Originally Posted by Mr_Snips
Have you found yourself needing anything? I know in my hard times some forums have put together some amazing things for me that really helped. I'm sure we could figure something out to help you along.
Thank you--truly. But I am actually doing OK financially. My wife is the primary wage-earner, and we had planned pretty well. I know the a lot of employers offer Long-Term Disability Plans and they're wonderful to have; however, I would urge everybody to look into private Long-Term Disability Plans as a really strong option.
Here's why: If you move from one employer to another, a private plan is not affected in any way and things are always in force. If you ever have a qualifying injury and you file a claim, then you will immediately notice the difference in plans. With a private plan, you make your premium payments with after-tax dollars; therefore, all you claim payments will be tax-exempt--as long as you are drawing disability. If you have an employer-offered plan, it is likely that the premium payments you make are made with pre-tax dollars, and it is nearly certain that the fraction that your employer pays of the plan cost will be paid with pre-tax dollars; therefore, anywhere from half to all of your disability payments will be taxable as income. That can be quite a shock for some folks.
There is also the Worker's Comp disability payments. They are not taxed, but the payments are calculated with that in mind. The big thing to keep in mind as a worker, a rider, a wage-earner, a parent, etc., is that there's a lot of things to take into consideration long before you ever get hurt. And no, I am not nor ever will an insurance agent. I'm just lucky to have a CPA for a spouse and boy oh boy, does she ever plan.