Florida disability insurance can offer you the peace of mind that should something happen to you, you and your family will be covered and financial obligations can be met. When you are healthy and able to work, it is hard to imagine a time that disability insurance may be needed. But having the right coverage when an unforeseen accident or injury occurs is very important. Following is some pertinent information about Florida disability insurance that can help you decide if this type of coverage is something you want to add to your overall insurance portfolio.
What Is FL Disability Insurance?
Disability insurance, sometimes referred to as disability income insurance, is a type of coverage that protects your income against a situation that would make earning income through working impossible. It essentially replaces the income you would lose through a disability or injury. It includes paid sick leave, long term benefits, and short term benefits. Depending on what type of coverage you choose, you can be covered from the day of your injury until other arrangements can be made.
Since disability insurance is supplementary to other health insurance plans, you typically do not need to answer any medical questions, have a physical or provide other medical history information. You only have to prove that you work full time through an employer or through self employment. Some employers in Florida offer disability insurance as part of an overall health insurance plan, but coverage is usually limited to a couple of weeks. So even in this case, having a supplemental plan can protect you further.
Florida Disability Insurance Statistics
Though it is not pleasant to look at disability statistics for the state of Florida, it can help you to better see the need for disability coverage. In Florida, seven out of ten people between the ages of 35 and 65 will suffer a disability that will leave them out of work for 3 months or longer. Place this against the fact that the average American family has about two months of savings set aside and the numbers just don’t add up. Plus, if your injury does not occur at work, worker’s compensation insurance will not coverage your costs.
Why You Need FL Disability Insurance
Though you may be very healthy and feel confident that you can work, remember that disability insurance is for unforeseen accidents. Sometimes a disability will result in coverage from Social Security, but this coverage typically takes months to qualify for and isn’t retroactive. So having disability insurance can give you the time to apply with Social Security and wait to receive your benefits. Considering that 55% of Social Security claims are denied every year, having disability coverage is wise. Also, the maximum amount paid monthly by Social Security is only $1,600.
Disability insurance can protect what you have and allow you to keep your standard of living. A recent study showed that 48% of homes that were lost to foreclosure were lost because the main breadwinner had suffered an injury that resulted in a temporary or permanent lost of income. Employers will only coverage a disability for a short period of time. Disability insurance is especially important is there is only one breadwinner for the family.
FL Disability Insurance Costs
In Florida, disability coverage starts at $25 per month. This is a small amount when you consider the financial consequences of not having this coverage if an injury or accident occurs. One estimate states that not working for six months can take away ten years of savings for the average family. You don’t want to lose your hard earned savings because a disability prevents you from working. When choosing a plan, you can choose between a short term or long term disability plan.
Short Term Vs. Long Term Disability Insurance Plans
Of course a long term plan will cost you more than a short term plan; but, if affordability is an issue, short term is a place to start. Short term plans can be purchased for 3, 6, 9, and 12 month coverage periods. Long term coverage offers plans from over 12 months to 10 years. Things to consider when you are deciding what is right for you are the type of work you do, the hobbies and extracurricular activities you participate in, and how much savings you have set aside.
Know Your Options
These facts can seem alarming, but Florida disability insurance is affordable. You can use the health insurance comparison tool on this page right now to compare rates and quotes from top companies. This tool will help you see what is available to you and help you decide if disability insurance is right for you. Or just pick up the phone and ask one of the independent FL health insurance agents at the number above to guide you in the best direction or to answer your specific questions. They are here to help and offer unbiased advice on a number of insurers who might meet your needs. Start now, by typing your zip code into the box above.