Need Help With New York Disability Insurance?
New York Disability Insurance
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New York is the third most populated state, home to almost twenty million people. The Centennial State is known for a long of things, not the least of which is the high cost of living.
If you suddenly became injured or developed a major illness, what would you do about work? You would have to take a leave of absence, and yet still be expected to pay your recurring bills. This is why you need some form of New York disability insurance—insurance for your income. What are your options?
Some Options To Consider
You could try and seek Social Security assistance. However, the problem here is that federal disability assistance is hard to acquire. Social Security denies 50% of the claims due to technicalities, and insists upon a long waiting process. What if your injury is for a short period of time such as three months? Social Security can't help you. Of all the options, this would recover the least amount of your income, even if successful.
How about New York disability insurance, as provided by the state? While it's true that most employers in New York are required by law to provide disability coverage, some exclusions apply. These disqualify certain occupations such as government employees and certain educators. Worse yet, there is a maximum weekly wage set at $170.00 and it only lasts for 26 weeks from the day of your disability.
If your company offers workers compensation, then of course, that's coverage on the condition that your injuries were strictly work related. If you're self employed or if you were injured after working hours, you're on your own. It is estimated only 50% of employers offer short term disability insurance, and even less offer coverage for longterm disability.
Individual New York Disability Insurance
The safest move is to purchase an individual New York disability insurance policy. This allows you more flexible plans, tax free payments, and more immediate coverage. Up to 60% of your regular monthly gross can be offered with the better insurance plans. Though 60% might be tough to live on, it is a far better choice than no income at all! You could pay your major bills with this income (such as your rent, utilities, automobile, health insurance) and cut costs elsewhere to make up for the lost portion.
Shopping For The Best Deal
There are hundreds of insurance companies that offer disability insurance. Private carriers do have a screening process and might require a medical examination. By in large though, individual New York disability insurance is worth the extra time and expense because of the flexibility and benefits it offers.
When searching on line, try using an insurance vendor website for the best results. Using these services, you can search by plan coverage rather than by insurance company names. Though you do want to investigate the company's name and history, you're actually more interested in the plan details at this point in time. New York disability insurance is available at an affordable rate if you live in New York and if you're concerned about your financial future.
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