Ohio Disability Insurance
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Ohio disability insurance can make the difference
between living in your car and keeping your home
If the stream of paychecks that makes your life possible stops how long would your savings last?
Very few employers provide disability insurance that lasts longer than a few weeks. After that you are on your own. If you have your own business then you probably have no protection at all. When making a decision regarding Ohio disability insurance, consider the following:
If you saved 5% of your annual income for a "rainy day", an extended disability could eat up close to 10 years of savings in just 6 months.
- Between the ages of 35 and 65 seven out of ten people will become disabled for 3 months or longer
- One out of seven employed people will be disabled for 5 years or more before age 65
- Average long-term loss due to disability is over 5 years.
- Average American household only has two months worth of savings in reserve.
- Workers compensation coverage only covers injuries that occur on the job
COMMON MISCONCEPTIONS ABOUT OHIO DISABILITY INSURANCE
"I am in good health, I know I can earn a living."
This is a common misconception. People can become disabled in many ways; workplace injury, car accident or the onset of a debilitating medical condition. Statistically between the ages of 35 and 65 seven out of ten people will become disabled for three months or longer.
"Won't Social Security help me?"
Social Security benefits are extremely difficult to qualify for and take a great deal of time to finally start. You must prove that not only are you incapable of performing your usual occupation but any occupation. In addition, the benefits most likely will not meet your financial obligations. The maximum payment for a 30-year-old earning $70,000.00 per year is $1,600.00 per month.
- 1993 - Social Security denied 55 % of 1.4 million applications it received.
- 1998 - only 35% of Social Security disability claims were approved.
- Over 5 months must pass before Social Security will pay on an approved claim
- Social Security requires that you cannot perform "any" gainful work.
- Social Security demands that the disability must last at least 12 months.
"What about employer provided group disability or worker compensation coverage?"
Workers compensation only covers individuals that have been injured on the job and those benefits are typically quite low and do not come close to covering your earnings. Group disability plans through an employer are not prevalent, less than 41 % of companies with over 100 employee's and less than 19% of companies with under 100 employees provide this coverage. Also these benefits will not be adequate to replace income.
My "Two Cents" on Ohio Disability Insurance
I bought disability insurance for myself a long time ago. I consider it just as important for my family's security as my life insurance. If I cannot work and bring in a paycheck, l am screwed. Most of you are in the same boat.
If you cannot afford an Ohio disability insurance plan that stays in effect until age 65, then get one that lasts for 5 years or even 2 years. Anything is better than nothing at all. You can even get a low-cost plan that will continue to pay your mortgage.
Just stop for one minute and think about it. You are injured and cannot go to work for the next year or two. How hell are you going to pay all of your bills? If you find such a thought too unpleasant to consider you should give me a call.
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