Short & Long Term Disability Insurance?

Short & Long Term Disability Insurance?

Short & Long Term Disability Insurance?


The reality is that with a condition like MS, your friend will not be able to get coverage through a private carrier. The Dept. of Insurance in many states are now proposing (NY just passed it a few months ago) regulations for LTD that tell insurance companies that they can only decline claims under a 'pre-existing condition' clause for a total of 12 months. This causes too high of risk for the insurance company, so they will decline to cover anyone with MS, regardless of the current status of the disease. Unfortunately, the only choice your friend has is to apply for Social Security. If she gets declined the first time, tell her not to get discourged and to keep re-applying. SS is declined more often than not the first time someone applies.


She needs to meet with her financial planner and focus her assets so that she has adequate liquidity. It's too late for LTD.


It's too late. You can't bet on the race AFTER it's been run. That's what she wants to do. Sorry. Now, it's not to late for YOU. So, go out there RIGHT NOW and get that LTD policy for YOU.


What does your friend do? You said she is self employed, but maybe there is a professional association that she can join that offers group benefits to its members. If she has employees, she can purchase a group policy for her business. It may be more expensive, but she'd have some coverage. Another option would be to self insure. Maybe she could set up some sort of savings account and pay premiums to herself so she will have money set aside for when she needs it. Is she married? Maybe she can get on a policy through her husband's employment. She should investigate setting up a medical reimbursement account for her business. There are a lot of considerations to take into account before doing this, but it may be a way to get a tax deduction for some of her medical expenses.


Even though she has MS, most short term and long term carriers will feel that she can work with the condition. Since she was just diagnosed, it is probably not too severe. If she is self-employed does she even have STD and LTD coverage? If she does not, she will have to apply for social security disability and medicare. There are lawyers that will take on this type of case if social security denies the claim. They do take a percentage of the Social Security payments if they win the case. This can be negotiated with the lawyer. But unfortunately, you friend will probably have to keep working at this time.



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