older, if you are disabled due to a medical condition, or if you are blind.

[OfTheCross]

@OfTheCross

Company Disability Insurance, SSDI, SSI

Company Disability Insurance:
Before I knew my husband, an Engineer employed by a large company, when he was hired he had a choice of two insurance polices - regular life insurance or disability insurance.  He took the disability insurance, not know he would need this the rest of his life.  He had a bone disease, Ankylosing Spondylitis but did not know it at that time.  A few years later, he was walking in his office and fell to the floor.  His hip bones had collapsed - they were dying.  He never worked there again - that disability insurance kicked in and he had income the rest of his life, along with long term SSDI.

Private companies no longer offer Disability Insurance.  Social Security programs are used now. 

Below explains SSDI and SSI.  Social Security Adm. sent people to me for psychological testing/medical evaluation of past ability and ability now.  SS Adm. used my reports to enroll people in these programs or deny them benefits.  My report affected the rest of their life.  I took this responsibility seriously and my reports ran about 10 pages, single spaced.  Here are the two programs:

SSDI, or Social Security Disability Insurance, will help you if you have a long history of work, and you have paid into Social Security in prior work years. To qualify for SSDI, you also need to have been working for five of the last ten years. SSDI will help if you are severely disabled and can't be employed in your field of work. Your medical issue must meet the Social Security disability guidelines, and SSDI will pay eligible family members, as well.

Supplemental Security Income, or SSI, will support you if you have low income and few resources. It will give you cash for your basic needs, like shelter, clothing, and food. SSI pays out money based mainly on your monetary need. The program will award benefits if you have low income and are 65 or older, if you are disabled due to a medical condition, or if you are blind.

Thank you, very much for the information!

[Cyber Liberty]

What a mischaracterization.

You should link him the post where I said that   

You did say that, but I have a life and am too busy to sift through hundreds of posts to find it.

[InHeavenThereIsNoBeer]

You did say that, but I have a life and am too busy to sift through hundreds of posts to find it.

Search nailed it in one.

http://www.gopbriefingroom.com/index.php/topic,376609.0.html

[Cyber Liberty]

Search nailed it in one.

http://www.gopbriefingroom.com/index.php/topic,376609.0.html

Thanks!   

[Hoodat]

Is there such a thing as private-market disability insurance?

Yes, there is.  But it is next to impossible to find outside of employer insurance plans thanks to Obamacare.  The pre-existing conditions mandate effectively put an end to it as part of a general health insurance plan.  For employer plans, you pretty much have to be capable of working before you can be offered a plan.

Of course we now have Democrats on record saying they will do away with insurance altogether if given the opportunity.  And yes, these are the same Democrats who steadfastly mandated that everyone must have insurance ten years ago.

[OfTheCross]

Search nailed it in one.

http://www.gopbriefingroom.com/index.php/topic,376609.0.html

Oh, you know what, I read @The Ghost 's post wrong. That is, indeed, my plan. I thought he was saying that I didn't advise people to have savings/rainy day funds

[Cyber Liberty]

Oh, you know what, I read @The Ghost 's post wrong. That is, indeed, my plan. I thought he was saying that I didn't advise people to have savings/rainy day funds

No harm, no foul.

[roamer_1]

It can be useful for income protection in short-term disability situations, but don't forget the option of self-insurance - personal savings!

Believe me when I say, ALL your savings and ALL your insurance is but a fart in a windstorm if true disability is thrust upon you. All that I had was gone in 3 months... To include regular insurance and catastrophic insurance and over 100k in savings. At 90 days the bills came critically due, and by 120 days I was cast to the wind. And the bills kept accruing for years thereafter.

That's why I know the whole dang show is bullsh*t.

[OfTheCross]

Believe me when I say, ALL your savings and ALL your insurance is but a fart in a windstorm if true disability is thrust upon you. All that I had was gone in 3 months... To include regular insurance and catastrophic insurance and over 100k in savings. At 90 days the bills came critically due, and by 120 days I was cast to the wind. And the bills kept accruing for years thereafter.

That's why I know the whole dang show is bullsh*t.

That really depends on your expenses, though. Those savings could last me a couple of years. Not counting medial expenses...

[Right_in_Virginia]

Ah.. understood.

I was looking for a private alternative to SSDI as a way to cut the government out.

This is called a 401(k) Plan/IRA and/or a savings account.