Annie7
Junior Member
Joined: Dec 22, 2010 8:42:14 GMT -5
Posts: 244
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Post by Annie7 on Nov 2, 2022 13:56:49 GMT -5
Thanks for all your input. I've decided to NOT double cover my son. I'll just do it for myself.
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,939
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Post by bean29 on Nov 2, 2022 14:15:52 GMT -5
bean29 , I carry short term disability for all the reasons that pulmonarymd listed, it is a small amount that provides a peace of mind for me. I also have to wait some time until it kicks in, so I make sure to save some PTO to cover the in between time. Make sure your DD not only checks but positively confirms that she can get health insurance from a different place than dental/visual as I've often heard that is not possible. She did talk to HR. They said she can elect dental now, and when she hits her birthday in April and she gets kicked off our plan, that will be a life event and she will be able to get into their plan with the termination letter she will get. Andi, she will not really be double covered at any point - she will be on my health insurance which has no cost component to it. My company does not have dental or health insurance. I carry those under DH. He is a captive agent for an insurance company. They do not offer him health insurance, but we can "buy into" dental and vision. If she gets either contacts or glasses, she will get more from the plan than I pay, but she has not purchased glasses in 3 years. I have to have her go back and ask about the company contribution to the HSA. If she elects the Gold plan (possibly the silver also she was not sure) they contribute 850 to an HSA. Pulmonarymd and Anciana, I agree with you, I am pretty sure I have heard before that STD and LTD are more important than life insurance. The plan offered to DH at his age is very expensive, so we just figure we are self-insuring. I am pretty conservative. I would have STD if it was offered to me at my employer-but my employer self-insures, they usually just keep paying salary for people who are out, but it is not in writing, so they can do what they want in each situation. They have been consistent though - I see the Salary/Payroll Records, so I know.
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pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,388
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Post by pulmonarymd on Nov 2, 2022 14:30:06 GMT -5
You are far more likely to be disabled over your working career than to die prematurely. I have paid a pretty penny for my own gold plated disability insurance. But it was worth it knowing I could survive at a reasonable standard of living and not had to take any old job if I couldn't do what I do.
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,939
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Post by bean29 on Nov 2, 2022 14:47:05 GMT -5
You are far more likely to be disabled over your working career than to die prematurely. I have paid a pretty penny for my own gold plated disability insurance. But it was worth it knowing I could survive at a reasonable standard of living and not had to take any old job if I couldn't do what I do. DH will be 58 next year, he has an agreement that if he decides to leave they "buy" his agency. That would give him about 5 years of income. He also can choose to hire someone and have them run the business. So, yes, I agree with you. I did try to buy it a few years ago, but DH saw how much it was going to cost and he cancelled it. My plan is if something happens to him, I quit my job and do his. My Son used to work for DH, he just recently left. DD and I both have licenses, so we are taking a risk, but I think we can recover from it if worse comes to worse.
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pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,388
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Post by pulmonarymd on Nov 2, 2022 14:56:48 GMT -5
I started with my first policy around 30. It is own occupation- If I cannot work as a pulmonary physician, I am disabled. Added on over the years as my income increased. Now deciding when to drop them. Didn't collect a penny. Still worth it. I was able to sleep at night knowing if something happened to me we would be OK. It was a significant expense. I understand what your husband did. Still a risk though given what it could cost for care if you become disabled
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pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,388
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Post by pulmonarymd on Nov 2, 2022 14:59:23 GMT -5
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Post by minnesotapaintlady on Nov 2, 2022 15:03:15 GMT -5
I've never worked for a company that didn't provide STD and LTD. I wouldn't want to be without LTD, but STD is only 12 weeks and if I remember right from my births, there were all kinds of caveats about a 2 week unpaid wait and having to use all your vacation before it kicked in and that came off of the time they paid. I can see going without that if you have a good EF. Unless you have to have STD to get LTD?
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pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,388
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Post by pulmonarymd on Nov 2, 2022 15:23:10 GMT -5
Ours is 24 weeks
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Post by The Walk of the Penguin Mich on Nov 2, 2022 20:18:13 GMT -5
I had to wait 6 months to apply for LTD. I self insured for STD as between sick and vacation time, I had sufficient time built up until LTD kicked in. Luckily, it only took about 4 weeks to get a determination.
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