Americans make a huge financial mistake when they consider out-of network co-pays, coverage for dental care, and other options during open enroll.
Many people dismiss the idea of disability insurance because they don’t feel well and don’t expect to be absent from work due to illness or injury. Disability does occur more often than workers realize, and it doesn’t necessarily mean permanent confinement or wheelchairs. A broken bone, back surgery, cancer, heart disease, or even a short-term illness such as pneumonia can all cause someone to miss work.
According to the Social Security Administration (SSA), three out of ten workers who enter the workforce today will be disabled at some time in their careers. One in seven workers will be disabled for at least five years. Disability can strike at any moment — find out your chance of becoming disabled. www.whatsmypdq.org.
When someone loses their income, bills don’t stop. Americans must ensure that they can still meet their financial obligations in case of illness or accident.
“We currently are facing many economic challenges, and this season wage earners may see some changes in their benefits packages,”Barry Lundquist is president of The Council for Disability Awareness. “It’s important that they don’t lose sight of their single most important asset — the ability to earn an income. It’s imperative during these difficult times to ask questions and learn about disability planning and protection.”
The CDA encourages employees consider the following:
1) What are my monthly living expenses if I lose my income?
2) Could my personal savings cover my monthly expenses for one, two, three, or six months? What would my savings pay for my expenses? “out of pocket”Medical expenses such as deductibles or copays?
3) Does my employer offer a long-term disability or sick-pay program? Am I participating? What time would it begin, what would the pay-out be and how long would it last?
Workers are encouraged to inquire about disability benefits from their employers during open enrollment by the CDA. Visit this site for more information www.disabilitycanhappen.org.
