Prescription Insurance Policies

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Some health insurance policies do not provide for prescription coverage and a separate policy must be purchased for prescription medications. This is an area where it pays to do some homework and research and find the best policy for you. Prescription coverage insurance is not a necessity; like health insurance coverage, it is a calculated risk, although the risk is not as high. Usually you can buy prescription insurance at any time, so if the doctor determines that you need an expensive maintenance drug, you may opt in at that time. It is important to know that if you presently have prescription insurance you can usually only change it at a specific time of the year, although you can add new prescriptions, you can’t change plans. The person who seldom takes prescription medications probably does not need prescription insurance; however, a person who takes maintenance drugs for high blood pressure, diabetes, depression, heart disease or immune disorders most
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Disability Coverage

Disability insurance policies are designed to pay part
of your wages should you be injured in an accident or
are unable to work because of illness. Here are two
types of policies available: long-term disability and
short-term disability.

Short term disability pays a portion of your wages
should you be out of work due to injury for up to one
year. Some employers pay for this benefit for their
employees, some offer it for employees to purchase.

If you have a pre-existing medical condition, the time
to enroll is during the initial enrollment period when
a medical exam is not required.

Replacement of wages is only partial; insurance
underwriters, as well as your employer, want you back
at work as soon as possible. Usually there is a
waiting period of 14 days in which you will not
receive payment.

Long term disability policies are purchased to replace
what your potential earnings would be from the time
you become disabled until age 65 when Medicare would
be available.

For instance, if you are 55 and make $40,000 per year,
you should purchase a policy for $400,000.

You cannot get a long term disability policy if

(1) you are or are soon to be pregnant,

(2) make less than $18,000 per year,

(3) are unemployed, or

(4) you are required to carry a weapon for your job.

Typically, the waiting period for long-term insurance
to kick is at least 60 days and as much as a year.

Disability insurance is an important aspect of your
overall insurance coverage plan, and if your employer
offers it as a benefit you should definitely consider
it as a wise investment.

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