One of the most important steps to take regarding disability insurance plans and income protection is to develop a financial vocabulary and knowledge base as well as information on individual legal rights and responsibilities. Another step is to ensure that all information provided to employers, financial planners, medical personnel, and relevant government agencies is correct […]
One of the most important steps to take regarding disability insurance plans and income protection is to develop a financial vocabulary and knowledge base as well as information on individual legal rights and responsibilities. Another step is to ensure that all information provided to employers, financial planners, medical personnel, and relevant government agencies is correct to the best of the claimant’s knowledge.
When an individual is receiving disability insurance in addition to retirement benefits, ERISA, or The Employee Retirement Income Security Act of 1974, provides certain protections. This federal law, as well as additional information, can be read at The United States Department of Labor’s website, available at dol.gov. In addition to ensuring that minimum standards are met for private retirement and health benefits, it is concerned with overseeing “retirement, health and other welfare benefit plans (e.g., life, disability and apprenticeship plans).”
Another factor to consider when pursuing methods to protect current and/or future income is to research income protection policies such as those that fall under the heading of Long-Term Care (LTC). According to NAHU.org, this term is partially defined as the “care and related expenses associated with an extended illness or injury, including rehabilitation and maintenance of a person who is disabled and cannot care for himself and who is expected to need care for an extended period of time.” Furthermore, LTC coverage also takes chronic conditions into consideration.
Further information on LTC and other related matters is contained within NAHU.org’s The Consumer Guide to Long-Term Care. As with other types of policies, there are specific requirements and financial considerations; these include “Age”, “Plan Design”, “Health”, “Lifestyle”, “Marital/Couple status”, “Group Sponsorship”, “Elimination and Benefit Periods”, and “Insurance Company”.
While it may be difficult to anticipate the need for short or long-term disability, many employers may post or otherwise provide information on available salary and income protection programs.
