Do I need disability insurance if I work?

From our friends at LIFE HAPPENS:

Disability insurance is something anyone who works and has earnings should consider. That’s because one in four people today will become disabled¹ and potentially face financial hardship at some point during his or her working life. Disability insurance income helps cover expenses if you can’t work because of an illness or injury. There are disability insurance policies tailored to workers in specific professions as well as disability insurance for self-employed individuals.

Simply put, if you have a job and rely on your income, you most likely need disability insurance.

Disability insurance can be thought of as insurance for your paycheck. It ensures that if you are unable to work due to illness or injury, you would continue to receive a portion of your income to help you make ends meet. Everyday expenses like mortgage or rent payments, utility bills, credit card bills and more still pile up even if you can’t work. Hefty medical bills from the illness or injury can often make a bad situation even worse. Disability insurance can cover all this and more.

This makes disability insurance an important consideration for anyone with earnings from a job. After all, your future earnings could total millions of dollars—and one in four people will become disabled and potentially face financial hardship at some point during his or her working life, according to the Social Security Administration.

When thinking about your need for coverage, be sure you consider all the different forms of earned income you may have including:

• Wages

• A salary

• Tips

• Net income from self employment

• Other taxable employee compensation like bonuses and commissions

There are disability insurance policies tailored for those in specific professions, including medical professionals, as well as for those who are self-employed. Those who work for an employer may get disability insurance through their workplace, but the key is to check to see if it would be enough if something happened. To find out how to get disability insurance, explore here.

¹ Social Security Administration, Social Security Basic Facts, 2019

How much does disability insurance cost?

 From our Friends at LIFE HAPPENS:

The cost of disability insurance depends on several factors. Just some include your benefit amount, benefit period, occupation, health status, age and terms of the policy. As a general rule of thumb, the disability insurance cost for a long term individual policy is 1% to 3% of your annual salary.

Disability insurance cost depends on several factors. They include:

• Benefit amount. Long-term disability insurance typically replaces between 40% to 65% of your pre-tax earnings. The higher that percentage is, the more your disability insurance will cost.

• Benefit period. The length of time you’d be eligible to receive disability insurance income can range from a few months to until you reach retirement age. Your disability insurance cost generally increases as the benefit period increases.

• Elimination period length. Nearly every disability insurance policy has a waiting period before you can receive benefits after suffering an injury or illness. It’s known as the “elimination period” and you can think of it as a deductible measured in time instead of money. The elimination period can last anywhere from a few days for short term disability insurance to two years for long term disability insurance. By choosing a longer elimination period, you can reduce your disability insurance cost.

• Your age. Because your likelihood of suffering an injury or illness increases as you get older, your disability insurance cost will increase as you age. Buying disability insurance when you’re young is often a smart move because it’s cheaper and you may be able to lock in a low rate.

• Your health. You will likely pay more for disability insurance if you’re in poor health, smoke or if you or your family has a history of chronic disease. Some disability insurance companies let you exclude an illness or disability you already have—just know that you won’t be able to collect disability insurance income if the excluded illness or injury makes it impossible for you to work.

• Your occupation. The risks of your job and the salary it commands also factor into your disability insurance cost. More dangerous jobs and jobs that pay a high salary are typically more expensive to insure.

• Your hobbies. Participating in risky hobbies like skydiving will often increase the cost of your disability insurance.

• Your gender. Disability insurance can cost more for women or for men depending on their age. In general, men tend to pay more as they age.

• The definition of disability. There are two disability definitions that disability insurance companies use:

  • Own occupation disability insurance kicks in when you can no longer perform the job you had when you became disabled. An example would be a painter who suffers a hand injury.

  • Any occupation disability insurance only kicks in if you can’t perform any job at all. To use the example above, the painter could earn an income from teaching or lecturing about painting.

  Own occupation disability insurance generally costs more than any occupation disability insurance.

• Riders. Riders are additional coverages you can choose to add to your disability insurance policy. Depending on the disability insurance company, you may or may not be charged to add them to your policy. Three common disability insurance riders are:

  • Guaranteed renewable rider means your disability insurance policy cannot be canceled as long as you pay your premiums. Some variations on this rider let you lock in your disability insurance rate as well.

