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.
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Re: curious how many?
Originally Posted by candy wy.
(Post 5796668)
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.
I hope I never have to use either term of disability insurance but one never knows. |
Re: curious how many?
Originally Posted by candy wy.
(Post 5796668)
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.
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?
Originally Posted by Tracym
(Post 5796786)
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?
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?
Originally Posted by Tracym
(Post 5796786)
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. 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 ...
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Re: curious how many?
Originally Posted by Ray
(Post 5796932)
We keep a Glock for long term disabilty ...
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Re: curious how many?
Originally Posted by candy wy.
(Post 5796936)
so why hasn't Joycee used it;)
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Re: curious how many?
Originally Posted by candy wy.
(Post 5796668)
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.
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?
Originally Posted by tamms_1965
(Post 5797011)
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. I also have the LTD and STD with my employer which pays 80% of my salary. |
Re: curious how many?
Originally Posted by candy wy.
(Post 5797030)
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?
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?
Originally Posted by candy wy.
(Post 5796936)
so why hasn't Joycee used it;)
Dr Mahatmacoat says I may be cured |
Re: curious how many?
Originally Posted by tamms_1965
(Post 5797011)
In addition to the insurance, many places let you accumulate sick days year to year....
our sick days expire at the end of the year, only used a couple last year of the 8 days on offer....holiday days roll over though....hmmm... |
Re: curious how many?
Originally Posted by Bob
(Post 5797537)
must be nice :)
our sick days expire at the end of the year, only used a couple last year of the 8 days on offer....holiday days roll over though....hmmm... |
Re: curious how many?
Originally Posted by Ray
(Post 5797498)
Is not long term yet ...
Dr Mahatmacoat says I may be cured |
Re: curious how many?
Originally Posted by Ray
(Post 5796932)
We keep a Glock for long term disabilty ...
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Re: curious how many?
My new job has included STD (60% salary) and LTD (60%), although you can also buy additional coverage. I will most likely buy additional, since I have 2 mortgages in Aus that I need to keep paying, not ot mention my US rent!
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Re: curious how many?
Originally Posted by tamms_1965
(Post 5797586)
There have to be some perks to being a teacher, or not many folks would do it.
The sick leave accumulation meant that after my operation 4 years ago I could take six weeks off and be paid. |
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