Tristate Life & Health Insurance Agency

 

Should an individual or the primary bread winner become critically ill or disabled the fallout could be financially devastating. Today 62 million people in the US are affected by some type of disability. Not only can disability result in a loss of income, savings can be wiped out, retirement funds lost or one's home can be lost. 

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Disability income provides protection against such losses. It is sometimes referred to as supplemental income insurance. Disability coverage provides income protection by paying a certain amount for a specified period of time when an individual is unable to work because of an accident or illness. The coverage can be short or long term.

 

Some employers offer group disability but individuals can purchase pay check protection on their own. Benefits and eligibility requirements vary because of how the plan defines "disability," waiting periods, exclusions, and hospitalizations.

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Health Savings plans are another option offered by employers or an insurance agent in which the company has appointed to set up the HSA or disability insurance. The HSA plans allows employees or individuals to save funds that can be utilized to pay for some of their health care cost with tax free dollars. Not only can individuals and employees pay for current

medical expenses, they can save for future qualified medical expenses along with retirement health expenses on a tax free basis.

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