  • Inflation protection rider lets you add a cost-of-living adjustment to your disability insurance policy. It increases your disability insurance income by a specified percentage after each year of disability.

  • Residual benefits rider pays partial disability insurance benefits if a disability reduces your income but you can still work in some capacity.

There are many different kinds of disability insurance policies out there that can be customized to your exact needs and budget. The best way to learn more about disability insurance and to get a disability insurance quote is from a licensed insurance agent.

What are the types of disability insurance?

From our friends at LIFE HAPPENS:

There are two main types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance covers lost income for about three months while long-term disability insurance typically pays a portion of your lost income for anywhere from one year to your entire life.

There are two main types of disability insurance:

• Short-term disability insurance replaces a percentage of your lost income for a brief amount of time—typically, between three to six months. Many short-term disability policies are automatically offered by employers as a benefit to their employees.

• Long-term disability insurance replaces a percentage of your lost income for an extended period of time. That amount of time, which is known as the benefit period, can last anywhere from about a year to until you reach retirement age. Long-term disability insurance usually replaces between 40% and 65% of your income. Like short-term disability insurance, this coverage may be automatically offered by your employer. You can also buy your own policy if your employer doesn’t offer coverage (or you’re self employed) or to supplement what your employer offers.

Both long-term and short-term disability insurance have a waiting period before you can receive benefits after suffering an injury or illness. It’s known as the “elimination period” and you can think of it as a deductible measured in time instead of money. The elimination period can last anywhere from a few days for short-term disability insurance to two years for long-term disability insurance.

In general, the cost of a disability insurance policy becomes less expensive the longer the elimination period is. That’s one reason why many people pair a short-term disability insurance policy with a long-term disability insurance policy. A short-term disability policy lets you increase the elimination period of your long-term disability policy. This can save you money on premium payments and give you needed financial support while you wait for your long-term disability insurance to kick in.

Many people assume government-provided disability benefits will help them weather a tough time, but those benefits are usually not enough to maintain your quality of life. Likewise, employer-sponsored disability insurance is often not enough.

This reality underscores the importance of having your own disability insurance coverage in place. The best way to learn more about disability insurance and to get a disability insurance quote is from a licensed insurance agent.

Find a broker to help you HERE.

Why is disability insurance important?

From our Friends at LIFE HAPPENS:

What would happen if you were suddenly injured or became ill? You wouldn’t be able to work, so how would you cover your bills? The ability to earn a living is your biggest asset.

Disability Insurance is how you protect your paycheck, home, and family in the event of injury or illness.

Many people think that their home or their investment portfolio is their biggest asset. In reality, their earning potential is usually their most important asset.

Everything from paying your mortgage to saving for a child’s college education depends on your ability to earn money from your job. The lost income from a serious illness or injury that prevents you from working can be substantial.

Sadly, two-thirds of working Americans (63%) couldn’t make it six month before financial difficulties would set in—and 14% said they would have problems immediately, according to the 2020 Insurance Barometer Study by Life Happens and LIMRA. An already unfortunate situation is often compounded by hefty medical bills that pile up on top of everyday expenses. Financial hardship from an injury or illness could lead you to burn through your savings, sacrifice your quality of life or even lose your home.

One of the best ways to protect your future earning potential and keep you and your family on solid financial ground is through a disability insurance policy.

Disability insurance steps in to help you cover expenses; it pays you a percentage of your salary if an illness or injury prevents you from working. Depending on your policy, disability insurance covers your lost income for anywhere for a few weeks to your entire working life.

You most likely purchase auto insurance, homeowners insurance and maybe life insurance to protect yourself and the ones you love. Like each of these coverage options, disability insurance should be a part of your overall financial plan.

The main ways to get disability insurance are through your employer, through a professional organization or on your own. Learn the distinctions here.

SHORT TERM MEDICAL (STM)

WhAT IS STM insurance?

