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| *Loan,banking and credit>>>disability insurance |
Which is better? gov. disability or company long term with their insurance? |
Which is better? gov. disability or company long term with their insurance? I'd say Government disability, such as SSDI. There are several reasons: 1) Although it's more difficult to be approved, once you are, the government doesn't make you file claim forms every month, like most insurers do. It may be two (or more) years before the government follows up on your progress. Private insurers are always looking over your shoulder to see if you're close to returning to work -- so they can save money. 2) If you're approved for disability benefits through a private insurer, then are approved for SSDI, you have to pay back the majority of benefits you received from the insurer. The insurer is then only liable for a tiny monthly benefit. If you receive additional SSDI funds because you have dependents, private insurers increase the amount you have to refund them. 3) Once approved for SSDI, the government lets you work limited hours and still keep your benefits. Under most private disability policies, you can't work at all. That means if you want to gradually build up to working full time (called "work hardening") under a private policy, your benefits cease, even though you're barely making any money. Company long term disability, no question. Government disability is hard to get (even if you should get it) because the qualification process can be lengthy and difficult. With your company's long term disability insurance, as soon as you can document that a problem is a long term issue with the right medical documentation, you will get paid. In most cases, this is relatively easy as you will have been on short term disability preceeding the move to long term disability. Further, you will likely get more money from a long term disability policy than you would ever get from the government disability program. financial writer for www.insuranceguide101.com |
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