Trusted Choice Insurance Agents &Brokers Member
Call Us Now (484) 357-1485
Let Kleppinger Insurance Shop for Your Disability & Long-Term Care Insurance in Bethlehem, PA, and the Surrounding Areas
At Kleppinger Insurance , our team is dedicated to helping you choose and understand the different types of disability and long-term care insurance. Our top priority is to help you find the most affordable option to meet your personal needs. Get started with our team today by calling our compassionate and dedicated staff members at (484) 357-1485!
WHAT ARE THE TYPES OF DISABILITY INSURANCE?
There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
1. Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
2. Long-Term Disability policies (LTD) have a waiting period of several weeks to several months, with a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
1. Non-cancelable means the policy cannot be canceled by the insurance company, except for the nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
2. Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
- Additional purchase options
- Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
- Coordination of benefits
- The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
- Cost of living adjustment (COLA)
- The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
- Residual or partial disability rider
- This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
- Return of premium
- This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
- Waiver of premium provision
- This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.
WHAT IS ‘LONG-TERM CARE’?
Because of old age, mental or physical illness, or injury, some people may need help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living, sometimes called ADLs. In general, if you can’t do two or more of these activities or have a cognitive impairment, you are said to need “long-term care.”
Long-term care isn’t a beneficial name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less.
Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.
Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally, Medicare and most private health insurance pay only for skilled care–not custodial care.
For more information on how we can assist you with your disability or long-term care insurance, please contact our office for a quote.
Phone: (484) 357-1485
Email: info@kleppingerinsurance.com
Mail Only: 1 E Broad St. Ste 130 - 1002 Bethlehem, PA 18018
Business Hours
Mon-Fri: 9:00am - 5:00pm
Sat-Sun: Closed
Trusted Choice Insurance Agents & Brokers Member