STM insurance plans provide insurance coverage during life transitions. When you are between group insurance or individual major medical policies, STM insurance policies help pay for covered medical expenses and are affordable, customizable, and convenient.

Coverage can begin as early as the day following acceptance of your online application.

An STM policy may be right for you if:

• You missed the open enrollment period

• Are waiting for your ACA coverage to start

• Are waiting for health benefits to begin at a new job

• Are looking for coverage to bridge you to Medicare

• Need an alternative to COBRA

SHORT TERM MEDICAL (STM)

WhAT IS STM insurance?

STM insurance plans provide insurance coverage during life transitions. When you are between group insurance or individual major medical policies, STM insurance policies help pay for covered medical expenses and are affordable, customizable, and convenient.

Coverage can begin as early as the day following acceptance of your online application.

An STM policy may be right for you if:

• You missed the open enrollment period

• Are waiting for your ACA coverage to start

• Are waiting for health benefits to begin at a new job

• Are looking for coverage to bridge you to Medicare

• Need an alternative to COBRA

Questions?

Contact Kat Hall

702-350-3790

Questions?

Contact Kat Hall

702-350-3790

Questions?

Contact Kat Hall

702-350-3790

Looking for Dental plans?

We offer flexible dental and vision protection for you and your family starting around $ 20 a month!

Nationwide Multiflex Dental and Vision is easy, low-cost, plus it puts the choice in your hands:

• Freedom to choose any dentist

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• Coverage for preventative, basic and major services

• Multiple premium payment options

• Guaranteed acceptance

• Fast quote and easy online enrollment

Smile! We’ve got you covered!

Looking for Vision plans?

We offer flexible vision protection for you and your family starting at $14 a month!

Nationwide Multiflex Vision and dental plans are easy and affordable:

• Coverage for you and qualified family members

• Coverage for preventative, basic and major services

• Multiple premium payment options

• Freedom to choose any dentist

• Guaranteed acceptance

• Fast quote and easy online enrollment

See? we’ve got you covered!

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Every year, our brokers are re-trained on the latest new plans, existing plan changes, and even have personal relationships with local doctors and provider networks to help you find the best Medicare coverage.

All you have to do is gather the following information:

• Medicare Card

• Current Insurance Plan Card

• List of Medications + dosage

• List of Preferred Doctors & Specialists

Then contact your Medicare Specialist to assist you:

These state certified brokers can assist you over the phone or online.

“I am calling on all uninsured Nevadans, even if you are healthy, to take advantage of this special opportunity to gain access to health insurance coverage through the Exchange”

-Nevada Governor Steve Sisolak.

All brokers are licensed and insured with the State of Nevada and certified to assist you with enrollment on the Silver State Exchange. There is no charge to have a broker assist you. Your Insurance Agency is a subsidiary of Carothers Insurance Agency inc. and Nevada Health Link Grantee.

YOU’RE GOING TO LOVE HOW EASY THIS IS!

IMPORTANT PSA:

Nevadans can no longer use HealthCare.gov to enroll in health insurance. NevadaHealthLink.com is where you start the process and enroll for plan year 2020 and beyond.

Don’t go unprotected. The Silver State Health Insurance Exchange is Nevada’s state agency that operates the online marketplace, Nevada Health Link, in which the Exchange facilitates the purchase of Qualified Health Plans (QHPs) through the Affordable Care Act (ACA) for eligible Nevadans who are not insured by their employer, Medicaid, or Medicare.

Nevada Health Link always encourages consumers to use free assistance from a licensed enrollment professional. Brokers are licensed by Nevada's Department of Insurance and have completed additional training to become certified with Nevada Health Link. Only brokers can make specific recommendations about which plan you should buy.

You can choose from 27 qualified health plans offered through three insurance carriers – Health Plan of Nevada and SilverSummit/AMbetter and Anthem.

With the website change, and new plans, things can get confusing and complicated. We’re here to simplify it it for you!

Simply collect the information listed above and visit our Health Link Help Station in the Galleria at Sunset in Henderson, or contact one of these certified enrollment professionals near you:

Medicare Special Enrollment Period

Get your healthcare coverage handled now and get on with enjoying your summer!

