Scan Medical Insurance

Insurance Options not associated with employers?

Hi I want some guidance on shopping around for disability and health insurance in general. I am a 36 year old female who right now is employed to a company that offers short term and long term disability and I am being asked to sign up for them by the end of this month. SHORT TERM / LONG TERM DISABILITY $ 8.17 - Short Term Disability $10.26 - Long Term Disability The rates I put are weekly. I want to shop around more before I sign up for these things. Does anyone know of any good options for short term and long term disability options that are not tied to a company? Am I right in assuming that when such insurance is not tied to an employer it's probably better since the benefits can continue if something should happen to the job? SUPPLEMENTARY MEDICAL INSURANCE They also have the following options to supplement the medical insurance they already provide: $48.43 - Major Expense Medical ( to cover everything regular insurance won't cover) $12.00 - Hospital Indemnity ( to give extra money per day for hospital visits) These are weekly rates as well. I will definitely take the regular health insurance (a 70% / 30% deal), since it's free for employees, it's just the other supplementary health stuff I wanted to know if I had options for. Thanks for any direction you can provide.

Public Comments

1. Those rates seem kind of high. I would shop around. And, you are correct that it is better not to have it tied to your employer so the insurance does not cancel if you leave your current job. I think your on the right track.
2. Individual coverage IS better coverage, but for disability insurance you'll find it more expensive on your own because it is better coverage. So, if you're shopping for rates then you can likely stop. The other difference is that group insurance will continually get more expensive whereas individual coverage CAN be a guaranteed premium. Also, you can't buy short-term disability as an individual either. Your best bet and the bottom line is that WHENEVER you are offered benefits through an employer, you should pick up the phone and call your financial advisor and insurance broker to determine the best course of action to take.
3. The limits of coverage are just as important as the premium, keep that in mind. Cost and value are seperate issues, though often intertwined. I cannot say if any of these premiums are appropriate, given that I don't know the limits of the policies in question. Speak with a local agent to get real answers and companrison quotes for the referenced coverages.
4. Who you want to talk to, is a local, independent agent, to get you some quotes. Quotes are going to be based on what you do, and how much you earn, and what percentage of income is being covered. The problem is, if you're NO longer working and THEN you become disabled, you don't have any lost wages due to disability, so no, you can't assume that you'd still get paid if you get laid off. And I probably WOULD buy that major expense medical coverage - 30% of a $250,000 bill is pretty steep.
5. There are several work site insurance carriers that offer individual coverage through payroll deduction. The policies are portable, so your concern about losing coverage is addressed. Check to see if these policies are portable. Ask your HR person if you can speak with an agent from the carrier offering these programs. Your needs should dictate what makes sense for you.