Saturday, January 20, 2018

Individual Disability

Disability Insurance provides a contractual obligation for the payment of funds in the event you are injured or become disabled and can no longer work at the your current profession.   The payments are usually tied to a percentage of your current income and are paid either weekly or monthly.  Although some employers provide some amount of base disability insurance, it is important to understand that there are crucial tax issues involved with who pays for the disability insurance.  If your employer pays for the coverage then the payments you received are taxable as income.  On the other hand if you pay the premiums then the payments are tax free,

For example, a person making $100,000 who becomes disabled and has a policy that will pay 60% of their income may be comfortable with $60,000 if it is tax free but will have difficulty getting by on say a $45,000 after tax amount.   For a few dollars more a month it is often advisable to have the employees pay this particular insurance premium and have the business increase support for some other employee benefit.


Long Term Care Insurance

Research shows nearly half of all Americans will need long-term care at some point in their live, and one in five Americans over the age of 50 is at a high risk of needing long-term care in the next 12 months.  Additionally, the cost of long-term case services may be surprising.

That's why it's such a good idea to consider long-term care insurance as an integral part of a well-rounded financial plan.  It may help protect your hard-earned assets, and provide more control over how and where you receive care should you need it.

We can help you better understand your options, how coverage works, and where you can get a policy that best meets your needs and budget.  Helping you make an informed choice is our goal.
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