Personal Insurance

Q: Short-Term and Long-Term Disability Insurance

If you can&#39;t work because you get sick or injured, disability insurance will pay part of your income. You may be able to get insurance through your employer. You can also buy your own policy.<h3>Types of Disability Policies</h3>There are two types of disability policies.<ul><li>Short-term policies may pay for up to two years. Most last for a few months to a year.</li><li>Long-term policies may pay benefits for a few years or until the disability ends.</li></ul>Employers who offer coverage may provide short-term coverage, long-term coverage, or both.If you plan to buy your own policy, shop around and ask:<ul><li>How is <a href="https://webarchive.library.unt.edu/web/20201218013631/https://www.healthcare.gov/glossary/disability/">disability</a> defined?</li></ul><ul><li>When do benefits begin?</li></ul><ul><li>How long do benefits last?</li></ul><ul><li>How much money will the policy pay?</li></ul><h3>Federal Disability Programs</h3>Two Social Security Administration programs pay benefits to people with disabilities. Learn about <a href="https://webarchive.library.unt.edu/web/20201218013631/https://www.usa.gov/disability-benefits-insurance#item-214012">Social Security Disability Insurance (SSDI) and Supplemental Security Insurance (SSI)</a>.

Short-Term and Long-Term Disability Insurance

If you can't work because you get sick or injured, disability insurance will pay part of your income. You may be able to get insurance through your employer. You can also buy your own policy.

Types of Disability Policies

There are two types of disability policies.

Short-term policies may pay for up to two years. Most last for a few months to a year.
Long-term policies may pay benefits for a few years or until the disability ends.

Employers who offer coverage may provide short-term coverage, long-term coverage, or both.

If you plan to buy your own policy, shop around and ask:

How is disability defined?

When do benefits begin?

How long do benefits last?

How much money will the policy pay?

Federal Disability Programs

Two Social Security Administration programs pay benefits to people with disabilities. Learn about Social Security Disability Insurance (SSDI) and Supplemental Security Insurance (SSI).

Health Insurance Plans

Health insurance helps you pay for medical services and sometimes prescription drugs. Once you purchase insurance coverage, you and your health insurer each agree to pay a part of your medical expenses--usually a certain dollar amount or percentage of the expenses.

How to Get Health Coverage

You can get health care coverage through:

A group coverage plan at your job or your spouse or partner's job
Your parents' insurance plan, if you are under 26 years old
A plan you purchase on your own directly from a health insurance company or through the Health Insurance Marketplace
Government programs such as Medicare, Medicaid, or Children's Health Insurance Program (CHIP)
The Veterans Administration or TRICARE for military personnel
Your state, if it provides a health insurance plan
Continuing employer coverage from your former employer, on a temporary basis under the Consolidated Omnibus Budget Reconciliation Act (COBRA)

Types of Health Insurance Plans

When purchasing health insurance, your choices typically fall into one of three categories:

Traditional fee-for-service health insurance plans are usually the most expensive choice, but they offer you the most flexibility in choosing health care providers.
Health maintenance organizations (HMOs) offer lower co-payments and cover the costs of more preventive care, but your choice of health care providers is limited to those who are part of the plan.
Preferred provider organizations (PPOs) offer lower co-payments like HMOs but give you more flexibility in selecting a provider.

Choosing a Health Insurance Plan

Read the fine print when choosing among different health care plans. Also ask a lot of questions, such as:

Do I have the right to go to any doctor, hospital, clinic, or pharmacy I choose?
Are specialists, such as eye doctors and dentists, covered?
Does the plan cover special conditions or treatments such as pregnancy, psychiatric care, and physical therapy?
Does the plan cover home care or nursing home care?
Will the plan cover all medications my physician may prescribe?
What are the deductibles? Are there any co-payments? Deductibles are the amount you must pay before your insurance company will pay a claim. These differ from co-payments, which are the amount of money you pay when you receive medical services or a prescription.
What is the most I will have to pay out of my own pocket to cover expenses?
If there is a dispute about a bill or service, how is it handled?