Results 1 to 6 of 6

Thread: Question regarding disability insurance

  1. #1

    Question regarding disability insurance

    I stopped paying into a private disabilty insurance policy last year when I was advised that since I was close to 65 years old (I will be as of October, 2017) I was paying a large montly premium for something that I would probably would not collect on. (This policy saved my butt when I was out for 6 months after original SCI).
    Now I'm facing the strong probability of surgery that will put me out of work for at least 2 or 3 months. When I hit 65 - can I apply for some kind of Social Security based coverage?

    Thanks in advance for any info.

  2. #2
    By "private disability insurance policy" are you referring to a long term disability policy or a long term care policy that was offered by your workplace? If so, did you originally enroll before your SCI occurred?

    There are LTD and LTC plans available through private insurers for people of all ages. Monthly payments go up with age. But even if you have money, the questionnaire will ask if you are able to perform all of the basic activities of daily living independently. Most SCI individuals get disqualified once they check off "No" for any of the categories.

    If your workplace happens to switch to a new LTD or LTC insurance carrier, there will be a period of open enrollment during which anyone, regardless of functional needs, can apply.

    At 65 you receive Medicare A ( Hospital Insurance ) at no cost. You then have the ability to enroll in Medicare B as your primary outpatient and DME insurance and use your workplace insurance as the supplement. I'm not aware of any LTD benefits beyond the calculated monthly Social Security payments.

  3. #3
    Having worked as a contractor for sometime, I had purchased a private LDT back in the 90's. I suffered SCI in 2004. Last year, in reviewing policies, my agent advised me that continuing LDT was an unjustifiable cost as I would be covered by some sort of Social Security element at 65. I'm trying to get info from SS agency (dept?).
    Fortunately, living in NJ, I'm covered by state based disability as well. I'm just trying to find out what happens at age 65. I've already applied for Medicare in anticipation of my birthday in October.
    Now I probably have to have lumbar surgery, so I'm concerned about financial challenges if I have to be in rehab for more than a few weeks.

    Thanks for response.

  4. #4
    When working, all of us employees were offered LTD policy, no questions asked. It was a nominal monthly deduction from one's paycheck, but I did not sign up as I had lots of expenses at the time. Fast forward 20 years later I retired and shortly thereafter got a letter asking if I wanted "retiree LTD". I jumped on it and got the application.
    As indicated above by 2drwhofans, as soon as I got to page 2 question - do you use a wheelchair? - the instructions said 'proceed no further, you are not eligible'.
    I question the agent advising a person with a disability to discontinue LTD and wait for potential Medicare. If I'm remembering correctly, the LTD would have provided a monthly payment. With all the disability related equipment I need as an aging paralyzed person it would come in handy. Medicare does not cover most of it.

  5. #5
    Senior Member Oddity's Avatar
    Join Date
    Oct 2008
    Location
    Virginia Beach, VA
    Posts
    2,423
    Blog Entries
    1
    The reason for the advice is probably because nearly every LTD policy's term ends once the person turns 65 and becomes eligible for normal (non-disability) Social Security. I've searched high and low and have yet to find private (or employer sponsored) LTD insurance that pays out beyond age 65. It might exist, but I doubt it, and it would be insanely expensive regardless.
    A Buddhist monk walked up to the guy working behind a hot dog cart and said, "Make me one with everything."

    "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus

  6. #6
    Quote Originally Posted by Oddity View Post
    The reason for the advice is probably because nearly every LTD policy's term ends once the person turns 65 and becomes eligible for normal (non-disability) Social Security. I've searched high and low and have yet to find private (or employer sponsored) LTD insurance that pays out beyond age 65. It might exist, but I doubt it, and it would be insanely expensive regardless.
    You're right, that was the rationale. I would be paying for something that would not pay out.
    Thanks!

Similar Threads

  1. disability insurance
    By redroc2 in forum Work, School, & Money
    Replies: 3
    Last Post: 01-11-2013, 02:44 PM
  2. Insurance/Disability/Settlement
    By Philly480 in forum Work, School, & Money
    Replies: 14
    Last Post: 05-27-2012, 10:32 PM
  3. Postinjury Disability Insurance anybody know what the deal is?
    By funklab in forum Work, School, & Money
    Replies: 18
    Last Post: 02-13-2012, 09:00 AM
  4. Disability Insurance: How much harassment is ok?
    By hkia08 in forum Work, School, & Money
    Replies: 2
    Last Post: 11-07-2011, 04:52 PM
  5. Disability Insurance
    By mkusiak in forum Care
    Replies: 1
    Last Post: 01-11-2008, 08:32 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •