Disability Insurance?

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Disability Insurance?

Postby EyeDoc » Wed Feb 04, 2009 8:12 am

Just curious....was anyone lucky enough to purchase disabiltiy insurance before you were diagnosed with MS?

Has anyone claimed their disability insurance policy?
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Postby chrishasms » Wed Feb 04, 2009 8:58 am

I was and did.

I will warn you right now, you will need to go to an occupational therapist who is equipped to do disability testing.

They will bug you like mine does all the time. You will need to constantly bug your doctor for medical forms to send to them. However if you keep up with their dumb demands (they don't realize MS doesn't get better) you will always have a check.

I hope you don't have The Standard because they are a bunch of slackers.
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Postby EyeDoc » Wed Feb 04, 2009 9:09 am

I am afraid of that, Chris. I am nowhere near trying to claim disability, and I hope I never have to. My insurance broker tells me I won't have to worry a bit, that they will pay my claim with no hassle, but I fear the reality will be what you speak of. I don't think the insurance company will want to part with $5K/month easily. But they have been taking my payment every month with no complaint.

On a side note, I tell everyone I can to take out disability insurance because you never know what will happen in life. I was a healthy 26 year old when I took it out. Most people that age feel invincible and think it is a waste of money. Thank goodness I took it out. SSI disability is simply not enough to get by with.
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Postby notasperfectasyou » Wed Feb 04, 2009 9:44 am

Kim had disability through her employer. It nets with SS so she doesn't collect very much. Mostly, you need to read the fine print. Disability payments are reduced if you get social security. I suppose it's double dipping to get both, but it's not very clear how disability insurance is marketed. You think they are going to be responsible for a certain benefit and you find otu later that most of that benefit was premised on social security that you would have gotten anyway. Given all this, I still have a pretty good LTD policy that I put in place for myslef. If you are a CPA, you'd be crazy not to buy the life and disability policies you can get through institute membership.

Kim has been ordered to have a disability review. The last time she had a nasty experience in which the carrier sent a car to pick her up and she was dropped of at a residential house. The neuro was a contract doctor working out of his basement. She found the entire experinece unprofessional. The doctor did agree that Kim was disabled, however, it was anxioty inducing.

Ken
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Postby Terry » Wed Feb 04, 2009 4:20 pm

Napay,
Not all disability policies subtract the SS amount. The ones I sell at my work do not. I'm not sure if the difference is employer vs personal or what. This is a good question to ask, though, before purchasing one.
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Postby EyeDoc » Mon Feb 09, 2009 12:31 pm

Terry wrote:Napay,
Not all disability policies subtract the SS amount. The ones I sell at my work do not. I'm not sure if the difference is employer vs personal or what. This is a good question to ask, though, before purchasing one.
Terry


I am glad to see your post because my insurance salesman said the SS benefit would be in addition to my disability payout throught the insurance company. Even still, SS disability is a pretty small benefit and won't make a big difference.
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Postby Sharon » Mon Feb 09, 2009 4:31 pm

EyeDoc -

I would really be surprised if your disability insurance pays in addition to the SSI. If so, you have one heck of a disability policy. The insurance companies work to get you on SSI as soon as they take over total disability payments. They obviously want to share the expense.

You mentioned that you had started paying premiums when you were a healthy 26 - I was fortunate to have bought long term health insurance prior to my MS diagnosis - I think we are both fortunate.

Sharon
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Postby Terry » Mon Feb 09, 2009 5:10 pm

Sharon and Eyedoc,
Disability insurance is not something I work on very often, but I did ask that specific question to the disability company not too long ago. When I get a chance I'll call them and have them explain in more detail. I'll do it tomorrow if I have time.
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Postby Terry » Tue Feb 10, 2009 5:15 pm

Called to ask the company for clarity today.
On their policies, NO money is subtracted from the benefit from the BASE policy payout.
Any RIDERS that have been added and pay out DO have the SS amount subtracted.
Definitely a question worth asking to your provider.
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Postby EyeDoc » Wed Feb 11, 2009 8:19 am

I spoke to my insurance agent for clarification. Mine is a disability policy through Northwestern Mutual. Basically, at age 26 I started paying monthly for a set disability benefit payout. I have been paying for 7 years now, and I can never miss a payment. I bet the company would love to have an excuse to drop me from my poilcy for any reason :) I won't give them one.

He did say that the payout is in addition to SS disability.
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Postby Sharon » Wed Feb 11, 2009 9:26 am

EyeDoc -

Good news for you! I should have guessed it was Northwestern Mutual - in my opinion they are one of the best insurance companies to deal with.
I have worked with them personally and professionally and have never had a problem.

Sharon
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Postby Mike56 » Mon Jun 22, 2009 1:56 pm

I live in BC, Canada. I am currently on LTD which was paid for by my work. It's through Manulife. It pays 70% of my normal wages (at the date of my disability), subject to taxes, and would be reduced by any government disability amount I may receive. I haven't had any problems with them yet. I do have to keep them up to date and copy them in regarding any med appointments, tests, results, etc....but what else have I got to do? In 2 years time the criteria for my LTD will change. For the first 24 months, I qualify by not being able to do 60% of my current job. At the end of 24 mnths, if I am able to be trained to do any job that pays at least 75% of what my own job pays, I will not qualify for LTD any longer. It's my hope I can return to work after my next MRI in August, even if it's on a part time or light duties bassis. Time will tell....
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