The primary difference between Long Term Care and Disability insurance is that you can use money from Long Term Disability insurance for anything you want, but Long Term Care insurance only pays for care (like in a nursing home facility) and can only be used if you need help with at least two activities of daily living.
Whether you’re researching which type of insurance to buy or whether you’ve had your Disability claim denied, a long term disability lawyer in Texas can help you get the benefits you’ve earned.
What Is Long Term Disability Insurance?
Often offered through employers, Long Term Disability insurance pays a percentage of your previous income if you become disabled and are no longer able to work before you reach retirement age.
Since Long Term Disability insurance only replaces some of your income, you may want to talk to a social security disability lawyer at Marc Whitehead & Associates to see if you can use Social Security Disability Insurance (SSDI) to help make up some of the lost income.
Qualifying for Long Term Disability Benefits
First, you’ll need to find out whether you have a Long Term Disability insurance plan that covers “own occupation” or “any occupation.”
“Own occupation” plans will pay out if you can prove that you’re unable to perform your current job, but “any occupation” plans will only pay out if you can be proven incapable of doing any job at all.
While “own occupation” policies typically cost more, they’re easier to qualify for than “any occupation” policies.
For a free legal consultation, call 800-562-9830
What Is Long Term Care Insurance?
Long Term Care insurance only pays for things like in-home care, assisted living, or a nursing home, and it only covers people who can prove they are unable to perform certain activities of daily living.
While Long Term Care insurance plans may sound expensive, they’re nothing compared to the costs of care.
According to the Genworth Cost of Care Survey, nationwide care averages range from about $24,700 per year for adult day care to over $100,000 per year for a nursing home facility–even for a room you share with another resident.
Qualifying for Long Term Care Benefits
To qualify for Long Term Care benefits, you must be able to prove that you are no longer able to perform at least two of these six activities of daily living:
- Dressing
- Bathing
- Eating
- Transferring (moving from a bed to a wheelchair, for example)
- Using a toilet
- Cognitive awareness
What Is the Difference Between Long Term Disability Insurance and Long Term Care Insurance?
In short, Long Term Disability insurance replaces a portion of your income, while Long Term Care insurance only pays for an in-home caregiver, assisted living facility, or nursing home.
Long Term Disability insurance typically only lasts until you reach retirement age, while Long Term Care insurance can be used at any age.
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Factors to Consider When Choosing Between Long Term Care vs Long Term Disability Insurance
Both types of insurance are important, but if you can only afford one, which is better?
Here are some factors that the experienced Disability attorneys at Marc Whitehead & Associates recommend that you consider when deciding between the two types of plans.
Your Age
Long Term Disability insurance coverage often stops when you reach retirement age, so if you’re nearing 65, you might be better off paying for Long Term Care coverage.
Your Health
Many policies exclude pre-existing conditions; if you already have any health issues, you should pay close attention to all the rules of any Long Term Disability or Long Term Care policy you’re considering.
The Cost
Long Term Care insurance tends to cost more than Long Term Disability insurance–but care itself can be extremely expensive. If you can afford the Long Term Care premiums now, it may save you money in the long run.
Getting a Hybrid Policy or Purchasing a Rider
You may be able to save money by purchasing a hybrid life insurance policy that lets you use your death benefit to pay for Long Term Care coverage.
You may also be able to add riders to Long Term Care or Long Term Disability insurance policies that cover cost of living increases or “own occupation” payments.
At Marc Whitehead & Associates, we can help you go through your options to decide what would be best for you and your unique circumstances.
Complete a Free Case Evaluation form now
How an Experienced Long Term Disability Lawyer Can Help You
Whether you’re trying to decide what coverage to purchase or whether you’ve had your first Disability claim get denied, our compassionate Long Term Disability lawyers can help you:
- Understand your options with our Complete Guide to Disability Claims, Insurance, and Benefits or a free consultation
- File your claim, giving you a better chance of being approved
- With an appeal so you can finally get approved for the benefits you’ve earned
Schedule a Free Consultation With a Long Term Disability Lawyer
At any time, the experienced Long Term Disability attorneys at Marc Whitehead & Associates can help you decide which Disability coverage to purchase, file a claim, or appeal a denial.
We have 120 years of combined experience with Long Term Disability, so schedule a free consultation today to find out how we can help you.
Call or text 800-562-9830 or complete a Free Case Evaluation form