There are always reasons for Medicare Special Enrollment Periods, like moving, income changes, and birthdays. Due to recent events, Medicare has declared they are expanding Special Enrollment circumstances to also include those affected by COVID-19. You may be eligible for more time to choose a Medicare plan if you were unable to make a Medicare plan selection earlier this year. For those who qualify specifically for the COVID-19 circumstances, you now have until June 30 to make a selection for 2020. To find out if you qualify for a Medicare Special Election Period, contact one of these independent brokers to assist you. Their services are at no-cost to you. They are available in-person or remotely to assist you.

Medicare Special Enrollment Period

Get your healthcare coverage handled now and get on with enjoying your summer!

There are always reasons for Medicare Special Enrollment Periods, like moving, income changes, and birthdays. Due to recent events, Medicare has declared they are expanding Special Enrollment circumstances to also include those affected by COVID-19. You may be eligible for more time to choose a Medicare plan if you were unable to make a Medicare plan selection earlier this year. For those who qualify specifically for the COVID-19 circumstances, you now have until June 30 to make a selection for 2020. To find out if you qualify for a Medicare Special Election Period, contact one of these independent brokers to assist you. Their services are at no-cost to you. They are available in-person or remotely to assist you.

You may not think you qualify for financial assistance with your healthcare coverage, but it costs you $0 to find out!

We offer all plans available in Nevada.

Book your appointment in-person, over the phone, or via video chat below. Your broker will contact you to confirm meeting details. There is no cost to get assistance from a broker.

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FOR MORE INFORMATION CALL 702-289-4114

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Your Enrollment Period for 2021 is Happening Right Now.

There are new carriers and even more health plans available for you in 2021. Which plan fits your needs? Which plan covers your doctor? Do you qualify for financial assistance? Why figure all this out on your own? As a designated State enrollment location, we are here to answer those questions at no cost to you. You’re going to love how easy it is!

Contact us and get help your way:

• Over the Phone: 702-425-5500 — we are open until 8pm!

• Via Video Chat (no downloads, will ring next available broker as soon as you click here: CHAT NOW

• In-person - Book an Appointment

All brokers have been trained and certified by Nevada Health Link and are licensed by the Nevada Division of Insurance and are available at no cost.

BROKER BOX

What is Broker Box? It’s a download-free video call feature we’ve added so you can see your broker, see their screen, and get the assistance you need from the safety & convenience of home without the inconvenience of downloads, dial-ins, and pesky virtual meeting codes.

No masking-up. No social distancing. Simply push the button get face-to-face advice from any device! You will see your broker, but you do not need to be visible unless you choose to be. Your device will prompt you to select camera and microphone permissions before it rings your broker.

To talk to the next available broker→

Got Uninsured Employees?

We’ve Got them Covered!

It does not cost you or them any money to get help from an insurance broker.

Our state health exchange, Nevada Health Link, offers a network of licensed enrollment professionals who have been trained to assist with the application and enrollment process at no cost.

We are those professionals!

Please refer your uninsured employees to us for assistance. Send them to this webpage or request our insert to include with your on and off-boarding materials.

You may not think you qualify for financial assistance with your healthcare coverage, but it costs you $0 to find out!

During the COVID-19 pandemic, states were able to stop reviewing eligibility for Medicaid and the Children’s Health Insurance Program (CHIP), and couldn’t remove anyone who was enrolled in this coverage. As of February 1, 2023, states are allowed to restart those reviews. This means some adults and children may lose their Medicaid or CHIP coverage.

If you’ve lost or may soon lose health coverage through Medicaid or CHIP, you have other health care options. Here are 3 important things to know:

1. You can re-apply for Medicaid or CHIP to find out if you still qualify.

• In all states, Medicaid and CHIP offer health coverage to some low-income people, families and children, pregnant women, the elderly, and people with disabilities. If your income level or medical needs change, you might qualify for Medicaid or CHIP in your state.

• You can apply any time, and there’s no limit to the number of times you can apply.

