Anyone have experience getting long-term disability coverage? I’ve had T1 for 32+ years and so far no complications, but the “T1” part is my concern. Am I automatically disqualified? Haven’t really done any research yet but TUD seemed like a good place to get an overview…
No trouble here. When I was considering a LTD policy I did learn that if you use more than 50 units of insulin a day it is probably reason to deny eligibility. The broker did not tell me why, though. If at all possible it is an overlooked option that many employers offer and you should sign up there.
I’ve investigated private policies and they’ve all been willing to issue coverage with a “diabetes exclusion” apparently meaning that it’d cover any unforseeable future disability but not if it was caused by or a complication of diabetes…
I also participate in the group coverage plan through my employer, which is nowhere near as good of coverage as is available on private market…
My husband and I took out policies about 5 years ago when a wakeup call came in the form of his dad needing it and we all kicked in some bucks. (before my dx almost 3 years ago). They do have all those health questions, but since you have a proven good control track record you might find it easier than someone who does not. My husband and I both had weight issues at that time and he had blood pressure stuff. Weight was all I had…but diabetes fixed that. Now 70 pounds lighter …Overall healthier. FYI We bought John Hancock, but there are other good companies out there. I think you probably can get it but with a price. Ours went up this year about $200.00 each.
Useful information from TUD again–thanks guys.
Long term care and long term disability are generally different types of policies
You are correct. I posted this early this morning and I must have had a brain clog and didn’t read pas “long term.” I’m going to remove the post and create another topic. This LTC discussion might be useful to others.
Well as a matter of fact I guess I was confusing the two in my mind as well, so yes, please go ahead and post another topic–I’m interested in learning about LTC as well, maybe even more so.
disability insurance policies cover against unforseeable injuries, illness, etc and provide income replacement to some extent for some period of time… The most important thing to understand when looking at disability policies is how they define disability in order to qualify for the benefit. Because, unlike a life insurance policy where you are clearly either dead or alive, the concept of disabled has to be defined within the terms of the policy. For example the group disability plan at my work only kicks in if I were to become “totally and presumable permanently disabled such that I could not perform any reasonable occupation”. In other words, to qualify I’d have to be a vegetable… But then it would replace like 70% of my income until I reached what they consider retirement age.
Wheras the high quality private policy I’ve looked into, which costs about 50 times as much, but would cover (unless it was caused by diabetes) any disability that caused an interruption in my ability to do my actual own job… But then would only provide income replacement for something like 5 years.
Long term care insurance, on the other hand, is essentially just prepaying for a nursing home at the end of your life so that you’re not a financial burden on your children if it comes to that
Yep the disability insurance my husband has is through work. I used to have it through my district when I taught school which I don’t do anymore. We have long term care I durance through john Hancock which will cover nursing home and such.
Insurance. I can spell. …sometimes
Many group plans are so restrictive in their definitions of disability though that they’re of minimal benefit. A coworker of mine was severely injured on the job, sustained a major spinal cord injury, absolutely ended her career by any reasonable definition… That was about 5 years ago and she’s been darn near paralyzed from the waist down ever since. Her group (employer based) disability insurance plan determined that she was not disabled because she had worked as a library assistant while in college and that is a reasonable occupation for which she is qualified and could still perform… Private policies cost tremendously more, but they’re actually competing for business so of course they aren’t writing worthless policies with no value like that
You are right.
That is terrible about your friend. She needed it for sure. Our long term care policy is not a disability policy, but is for just that…long term care should we need it…home health, nursing home, etc. I know several people who were disabled, truly needed it, and years later were still trying. It is disheartening to see others getting help when they are taking advantage of the system. But who am I to judge, not being a doctor or anything close to it?