Posted: Sun Jul 20, 2008 5:18 pm Post subject: Applying for long term disability
QUESTION: Should I apply for LTD now at 44 yrs or wait possibly one or two years? My employer does not offer it to me.
SITUATION: At this time I do not have any known medical condition that needs treatment other than for a mild dermatological, cosmetic problem. But I had an "inclonclusive" biopsy of my thyroid. The single node was so small they did not get enough cells. The Dr. wants to do another biopsy and said almost never are two tests inconclusive. Normally thyroid nodes are followed up with sonograms to make sure the node does not get larger. The last sono also showed a slightly enlarged lymph node which did not at all concern the Dr. at the time because I had had a cold, but since they are doing a repeat sono of the thyroid, described as standard practice, they might as well also look at the lymph node. Statistics show that approx. half of all women have a noncancerous thyroid node by age fifty and about 95 to 97% of the nodes are noncancerous, and if caught early like it would be with follow up sonograms or biopsies I cannot see how it would ever become disabling. Even if the thyroid had to be removed it would not lead to a disability. Because I am at such a low risk of cancer I cannot be squeezed in for the second biopsy until Sept. Also there is the possibility she will want to do one or two follow up ultrasounds six to 12 months apart as is standard just to establish that the node does not grow, and possibly a biopsy of the lymph node depending on the sono results.
CONCERNS: 1. Am I likely to be denied coverage because of the uncertainty of things? What is the likelihood of this? If so how easy is it to get a company to reconsider based on positive future medical tests? Once denied is there a domino effect where I have to tell other companies that a company denied me? Or will they accept me but automatically jack up the premiums just in case, so that I might as well wait a year or two until I'm older and things are ruled out? Or will they do something like exclude coverage of all cancers? (I probably would not consider such a policy unless they made it specific to cancer primary to the thyroid, because I almost certainly don't have even thyroid cancer which is even less likely to disable me. On the other hand like all other women I probably have a one in eight chance of having breast cancer and that could easily cause a period of long term disability.)
2.The rush was because I was hoping to try to avoid premiums increasing at age 46, and my husband does not want to remain married. I was trying to secure my financial independence and childrens future, and determine my future expense needs. I've read that there is a one in three chance that someone my age will have a long term disability. As a health care provider on her feet walking and lifting patients, bending, and kneeling, any loss of function of an arm, leg or back could cause me to loose my occupation.
QUESTION AGAIN: Do I table this endeavor, wait possibly another year or more and just have faith? Knowing that I have coverage would give me some feeling of security for myself and my children, and knowing the cost of coverage would help me figure out part of the financial ramifications of a divorce. I apologize for the length, but needed to feel confident any answer would pertain to this particular situation. I appreciate any responses! _________________ Register Now to have your Insurance queries solved.
Hi faith, I see no reason why you should be denied a coverage. the node is yet not proved as malignant and according to you even the chances are very less. However, I'd suggest that you discuss with your physician about the chances of suffering disability in due course. Also you can consult with few agents and get their views in this regard. _________________ Register Now to have your Insurance queries solved.
Well, some insurer may consider it as a pre-existing condition and may like to wait for a certain period before putting the policy into affect. They can also require you to go through another round of diagnosis before accepting the risk of insuring you. However, while choosing the plan make sure that all the terms written in the policy document are explained to you properly. Also you should get the followings explained to you at the time of buing the plan,
What is described as 'disability' in the plan?
For what duration the plan allows you to collect the benefits?
What are the benefits of the plan? does the plan allow you to collect the benefits while you can work for part time?
However, I pray that you never require one in your life and all goes well with the treatment. _________________ Register Now to have your Insurance queries solved.
Posted: Mon Jul 21, 2008 8:46 am Post subject: You can also consider longterm care plan
I too will pray for your good health
I can understand your anxiety to secure the future financial condition before dissolving the marriage. However, apart from the long term disability plan, there is another plan that covers the expenses associate with long term care. It's called Longterm care plan. You may find this option useful as well.
How about applying for the cancer insurance? Cancer insurance policy will address the expenses associated with treatment of cancer. _________________ Register Now to have your Insurance queries solved.
Faith,.... every application I've ever written for Life, Health, Disability or Long Term Care Insurance will ask the applicant if they are currently having treatment or been diagnosed with "something" in the past two (2) years that has not been treated or may require treatment or surgery in the future.
You need to get a definitive answer on your thyroid biopsy.
INCONCLUSIVE is not comforting to insurance company underwriters.
A person with a medical problem that is "unknown" and the doctors don't know or can't be sure is way worse for insurance underwriting than having a known condition that's been treated with complete recovery, all okay.
ESPECIALLY for disabilty income insurance.
Of all the types of medically underwitten insurance disability income insurance is the toughest of all medically underwritten contracts to get approved.
Stay away from disease specific types of insurance. Those are very limited indemnity policies that aren't worth the paper they're written on. _________________ Gary Spicuzza, *SAFE
Copyright 1956.
No rights reserved.
*Self Appointed Financial Expert
I agree with gary about the specified disease policies, especially the scheduled benefit limited indemnity policies.
The only type of those that are worth anything are lum sum payment policies that work kind of like life insurance,( for example $100,000 on first diagnosis of cancer)
Other than that type the others are really terrible. _________________ Thinking about becoming a health insurance agent or just getting started out as one?
Yupp..its quite true that some of them would take is as a pre-existing condition, before actually counting upon it! Just as Daffodil has mentioned over here that you need to comprehend with the policy clauses, also make sure that nothing is kept from the carrier.
..scheduled benefit limited indemnity policies??
Is it possible that you'd share a bit of their qualities with us over here! _________________ Register Now to have your Insurance queries solved.
scheduled benefit limited indemnity policies??
Is it possible that you'd share a bit of their qualities with us over here!
There isn't any "qualities."
For example, I just had an 84 year old client of mine cancel a garbage "cancer" policy sold to her by the most infamous agency in Florida.
The policy was LIMITED to paying a $200 per day benefit for 31 days MAXIMUM IF you are admitted to the HOSPITAL for cancer treatment as a bed patient.
The monthly premium was $62 per month.
So not only is the policy LIMITED to amount AND specific disease it's also limited to treatment method. If she developed skin cancer and was treated like most cancer patients on an outpatient basis the policy would pay NOTHING.
You MUST be admitted to the hospital as a bed patient with the specific disease of cancer. Hmmmmm, you are also NOT going to spend 31 days getting "cancer treatment" as a bed patient in a hospital. Maybe cancer surgery then off to skilled nursing for rehab. But not 31 days in the hospital having cancer treatment.
Further, an 84 year old person in the United States of America would either be on Medicare with their own private Medicare Supplement policy OR they would be on an approved Medicare Advantage HMO plan.
EITHER way if they developed cancer the medical bills would be paid.
Disease specific policies ARE NOT medically underwritten per se'. THEY DO NOT pay for the hospital or doctor bills. They pay a fixed dollar amount of money to the insured based on the Sun, Moon and Stars being all lined up correctly on the second Tuesday of next week.
Disease specific policies are a waste of money for the insurance buying public. They're kind of like buying flight insurance in case the plane crashes. It's a sucker's bet and you're the sucker.
I agree with beatuplunchbox a $100,000 lump sum payment could be worth while depending on the premium. _________________ Gary Spicuzza, *SAFE
Copyright 1956.
No rights reserved.
*Self Appointed Financial Expert
