Looking For NYS Disability Insurance
NYS Disability Insurance
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New York , The Empire State, is the third most populated state in the country housing a little under twenty million people. Because of its status, the cost of living in New York, especially in heavily populated areas such as New York City, can be very high. So you can only imagine the trouble that can come if you lose your job. Easy answer, don't lose your job—do whatever it takes to hold on to your job and grow with the company.
But what if you get seriously ill or suffer an unexpected injury? On the job? Possibly, or maybe just from riding the subway. Suddenly, you're injured and have no choice but to take a leave of absence. Even if the company you work for understands and keeps you on file, what about your regular bills? Where will the money from from? You might have to borrow it or take it from your savings account—which totally ruins your financial planning for the next four years! (Goodbye retirement fund)
Disability Insurance Income Can Help
There is another way to avoid this problem. You can purchase NYS disability insurance and shield yourself from all those extra expenses. If you find a good NYS disability insurance policy you can receive up to 60% of your gross monthly income in the event you are injured at cannot work. (Or become very ill for a long period of time) While 60% might not seem like much, it's a life saver when it comes to paying the important bills and keeping your budget on track. (You can always cut costs elsewhere to make up for the rest of the loss)
What if you have workers' compensation? This might or might not apply to you. In general, some companies insist that the injury must be work related before they will agree to coverage. Others will tax your income, and perhaps limit how much you can receive. But in the event you do have workers' compensation, then individual NYS disability insurance can only help and not hurt—after all, you need all the money you can get during that down time. However, private disability insurance can really help you if your regular group insurance policy falls through. (Which is often does) If there's a technicality that disqualifies you from coverage, you're stuck in New York without a job and with bills piling.
NYS Disability Insurance: New York State Insurance
NYS disability insurance can also refer to the New York State Disability protection. This is a state law requiring most employers to provide payment of disability in the event a worker is injured. This is certainly not the norm in most states, so if you can take advantage of this state law then great! However, some special exclusions do apply. For example, NYSD does not apply to federal, state or city employees. It also bypasses some teachers from private and public institutions who are covered by the school. NYSD pays 50% of your average weekly wage to a maximum of $170.00 a week for 26 weeks counted from the first day of your disability.
However, you may find that you truly need an individual NYS disability insurance policy to get by. (Though you can certainly attempt to get both) Shop now while you're younger and healthier, so you never get caught in a bad spot—in New York with no job and rent due!
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