May is Disability Insurance Awareness Month

Many people I’ve spoken with did not know that May is Disability Insurance Awareness Month.  I began to wonder if they were even aware of how Disability Insurance can help them…..or if it can.

I learned a long time ago that you can’t help people that don’t want to be helped.  In other words, I won’t talk about it if you don’t want to hear about it.  If this is you, you can stop reading now.

Disability Insurance is not meant to replace your income, dollar for dollar.  If you are dealing with a major health issue and unable to work, you will probably want to spend your money on your priorities like your mortgage or rent, car payments, groceries and hopefully, your health insurance and not so much on your luxuries like eating out or renting movies.  Disability Insurance is meant to keep you going during this time but it is important to get back to work so you can get back to your lifestyle.

I often cite this study because of its importance, not just in its findings but what I interpreted between the lines.  In 2007, Harvard Law School, Harvard Medical School and Ohio University did a study of bankruptcies.  The study used over 2,000 cases and found that 62% were due to medical expenses and more than 75% of those had health insurance at the initial onset of the medical condition.  Most were well educated, middle class and owned their home.  Here is the report.  http://www.washingtonpost.com/wp-srv/politics/documents/american_journal_of_medicine_09.pdf

I’m not suggesting that you will lose your house or have your car repossessed because of the bankruptcy but bankruptcy is much harder to get approved since Congress tightened the bankruptcy laws.  What about the time it took to accumulate the debt?  Did you go 6 or 8 months without making a mortgage or car payment?  That’s what will get your house foreclosed on or your car repossessed and now you’ll fall deeper in debt because of legal bills.

I know that disability isn’t right for everyone but have you considered your options before you determined it wasn’t right for you?

Check us out at www.alsalandinsurance.com