curious how many?
 

very often the question of medical insurance comes up and most think it is a must have. What about short term disability and long term disibility insurance.. Do you get it through your employer or pay for it yourself. do you even think it is needed.

Re: curious how many?
 

I had to check my benefits to get the answer. Ever since moving to the US, I've had my health benefits through my spouse's employer, not mine. Having checked his employer's medical benefits, I see that short term disability insurance is provided gratis by the employer. For long term disability, that is offered by the employer and we haven't signed up for that.

I hope I never have to use either term of disability insurance but one never knows.

Re: curious how many?
 

Some employers offer disability insurance, you also can buy it on your own.

I'm not sure if this is still current but, if you get paid disability from insurance your employer provided - it's taxable. If you have bought it on your own - it isn't. That's an important difference. However, that info is old - I'm not sure if the tax laws have changed.

I would consider it a very useful thing to have - if you are disabled, you'd have an income - and be able to keep up medical insurance premiums for example until medicare kicked in (if you're eligible).

Another issue - some disability policies are in addition to social security disability - others subtract that off if you get ssi. That's something to be aware of when choosing a policy.

Re: curious how many?
 

My company offered it at a price. After speaking to my broker I decided to go with a private policy which cost more but provided much better coverage (the company one had a maximum that wouldn't cover 60% of my salary and would subtract social security disability - the one I bought has a higher value and does not subtract).

Re: curious how many?
 

we have short term disability through my wifes employer that we pay $15 a month for

the main reason is that when/if she gets pregnant we get 60% of her regulary salary for 6 months...

Re: curious how many?
 

I personally think it as is important as medical coverage, as ssi sometimes takes years to get.
When subtracting the ssi though they only subtract what you get not what dependents get.

Re: curious how many?
 

I have short and long-term disability through my employer. Short-term is free, but only lasts for 26 weeks. After 26 weeks, LTD must kick in. LTD is only about $8/mo. To expand on what Tracy said about disability taxes, I was sent a letter that gave a choice to include the $8 in my taxable income or not. Choosing to include the $8 in my taxable income means that I pay add'l income tax on the $8, but not pay income tax on disability income you receive (at least, this was the way I understood it). This seemed like a no brainer to me; pay taxes on $8 or pay income taxes on several hundred when I'm down & out.

Unfortunately, due to the condition that I have I will not ever be able to get private disability insurance. Which is a pity since I would prefer to have better than 60% of my base salary as income.

Re: curious how many?
 

We keep a Glock for long term disabilty ...

Re: curious how many?
 

so why hasn't Joycee used it;)

Re: curious how many?
 

:rofl::rofl:

Re: curious how many?
 

In addition to the insurance, many places let you accumulate sick days year to year. Where I work (public school) this is the case (and it transfers if I transfer schools in the same state). After your sick days run out then your short-term disability kicks in at only 60%. I have managed to accumulate enough sick days to pay 6 months salary in a little less than 9 years.

When you retire you can cash them in at a rate 4 sick days to 1 day's pay. In some urban schools in the state, you can cash them in at 2 to 1.

Re: curious how many?
 

were I work we also accumulate sick days year to year although they can be taken for things beside sickness. unfortunately I used mine so am back to just 5 days.
I also have the LTD and STD with my employer which pays 80% of my salary.

Re: curious how many?
 

The only thing I can take my sick days for are personal/family sickness, death in the family, transporting family member to doctor/clinic, etc. Plus I'm a teacher and is more of a hassle when you're out sick than just trying to get through the day with the illness (unless you're really in bad shape), so it's been fairly easy to save them.

Re: curious how many?
 

Have it through my employer, short term doesn't cost anything, but it's only 60% salary...long term free too, except if you want to bump it up to 75% salary.

Having lived without having medical insurance, it's scary, but I'm pretty lucky with that.

Re: curious how many?
 

Is not long term yet ...
Dr Mahatmacoat says I may be cured