Insurance Options for Old Age, Disabled and Unemployed Individuals

Disability Insurance, also known as disability income protection or direct retirement income insurance, is a type of insurance that covers the whole or the portion of an individual’s earned income in case the individual becomes disabled for any reason and/or for a prolonged period of time. If the individual continues to work until the disability ends, he or she can claim full retirement benefits from the insurance company. Some types of disability insurance include long-term disability insurance for self-employed individuals.

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Long-term disability insurance covers a retiree for a specific period ranging up to 25 years after the person’s last birthday. This type of policy offers two types of coverage, long-term benefit coverage and short-term benefit coverage. Long-term benefits are paid monthly during the period of disability; however, the monthly income is reduced by the actual value of the monthly wages earned during this period. Short-term disability insurance pays the disability insurance benefits when an individual resumes work Doctors disability insurance.

Another type of disability insurance is Medicare supplement. As the name implies, Medicare supplement insurance provides additional benefits to old age individuals. Two types of Medicare supplement policies are Parts A and B. Parts A and B both cover nursing home expenses and in-home care, respectively. There are two additional policies – Medicare Part D and Part C – which cover prescription and durable medical equipment.

Another option available to old age disabled persons and those who are not employed is Special Medicare Supplement. This type of disability insurance is intended to cover both long-term and short-term disability. One advantage of Special Medicare Supplement insurance is its lower premiums. On the other hand, it comes with higher outlay and requires higher premium payments.

The third option is disability insurance for life. This is generally meant to cover long-term disability expenses such as hospitalizations and specialized therapeutic treatment. For this type of coverage, you must become disabled before you reach the age of 65. If at any time you become disabled, you can withdraw your disability insurance policy from the plan and re-apply for coverage of a different plan.

You can find a lot of companies offering disability insurance for life and these include Aetna, Delta, Assurant Health, Cellex, Carestream, Fortis, Golden Rule, Humana One, Mega, PEO Group, Preferred Provider Organizations, and Unicare. These companies offer different coverage and cost-sharing options. You can choose the plan and premium amounts you want, depending on your specific needs. Some plans offer wage replacement options and some do not. The latter is the more suitable plan if you have a fixed income but you need assistance to make ends meet.

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