Disability Insurance

Social security

There is no specific age limit for disability insurance, as eligibility typically depends on the insurance provider's specific policies and the individual's health and occupation. However, older individuals may face higher premiums or more limited coverage options. It's best to consult with insurance providers directly to determine eligibility based on your age and circumstances.

Social Security

Double check with your local Social Security office to find out about your eligibilty for Medicare. Generally, after you are on Social Security Disability for two years, you are eligible for Medicare regardless of your age. I found this, thought it may help: Medicare Eligibility Toolhttp://www.medicare.gov/MedicareEligibility/home.asp?version=default&browser=IE%7C7%7CWindows+Vista&language=English

With Disability insurance, the taxation of benefits is based on how the premiums were paid. If the premiums are tax deducted, then benefits will be taxable as ordinary income. However, if the premiums were not tax deducted (meaning paid with after-tax dollars), the benefits will not be subject to income tax.

There is typically not an age limit for acquiring disability insurance, but premiums may be higher for older individuals. It's best to purchase disability insurance earlier in life when you're younger and healthier to secure better rates and coverage.

Here is advice: * Not only does it not make sense, you can't! It may, however, make very good sense, depending on your own personal situation, to buy Long Term Care insurance. * If it were available to a person age 72 which I doubt, it would not make sense to purchase it.

If you have adequate funds set aside to retire today or pay your monthly bills without continued income today than no, you don't need to keep it. Keep in mind that the older you get the more likely you will need the protection. Drop it today, get diagnosed with cancer tomorrow. Murphy's Law. Besides, if you opted for the money back rider you will get all your money back anyway....you did opt for the money back rider didn't you? If it is a toss up between keeping the DI and buying LTCi, then the answer is drop the DI to free up the premiums to pay for the LTCi. 4lifeguild

Overtime

Because the 2 programs are identical in purpose (paying you because you are unable to work due to health reasons) you could collect on only one.

If your benefits themselves, and not the benefit period, runs out, you generally have to earn a multiple of the weekly benefits you've been receiving, at a new job before you qualify again. As each state may be different, check with your own state's employment security office for details.

You can apply immediately after leaving the workforce, but your disability must be expected to last at least 12 months, or result in death, in order for you to be eligible to receive Social Security Disability benefits.

Here is input and advice from FAQ Farmers: * No, but in most cases you can only buy up to 60% of your current income and you must be emplyed FT. 4lifeguild * Generally 20 to 25K. It's not a law. Check with your agent. State Disability and Social Security is mandatory. * Yes. The monthly benefit of personal disability insurance is determined by your income.

The amount of income you could receive in addition to Social Security benefits will depend on the type of benefit your Disability insurance coverage provides. Some benefits will offset with all Social Security benefits you qualify for, which essentially means the additional income you receive will be equal to the difference of your monthly benefit and your Social Security benefits.
$5,000 Disability insurance benefit (off-settable)
$1,000 Social Security benefit
You will receive a net $4,000 of additional income and a total of $5,000.


There is also a benefit called "base" benefit, which does not offset with Social Security benefits. In this scenario the additional income you will receive is equal to your entire Disability insurance benefit.
$5,000 Disability insurance benefit (not off-settable)
$1,000 Social Security benefit
You will receive a net $5,000 of additional income and a total of $6,000.

There are two law that provide job security during your leave for disability: the FMLA provides twelve weeks of unpaid leave for your disability. NJ has a separate law, but it provides leave for you to care for a sick family member - not your own disability. Your employer does not have to hold your job open if FMLA does not apply, or if your leave extends beyond 12 weeks.

== == DI is meant to support you financially when you can't work. Insurance companies do not wish to pay you the benefit if you can still do your job. So the answer is no. There may be some loopholes with very good coverage such as an Own Occ policy where if you were a Dr and could not do your job, you would collect DI but maybe still be able to flip burgers at the same time. Also, there are some benefits that allow you to work PT and still collect part of your DI.

Are you currently disabled?

If so, check with your employer and / or state's social security disability benefits.

If not currently disabled, you can get individual long-term disability protection from a handful of disability insurance companies, or through your employer.

net income...

NO you can not lose your pay. If you are back to work light duty and need to see the work comp doctor or therapy then you receive your pay and work comp * If you are out of work due to an injury you WILL NOT RECEIVE YOUR REGULAR PAYCHECK from your employer. In a nut shell; you go to work, your employer pays you. If you cannot go to work due to a workmens comp claim you will have to file for comp from the State or the insurer. In the State of Nevada you only receive about 45 cents on the dollar compaired to what you would receive had you worked for your employer. * WCI benefits are paid to a worker when the person cannot perform the duties attributed to his or her job. The employee CANNOT receive regular pay and WCI benefits at the same time.

In the US, California, Hawaii, New Jersey, New York, and Rhode Island impose mandatory state disability insurance programs for employees. The purpose of the programs is to provide some protection against wage loss caused by short-term non-work-related disabilities. The insurance premium is submitted to the insurer by the employer but paid either jointly by the employer and the employee, or entirely by the employer, depending on the employer's good will. There are some limits to what the employee may be required to contribute by the employer. This insurance is in addition to two well-known government disability programs: Worker's Compensation and Social Security. Employees' contributions are federal tax-deductible.

Simple answer: No. Group Disability Insurance is not like Group Health Insurance -- and all the ERISA regulations that control how this employee benefit works. With Group Disability Insurance, an employer can "carve out" a select group of employees -- meaning the employer can create a "plan for just one employee (himself!)".

An employer can also offer a contributory insurance plan, in which case the employee will contribute a certain percentage of premium. Or the employer can choose to offer a voluntary plan, where the employees enroll on their own accord and pay full premium.

A functional disability limits a person's ability to perform physical activities, have a significant sensory impairment or mental illness, need long-term care, use assistive devices or technology and have developmental delays.

Georgia does not have state mandated short term disability coverage.

Private short term disability policies will cover your pregnancy and maternity leave - provided you apply for coverage before getting pregnant.

Disability insurance typically covers up to 2/3 of your gross income, up to certain monthly limits. The amount of take-home pay you will receive depends on several factors:

If your income is very high, you may hit the monthly benefit limit, and thus receive a benefit that is less than 2/3 of your gross.

If you pay for your policy at work with either pre-tax dollars, or if your employer contributes to the cost of your premium, your benefit will be taxed.

If you pay for the policy entirely by yourself, and you pay using after tax dollars you will receive your benefit tax free. A policy replacing 2/3 of your gross income, could actually replace close to all of your former take home pay.