Disability and Critical Illness Insurance
Life is full of uncertainties, and there are no guarantees. An accidental injury or critical illness might keep you from working for a while or force you into early retirement. You shouldn’t have to worry about money if either of these calamities happen.
Disability and Critical Illness Insurance
Life is full of uncertainties, and there are no guarantees. An accidental injury or critical illness might keep you from working for a while or force you into early retirement. You shouldn’t have to worry about money if either of these calamities happen.
Disability and critical illness insurance plans ensure you keep getting paid even when away from work and don’t have to worry about medical expenses. So, secure your financial future and save yourself from expensive medical bills by buying disability and critical health insurance plans. At Goldstein Healthcare, we will help you choose the best plan for you as an individual, family, or business.
Disability Insurance Plans
Disability and critical illness insurance plans ensure you keep getting paid even when away from work and don’t have to worry about medical expenses. So, secure your financial future and save yourself from expensive medical bills by buying disability and critical health insurance plans. At Goldstein Healthcare, we will help you choose the best plan for you as an individual, family, or business.
Disability insurance policies provide income for workers who cannot work for a short or extended period because of a disability. Injured or sick workers can get disability coverage from a private insurance company or the United States Social Security System (SSS). Also, the injury or illness must not be work-related to enjoy disability insurance benefits.
What is a disability insurance policy?
Under the SSS, a person qualifies for disability insurance if they:
Cannot work because of a medical condition that is expected to last at least one year or result in death
Have a partial or short-term disability
Meet the Social Security Administration’s (SSA) definition of a disability (can I collect Social Security and disability benefits?)
Are younger than their full retirement age
For private insurers, a person will qualify for disability insurance benefits if they meet the conditions stipulated in the insurance contract. What this entails differs from one insurer to the next. Therefore, carefully read an insurance policy to ensure you agree with the terms.
The Two Types of Disability Insurance Plans
Short Term Disability Insurance (STD)
STD insurance plans cover disabilities that last for a short time, usually less than a year. It replaces up to 60% of the policyholder’s pre-tax income, and an individual or their employer (through a group insurance plan) can purchase it. Also, STD insurance policies often have rehabilitation features to help employees return to work faster.
Long Term Disability (LTD) Insurance
Unlike STD insurance, long-term disability insurance plans cover injured or ill workers’ wages if they cannot work for an extended period. The benefit can last for two to ten years or until/after the policyholder retires. Like STD insurance, the policyholder gets up to 60% of their pre-tax gross monthly income, and the premium is about 1% to 3% of their salary. Also, individuals or employers purchase this insurance policy.
Critical Illness Insurance Plans
A health insurance plan does not always cover the costly medical expenses of terminal/critical illnesses. This is where a critical illness insurance policy comes in. It pays for treating ailments that your standard medical insurance does not cover.
These conditions include:
Cancer
Stroke
Organ Transplant
Heart Attack
Coronary bypass
End-stage renal failure
Severe burns
Alzheimer’s
Parkinson’s disease, etc.
Private insurance companies provide critical illness insurance plans, so the conditions listed in each policy may differ. Suppose you have a history of family illness not listed in an insurance contract; you can speak with the insurer to include it.
However, the illness type and the cost of treatment affect the amount you pay as a premium. Individuals can purchase a critical insurance policy for themselves or their whole family. Employers can also buy for their employees to complement their medical insurance and disability coverage.
Goldstein Healthcare makes it easy to find out if you qualify.
Goldstein Healthcare makes it easy to find out if you qualify.
Disability Insurance vs. Critical Illness Insurance
Disability and critical illness insurance have the following fundamental differences:
Disability insurance pays income to a person who cannot work due to a disability.
Critical illness insurance is a lump-sum benefit paid to a person diagnosed with one or more of the covered medical conditions.
Disability insurance covers a portion of the policyholder’s income, while critical illness insurance pays for medical expenses.
A policyholder must prove they can’t work under disability insurance, while critical illness insurance does not require such evidence.
Disability insurance payments are based on the percentage of the policyholder’s income before their disability.
The amount of critical illness insurance benefit is specified in the policy.
Should You Have Both or One?
While the critical illness insurance benefit will pay your medical bills, you have other expenditures that it won’t cover, like living expenses. With a disability insurance plan, you get a monthly income that helps you cater to other needs while away from work.
Ultimately, one isn’t better than the other. Instead, disability and critical illness insurance plans complement each other.
Our Role at Goldstein Healthcare
At Goldstein Healthcare, we’ve made it easy to buy a disability and critical insurance policy. We researched and put together the best disability and critical illness insurance plans. We will present a customized plan that matches your unique needs as an individual, family, or business owner.
Contact us today to speak with one of our experts or get a free quote.
Should You Have Both or One?
While the critical illness insurance benefit will pay your medical bills, you have other expenditures that it won’t cover, like living expenses. With a disability insurance plan, you get a monthly income that helps you cater to other needs while away from work.
Ultimately, one isn’t better than the other. Instead, disability and critical illness insurance plans complement each other.
Our Role at Goldstein Healthcare
At Goldstein Healthcare, we’ve made it easy to buy a disability and critical insurance policy. We researched and put together the best disability and critical illness insurance plans. We will present a customized plan that matches your unique needs as an individual, family, or business owner.