Health insurance is meant to safeguard you financially, in case of any accident or illness, which could befall you. Illnesses can be cured, and modern day healthcare promises to get you out, most of the time. But in the event of an accident, the loss of a limb or spinal injury can leave you in complete disarray. After such a ghastly accident, your life can change drastically and your finances, can end up in shambles, if the disability makes you unfit to work. To avoid such a situation it is best, that you consider a disability insurance, to cover for any such future accidents.
Disability insurances are generally used, to avoid loss of income in case of any accidents, at the work place. Companies do work overtime, to reduce the risk of such accidents, as they are a problem for the company too, with resultant litigations from the injured employee. Though disability insurance is in no way a cover, for monthly income, it does help to cope with the loss of a stable monthly income as long as, you can't come to work, which depends on your injury.
If the disability is for a year or so, you can be eligible for social security benefits. This is the law in most states in the USA, and the employer will pay the premium for the insurance from your monthly salary. There are two types of disability insurance that you can choose from:
- Short term disability insurance - the coverage under this plan lasts, for 2 years at most. You can expect disability insurance compensation to start after 2 weeks
- Long term disability insurance - long term disability insurance, as the name suggests can last longer, sometimes your entire life, but consequently, your compensation can take weeks or months to start flowing in
The protection offered by disability insurances can also be of two types, depending upon the protection clause. These clauses only govern the protection offered to you, and are independent of your job status at the time they are being used. The two types of clauses are:
• Non-cancellable - this protection clause ensures that your disability insurance cover is not lifted, under any circumstances other than non-payment of premium. This is the safest bet you have, in a health insurance for disability
• Guaranteed renewable - a guaranteed renewable clause ensures that your benefits continue into the new year every time. The premium to be paid, will remain the same and will only increase if there is an overall increase of the premium under the bracket specified.
In most cases, for those who serious disabilities, they can turn to Medicare, which though meant for those above 65, can also be used for disabilities that qualify; though you need to apply for Social Security Disability Insurance (SSDI) for at least 2 years before you enrol.
Medi-Cal and Healthy Families, is another program that provides health care to families with low incomes, especially families with a disabled dependent.
No one is above, getting injured. If you can plan for a fatal accident, and buy a life insurance, you should also consider buying into disability health insurance, because you never know, what life might bring, and you need to be prepared for it.