What Does Medicare Cover If You Need Long-Term Care Services?

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What Long-Term Care Services Does Medicare Cover?

100% for 20 Days Per Hospital Stay

Assistance for Maximum 150 Days

Read More

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Disabilities can happen to anyone and they can reduce or even destroy your ability to earn a living. The financial consequences of having a long-term disability could cost you hundreds of thousands if not millions of dollars. We believe that insuring the risk of losing your ability to earn a living with a long-term disability insurance income policy is the foundation of a strong financial plan because without income and cash flow, everything else falls apart.

[/vc_column_text][vc_custom_heading text=”How Much Individual Long-Term Disability Insurance Do You Need?” font_container=”tag:h2|font_size:26px|text_align:center|color:%2300703c” google_fonts=”font_family:Roboto%20Slab%3A100%2C300%2Cregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text el_class=”.get-cover1″ css=”.vc_custom_1592579627797{padding-left: 50px !important;}”]How much long-term disability insurance you need is typically determined by determining:

  • How much income do you need to continue the standard of living you are used to?
  • How much income from other sources would you have if you were unable to work anymore?
  • Would you be able to pay for potential new costs incurred because of a disability (child care, home and auto modifications etc)

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count on Workers Compensation insurance to replace some of your salary. All states require employers to provide Workers’ Compensation coverage. Workers Compensation typically pays long-disability benefits of about two-thirds of your pre-disability income. However, it only pays in cases where your illness or injury is related to your work. The vast majority of long-term disabilities, however, are not job-related leaving a gap in your long-term disability coverage.
[/vc_column_text][vc_column_text]The federal government administers the Social Security long-term disability insurance program that covers most workers, but there are several considerations.

  • First, qualifying for benefits is far from a sure thing as about 65% of applications for Social Security disability benefits are initially denied. Fighting for these benefits in court could take years.
  • Secondly, the amount of the benefit you receive may not match your current income. Social Security is determined by average monthly earnings and if you have recently started a new career which pays you a lot more than you used to earn, you Social Security benefit could take years to catch up and then it still could only replace less than 30% of your income if you are a high earner.

[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”1672″ img_size=”full” css=”.vc_custom_1592579141403{padding-right: 50px !important;}”][/vc_column][/vc_row][vc_row css=”.vc_custom_1592580305791{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 50px !important;padding-right: 6.5% !important;padding-bottom: 50px !important;padding-left: 6.5% !important;}”][vc_column css=”.vc_custom_1592480137343{padding-top: 50px !important;}” offset=”vc_col-lg-6 vc_col-md-6″][vc_custom_heading text=”What Is Your Best Course of Action” google_fonts=”font_family:Roboto%20Slab%3A100%2C300%2Cregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text]You realize that having a plan in place to keep cash flow coming into your house is vital to your long-term financial success. Contact Decision Tree Financial to discuss your plan to replace income if you were to suffer from a long-term disability that prevents you from earning a living.[/vc_column_text][/vc_column][vc_column offset=”vc_col-lg-6 vc_col-md-6″][vc_custom_heading text=”Disability Insurance is the Most Important Insurance Coverage You Can Own” google_fonts=”font_family:Roboto%20Slab%3A100%2C300%2Cregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text]At Decision Tree Financial, we believe that disability insurance coverage is the most important coverage you can own when you depend on your ability to work to generate and income.[/vc_column_text][/vc_column][/vc_row]