Disability Insurance Articles

3 Ways Disability Insurance Can Cover Physical Therapy Costs

2010-12-21

Disability insurance is designed to provide an individual's basic needs should he become incapacitated due to illness or accident. It's estimated that only around 20 percent of Americans have disability insurance, and that's troubling because about a third of the country's workers will suffer a disability that can keep them off the job for 90 days or more. That "more" can stretch out to several years and leave the patient in a real financial bind if he doesn't have an insurance plan that covers everyday expenses and the costs associated with physical therapy.

Benefits paid through a disability insurance policy are essentially discretionary funds the recipient can use to pay the rent, utilities and groceries. That frees up any other money a patient might have to help pay for physical therapy and other associated expenses. Check with your employer to determine if the company makes disability insurance as part of the health care package it makes available to employees. You take care to purchase insurance for your car, along with homeowners and health care policies. Why not ensure yourself against potential disabilities that can effectively wreck just about any lifestyle?

Straight health care policies won't normally provide disability coverage. That can put a crimp in your finances if a disability lingers on and is made more expensive because physical therapy is needed. Ask your insurer about add-on policies that can protect your future should a disability force you out of work. These policies can be written to just about cover every contingency that might occur, including what could be needed in terms of disability issues. Go over every detail in an add-on policy with your insurance agent, whether online or in person, assess your risks and make an informed judgment about possibly needing disability insurance.

You can save money on disability insurance in a couple of ways. Sign up for a longer waiting period before getting benefits. Ideally, one should begin now saving money in a special fund that's to be used only if a disability interrupts the normal flow of events. Such a fund provides some extra time before you're forced to make a disability claim with the insurance company. Also, consider writing into the disability plan a limited benefit period, perhaps ending when you hit 65. Do not accept a disability policy that stops benefits before you hit normal retirement age. That might mean lower premiums now, but it could also mean inadequate disability coverage for when it's needed the most. Remember, statistics show the average person is more liable to incur a disability than dying. Just be prepared.