Re: Medical Bills Cause Half of All Bankruptcies

From: Susan (slf4591_at_aol.comnojunk)
Date: 02/04/05 

Date: Fri, 04 Feb 2005 18:16:44 -0500

x-no-archive: yes

Mark Filice wrote:

> 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.

Most folks I know have been able to convert their LTD policies upon
leaving employment. The savings is over $150 per month. If my husband
leaves due to disability, he doesn't need to convert. If he leaves in
good health, he can buy a private policy again, having saved lots of
bucks in the meantime.

>
> 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.

They're not all written that way.

>
> 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.

And you pay an awful premium price for that. And they still make you
fight harder than Social Security does, in the end, if you need the
benefits. Many of them, anyway.

>
> 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
>

Natch. But you can save and invest the big diff in premiums for the
time being.

Susan

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