Have you ever though of how you would support yourself in the event of an injury? With the average worker having an almost one in four chance of being disabled before 67, the topic of disability is worthy of discussion. For example: Let's say a person who makes $50 grand a year loses ten years of work due to an injury. Ten years of work lost roughly equals out to half a million dollars (which doesn't include money spent on medical expenses). So considering the financial effects of an injury or illness, setting yourself up with disability insurance is the best way to prevent your world from turning upside down after an unforeseen circumstance. Here's a look at some of the disability insurance plans that could apply to you.
If you happen to get sick or hurt on the job, it's likely that you'll be looking into State Workers' Compensation Insurance for benefits. You don't have to pay for this assistance and the benefits can include medical care related to the accident and a percentage of your salary. However, your employer must reach an employment quota and the guidelines/rules for this insurance vary by state.
Many individuals assume Social Security is reserved for those who have retired from the workforce, but there are a few exceptions to this rule. For example, if you have been disabled from an early age, you might be able to receive Social Security Insurance benefits. If you're in a position whereas you were injured or hurt and you can no longer work, you could receive Social Security Disability Insurance. However, you might only receive small payouts (compared to what you were making) and your benefits could be reduced if you happen to be receiving workers' compensation with SSDI.
Depending on your employer, you might have Workplace Private Disability Insurance. These insurance plans are broken down into two different types: short and long term. Before you can collect with a short-term plan, you'll need to be disabled for 8 to 15 days before benefit collection is possible. With long-term plans, they take about 3 to 6 months to kick in benefits and they allow you to add additional coverage to cover financial holes.
If you have a pre-illness or pre-injury, enrolling into a Private Workplace Plan wouldn't be such a bad idea. When these are offered through a workplace, they tend to offer satisfactory coverage and low premiums. It's also worth noting that these plans will be sold to you at a group rate and your employer will not benefit from your purchase of these plans.
Although these are policies that you should purchase on your own before an accident or illness, they can usually be purchased through professional associations or groups.
Considering your options, it's mainly up to the coverage you can afford and the occupation you work in order to decide the plan you'll need to cover yourself. If you have a desk job, it's less likely you'll be injured; If you work in construction, there's a possibility you could get hurt. After weighing these options, you'll have no problem deciding the disability insurance plan that's right for you. Contact Winters Insurance today to learn more about our disability insurance services.
Now that the Affordable Care Act, or Obamacare, mandates that most Americans purchase health insurance, some young and healthy people are questioning whether they need coverage at all. The fact is, even if you think you are healthy, contracting a sudden or serious illness can lead you down the path of financial ruin if you are uninsured. Plus, it’s worth the peace of mind knowing that if something happens to you, you’re covered. Choosing not to have health insurance is a major risk, and here at Winters Insurance Group , it is not something we would recommend doing.
As your trusted Quincy, IL auto insurance company, Winters Insurance Group provides a variety of different types of auto insurance to drivers all over Illinois. Every driver is required to have a minimum amount of insurance, but unfortunately, auto insurance is filled with terminology that can be confusing to people who aren’t versed in how insurance works. There are a lot of different types of auto insurance out there, and here at Winters Insurance Group, we want to help you make an informed decision about what type of insurance to buy. Here is a list of common auto insurance terms that you’re likely to come across when you’re shopping for insurance.
Here at Winters Insurance Group, your premier Quincy, IL health insurance provider, we understand that health insurance is incredibly complicated. If you’re an average family just trying to ensure that your loved ones all remain healthy, it can tough to keep track of all the terminology around health insurance. From deductibles to premiums to Medicaid, health insurance terms are almost like a foreign language. One of the things we do here at Winters Insurance Group is provide a variety of health insurance solutions to individuals, families, and companies around the Quincy, IL area, and thus, we consider ourselves to be experts when it comes to the matter. Here is a list of some of the most common health insurance-related terms that you’re likely to hear.