Disability and Health Insurance- How does it all work when the worst happens?

Becoming critically ill or injured is not something anyone wants to plan for. On top of worrying about your own health, you shouldn’t have to add the stress of finances to the mix. Preparing for just this instance will prevent you from a financial disaster if illness strikes and you’re out of work.

Health Insurance

Your health insurance should cover a portion of these bills. However, there will be a lot of out of pocket expenses before the plan covers you 100%.

How to prevent surprise: Understand your health insurance policy in and out. Know what you are expected to pay out of pocket before disaster hits. Also know which facilities are in and out of network. In a worst-case scenario, when you are picked up by an ambulance, they may ask “Which hospital are we bringing you to?” You should plan ahead and know your hospital of choice before being put on the spot in this situation.

Disability Insurance

Disability insurance is in place to help replace your income (or a portion of it) if you are out of work. When diagnosed with a critical illness, you will find yourself unable to go into the office. 

How to prevent surprise: You should know some main points about your disability policy: how long must you be disabled before benefits begin? And how much is the benefit you will receive? How long are you eligible to receive payments?

Social Security:

If you qualify, Social Security benefits can begin 6 months into the disability. 

Avoid disaster by doing a quick analysis of your health insurance and disability policy. Making sure you understand what you would owe with your health insurance if something awful happens, will give you an understanding of how much you would need to finance in this situation.

IGO has trained professionals who can go over your policy with you and make sure that you understand what is covered and what to expect when disaster hits.