Long Term Disability Insurance and Long Term Care Insurance
Even if you don’t work a dangerous job, it’s a good idea to take precautions for the worst. If you’re injured and unable to work for years, do you know how you’d support yourself? If you’re injured or seriously ill, long term disability insurance covers roughly 50 to 70 percent of your income. According to the Council for Disability Awareness, the average long term disability absence lasts around 34.6 months.
If an employee is injured off the job, they won’t be covered by worker’s compensation. This is where long term disability insurance comes in. When you cannot work for an extended period of time, this kind of policy will cover a portion of your salary so you can pay for medical and daily expenses.
Long term care insurance helps provide the cost of long term care beyond a predetermined period. Individuals who need long term care are unable to perform basic daily activities. On average, eight percent of people between 40 and 50 require long-term care services. This policy covers home care, assisted living, respite care, hospice care, nursing homes and Alzheimer’s facilities. It can also pay for a live-in caregiver, companion, housekeeper, therapist or private nurse. There are both tax and non-tax qualified long term care policies available.
Who Pays for Long Term Disability/ Long Term Care Insurance
Long Term Disability
- Employee fully paid plan
- Employer fully paid plan
- Shared cost plan
Long Term Care
- Medicare (only if you require skilled services or rehabilitative care)
- Medicaid (only if your income is below a certain level and you meet state eligibility requirements)
- Employer-sponsored and private health insurance
How We Can Help
Life is unpredictable, you never know if you’ll get seriously ill or sustain a life-altering injury. At Cornerstone Wealth Management in Las Vegas, Nevada, we are dedicated to helping you feel secure about the future. As a wealth management and long term insurance company, we can give you valuable information about your long term disability and long term care options. Contact us today if you or a loved one might require a long term disability or long term care insurance policy.