Re: Medical Bills Cause Half of All Bankruptcies

From: Mark Filice (m_filice_at_hotnotcoldmail.com)
Date: 02/04/05 

Date: 4 Feb 2005 14:29:52 -0800

In article <36i7lbF51ocaoU1@individual.net>, Susan says...
>
>Yet, when I shopped it around, I found no shortage of agents to sell us
>a policy for my husband. The other issue is that few young, healthy
>people realize that this is the policy they're most likely to need, far
>more so than life insurance.
>
>
>Do you have the option of carrying higher LTD coverage with after tax
>dollars from group policy?
>
Yes--the company provides a benefit of 60% of income, and they allow us to buy
an additional 6% with after-tax dollars. I couldn't sign up fast enough for the
upgrade.

>>
>>It only costs me $68.00 per month, and the premiums and benefits cannot ever be
>>changed until I reach age 65. As long as I am earning money and can show a loss
>>of income, they gotta pay me--in addition to any other insurance I might have.
>
>I believe we're paying half that much for more than twice the benefit,
>by buying it through the employer with after tax dollars.
>
>Susan

Yes, but there is a catch. Your group insurance is only good as long as you are
part of the group. The contract can be canceled by the employer, and you are no
longer covered. Most group disability policies have NO conversion option, so you
are out of luck if you leave the company or they cancel the coverage. That is
one reason your policy costs half as much as mine.

My Group LTD policy costs me only $17.20 per month--and covers me for a lot more
than my individual policy. But it is only good as long as I am employed by the
company. If I leave for any reason, I lose the coverage.

My policy is an individual contract between myself and the insurance company. I
take it with me wherever I go--and it cannot be canceled for any reason other
than non-payment of premium. The definition of disability is more liberal on my
personal policy as well.

I couldn't even buy my individual policy now, because of the group coverage that
is in force. On most individual disability policies there is an offset for any
group coverage in force. The insurance company does not want a person to be in a
position that they would make more being disabled than working.

Mark

Relevant Pages

  • Re: Drawer
    ... It's when you use the coverage ... That depends on the Insurance company she applies for coverage with. ... The only thing that would change is you could buy a policy ... The government does not compete. ...
    (alt.smokers.cigars)
  • Re: Drawer
    ... get coverage. ... then use that to drop your policy. ... That depends on the Insurance company she applies for coverage with. ... Those that don't won't be able to compete. ...
    (alt.smokers.cigars)
  • Re: Umbrella policies being gutted by State Farm
    ... the limits of that policy, but those limits are only enough to pay ... that were formerly covered by the Umbrella. ... telling about the big gap that just opened up in their coverage. ... Marina re-positioning your boat to another ...
    (rec.boats)
  • Re: Drawer
    ... get coverage. ... then use that to drop your policy. ... That depends on the Insurance company she applies for coverage with. ... They want to just price the risk pool so high ...
    (alt.smokers.cigars)
  • Re: How do you insure you trailer?
    ... My agent just got fired. ... the comprehensive section of the policy. ... there's a coverage gap, you're left with suing the agent for an "error ... employer, or maybe are retired and have medicare, then Med pay is ...
    (rec.outdoors.rv-travel)