Long Term Disability

[Dreamer716]

Not sure why I hadn't looked into this before. Does everyone here have some form of LTD either through there employer or private?

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[Stella14]

Hurt my back pretty bad once. Was off work 6 months. Once std up you still get paid 60-67% of your pay . You never know when your gonna need it. It’s pretax $$

 

[Dreamer716]

I feel ya. Anything can happen at anytime. It's just the rate my employer offering is a bit high. About $45 per check for coverage until 65.

 

[owlegrad]

I get it through my employer. It's cheap enough, why not?

 

[Wickett]

I have LTD through my employer..it's around $40 a month where I work and it would pay out 75% of my pay until age 65, so I don't see why I wouldn't take that. I turned down STD because it is quite a bit more expensive and I already have my own short term savings in case I couldn't work for 6 months.

 

[Dreamer716]

Yeah my company is offering me about $90/month for 60% of my pay until age of 65. Price seems a little steep but then again its nothing if it ever actually has to be used. Also they're only taking it out post tax as well

 

[Old Timer]

You defintely want to pay with post tax dollars. If, God Forbid, you have to collect you don't have to pay taxes on the income. You are already getting a 35-40% haircut. Do you want the government to take another slice. You will get around $25.00 per week....

 

[mentos]

Better to get it outside of work IMO, usually cheaper and if you switch jobs you'll still have it.

 

[Dreamer716]

Gotcha thanks for the feedback guys

 

[sosoo]

the coverage is not until age 65. when you max out your short term disability, they will approve for your LTD. but if your disability prevents you from returning to work, they will offer a cash out option. you take the cash, and resign. they will not pay you indefinitely or until age 65.

 

[Old Timer]

Most plans are designed to take you to age 65 when you can get Social Security. That is why they are setup like that

 

[Prepharm1214]

Are there stipulations that prevent people from riding LTD out until age 65? As in people using it for like 10+ years? I'm sure there are quack doctors out there who would sign off on a number of ailments for the right fee. I'd live extremely happy on 60% pay or whatever the amount is indefinitely and avoid another couple decades of retail.

 

[Old Timer]

Depends on your state. In PA the laws gavor the employer....

 

[itaos]

Read your work provided policies carefully as you will want "own-occupation" coverage to get that fat check til 65. My employer policy will cover two years, then if you can qualify to be a Walmart greeter coverage stops.

 

[BidingMyTime]

Are there stipulations that prevent people from riding LTD out until age 65? As in people using it for like 10+ years? I'm sure there are quack doctors out there who would sign off on a number of ailments for the right fee. I'd live extremely happy on 60% pay or whatever the amount is indefinitely and avoid another couple decades of retail.

I'm pretty sure you have to be approved by an insurance approved doctor. They don't let you just get your own doctor to verify your coverage.

But yes, theoretically the plans will pay you through retirement age. The catch is, it is very hard to get the company to certify you as disabled. I do have long-term disability insurance, I think it is a necessity for parents supporting children.

As other's mentioned, "own-occupation" coverage is the best, but those are more pricey, and aren't going to be offered through your employer.

 

[confettiflyer]

Have through employer, but looking to do a better/private one when I have the motivation to spend more money on it.

 

[mustang sally]

I have some kind of disability insurance. It's not the best policy, but my family would be pretty much screwed if we lost my income. And they always say you're more likely to become disabled than to die (at least when you're younger, anyway).

 

[confettiflyer]

I have some kind of disability insurance. It's not the best policy, but my family would be pretty much screwed if we lost my income. And they always say you're more likely to become disabled than to die (at least when you're younger, anyway).

That’s why disability insurance is so expensive and AD&D is not. Disability insurance is actually used, whereas most people in the United States do not die from true accidents, for the most part.