Tuesday, 22 August 2017

Disability/Long Term Care

DISABILITY INSURANCE

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Your chances of becoming disabled during your working
years is THREE times greater than your risk of dying
Are you not happy with the Disability plan offered by your company?
Do they even offer Disability Insurance?
Are you self-employed and worry about what will happen to your family if you’re unable to work?
The misconception out there is that disabilities have to something catastrophic. The reality is that the most common disabilities in the U.S. are heart disease, back problems, arthritis, asthma, and diabetes. Consider this: Your income enables you to maintain and protect your family and your lifestyle – your home, car, food, clothing, tuition and bills. What would you and your family do if your paycheck stopped tomorrow and didn’t begin again for a year? Several years? You may think Social Security will provide adequate disability income, but the truth is almost 50% of claims are denied by Social Security because applications don’t meet the strict standards as set by the government.
At Roth & Reynolds, we can provide you with an Ohio Insurance Quote for
Disability specifically designed to meet your needs. Please contact us for a quote!
Disability Insurance is a concept everyone understands. You’re injured or sick and can’t work, so the policy provides you with an income. But how much money will you get? How soon will the payments start? How long will they go for? We are here to help you understand the concepts and terms of Disability Insurance. 

POLICY BENEFITS: You’ll receive a monthly benefit if you are prevented from working in your regular occupation, are not gainfully employed, and are under the care of a physician.

GUARANTEED RENEWABLE COVERAGE: As long as your premiums are paid on time, the company cannot change your coverage until the first premium due date on or after your 65th birthday. Premiums are subject to change on a class basis only. 

ELIMINATION OR WAITING PERIOD: The time period before your monthly benefit kicks in. You make this choice, and your options are 60, 90, 180, 365, or 730 days. The faster the benefit kicks in, the higher your premium will be. 

BENEFIT PERIOD: Also up to you. This means how long the policy will pay your benefit. You can select from 2 years, 5 years, or to age 65 or 70. As you probably have guessed, the longer the benefit period the higher your premium. 

RESIDUAL DISABILITY RIDER: Optional benefit that allows you to receive a partial disability benefit, under certain conditions, if your disability causes you to lose 20% or more of your earning. 

COST OF LIVING ADJUSTMENT (COLA) RIDER: To help your benefits keep pace with inflation, this option automatically increases your benefit annually after you’ve been disabled for 12 months. 

GOOD HEALTH BENEFIT (REFUND OF PREMIUM): Optional coverage & subject to availability. Provides you with a 50% refund of the total premiums paid, minus any claims, every five years. 

Please read on for more information for your Ohio Insurance Quote for Disability

How much money you will receive in Disability Insurance benefits is based on how much money you make. Typically, a Disability Insurance policy will provide you with up to 70% of your income. If you’re not working, the thought process is that you won’t need the full 100%. It’s also set up that way legally, to provide disabled persons with incentive to want to get healthy again and go back to work.
Another big factor in Disability Insurance is your occupation. The more physically active your job, the more likely you might become disabled. Insurance companies group occupation types into categories. Below is a list of sample occupations for Disability Insurance:

1A – Ambulance Drivers, auto body repair workers, bus drivers, custodians, exterminators, furniture movers, police officers, fire fighters, building painters, roofers, taxicab drivers, tree trimmers, long haul truckers, water well drillers

2A – Aerobics instructors, automobile mechanics, barbers & beauticians, brick masons, carpenters, chiropractors, local delivery drivers, drywall installers, electricians, farmers, game wardens, machinists, welders

3A – Cashiers, clergy, dentists and hygienists/technicians, lab technicians, nurses, retail liquor sales, real estate appraisers, surveyors, teachers, small animal veterinarians, trucking dispatchers

4A – Accountants, attorneys, computer programmers, insurance agents & brokers, librarians, paralegal assistants, real estate agents and brokers, traveling salespersons, travel agents

Please contact us today for your Ohio Disability Insurance Quote


LONG-TERM CARE INSURANCE

 

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When it comes to needing Long Term Care there are 4 ways you can pay for it.
· Have family members take care of you at no charge
· You can pay for it out of your own pocket.
· Medicaid will pay for it once you have depleted your asset
· You have long term care insurance that can cover the cost of long term care
What is Long Term Care
Long term care is the type of assistance you would need if you were unable to handle some of the basic activities of daily living or if you require substantial supervision due to a cognitive impairment.
What is Long Term Care
Long term care is the type of assistance you would need if you were unable to handle some of the basic activities of daily living or if you require substantial supervision due to a cognitive impairment.
How much does a nursing home cost?
– On average, one year in a nursing home or 24-hour home care can cost more than $66,000 today1. In states such as New York, the costs can run as high as $115,3402. 

– With costs increasing at about 4%3 per year. By 2030 the cost of a nursing home is expected to be more than $190,000.
What are your Long Term Care Experiences with a friend or family member?
How was it paid for?
Who provided the care?
How long did the person need care?
Was the care expected or unexpected?
How did long term care affect the family?
While everyone may or may not need Long Term Care insurance it is very important that everyone develop Long Term Care Plan. Many times clients come to us to help them with a long term care plan when they are a few months away from needing care but it is already too late. Please call us or submit a quote request and we will provide you with a quote and Long Term Care Analysis to determine if coverage is right for you.
1. Congressional Budget Office, “Financing Long-Term Care for the Elderly” April 2004.
2. New York State Partnership for Long Term Care, 2003.
3. Based on a rate of inflation of 4.25% of nursing home costs according to the Bureau of Labor Statistics Consumer Price Index See: Fitch, IBCA, Duff & Phelps, “Long-Term Care: An Industry in Transition” January 18,2002.
4. American Council of Life Insurers, “Long-Term Care Insurance: Protect Your Future” 2001 

Please contact us today for your Ohio, Kentucky, or Indiana Long-Term Care Insurance Quote at Roth & Reynolds, we look forward to earning your business!

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