• To re-apply for Medicaid or CHIP, visit Medicaid.gov/about-us/beneficiaryresources/index.html#statemenu and find your state for next steps.

2. You may be able to get lowcost, quality health coverage through the State Health Insurance Exchange - Nevada Health Link.

• Most people qualify for savings on a health plan to lower their monthly premium and what they pay when they get care. Savings are based on household income and size.

• All Marketplace plans cover doctor visits, prescription drugs, emergency care, mental health, hospitalizations, and more.

• Visit to find and enroll in a health plan, or call the Marketplace Call Center at 1-800-318-2596. TTY users can call 1-855-889-4325.

• Submit a new or updated Marketplace application to see if you (or other members of your household) qualify to enroll in a Marketplace plan and get help with costs.

3. You may be able to sign up for Medicare without paying a late enrollment penalty.

• If you now qualify for Medicare, but didn’t sign up for it when you first became eligible, you have a limited time (called a “Special Enrollment Period”) to sign up without paying the usual penalty.

• Your Special Enrollment Period start the day your state notifies you that your Medicaid coverage is ending, and continues for 6 months after your Medicaid coverage ends.

• To sign up for Medicare during this Special Enrollment Period, fill out a CMS-10797 form and mail or fax it to your local Social Security office. You can also call Social Security at 1-800-772-1213. TTY users can call 1-800-325-0778.

• For more information about Medicare, visit Medicare.gov or call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.

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Your Home is a huge investment. Make sure you protect what matters most.

Sure, you can get a quick quote online or over the phone in 5 minutes or so, but is that really looking out for your best interest -or just some turn and burn sales tactic? Are you confident your home is truly protected? Or that you’re getting all the savings you qualify for?

I take the time to consider your needs and interests, then shop multiple insurance brands for you! Having choices and a personal insurance shopper on your side means you can be confident you’re getting the full value and protection you deserve.

Besides, wouldn’t you rather spend your time shopping for more exciting things to fill your new castle?

I’m here to help. Contact me today.

LEESA WILLIAMS

702-736-2800

lwilliams@yialv.com

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LONG TERM CARE

GET answers about today’s segment From our Long Term Care Team:

10 Life Events That Should Trigger an Immediate Call to Your Insurance Broker

Most of us have the option to change our health insurance plans once per year during open enrollment periods, but what do we do if the unforeseen happens during the rest of the year?

Certain life events can impact your health insurance or Medicare coverage. When they occur, you may have as little as 30 days to adjust your coverage.

Here are 10 Life Events that should trigger an immediate call to your insurance broker:

1.       Loss of Existing Coverage

2.       Job Change

3. Retirement

4.       Income or Economic Changes

5.       Getting married or divorced

6.       Having a baby or adopting a child

7.        Serious Health Diagnosis

8.       Death in the family

9.       Moving to a different ZIP code

10.       Your Birthday

It is always recommended to designate a local broker whom you trust and can maintain a long-term relationship with to more effectively help you navigate the ever-changing insurance landscape.

If you don’t have a designated broker, we’d be happy to help find just the right person. See our contact information below or review broker profiles here:

Find your local broker at a Walmart near you October 1- December 15

Talk to one of these licensed, local professionals about your annual Medicare options and plan updates today. In person or by phone:

702-385-9347

Your Home is a huge investment. A reflection of your personality. Your happy place. Make sure you protect what matters most.

Sure, you can get a quick quote online or over the phone in 5 minutes or so, but is that really looking out for your best interest -or just some turn and burn sales tactic? Are you confident your home is truly protected?

That’s why we take the time to consider your needs and interests, then shop multiple insurance brands for you. Having choices and a personal insurance shopper on your side means you can be confident you’re getting the full value and protection you deserve.

Besides, wouldn’t you rather spend your time shopping for more exciting things to fill your new castle?

We’re here to help.

CONTACT YOUR INSURANCE AGENT - LEESA WILLIAMS

Call: 702-736-2800

EMAIL: lwilliams@yialv.com

PLANS AVAILABLE FROM: Travelers Insurance · SAFECO · Allstate · Progressive · and MANY more!

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