Moore Benefits Inc video discussing long term health care vs. disability insurance

http://www.moorebenefitsinc.com/video-center/ Long term health care vs. long term disability insurance. (transcribed from video interview with Kelly Moore, Moore Benefits Inc. www.moorebenefitsinc.com )
You might be asking yourself what is the difference between long term disability and long term care insurance if you're looking at a benefits package from you employer, or talking to your financial planner, and do you really need those types of insurance.
Long term disability insurance is insurance on your paycheck so if you become disabled during your working years and you cannot generate an income you need long term disability insurance. If you've been hurt on the job, you'll have workers compensation but If you become ill you won't have workers' comp. Does the government protect you then? To some extent. If you live in California, you have one year of state disability income. Pays 55% of your income protects about 70 to 80 thousand dollars of income at that level. Into the rest of the nation, only 5 states even have short term disability and then they would be relying on social security disability... well that doesn't kick in until you've been totally disabled for a year. It's very difficult to qualify for; most people have to hire an attorney to get the government to make those payments to them. So I believe that long term disability insurance, if you are a bread winner in your home, is just as important, definitely second place, to medical. Certainly before anything like dental or vision, long term disability is very important because it insures your paycheck. Long term care is very different and is what I like to call 'nursing home insurance' so this is going to be if you become unable to take care of your daily needs: bathing, feeding, dressing, transferring, continence. You need some help just with day to day living activities. Long term care insurance will pay for you to have somebody in your home to keep you from going to a nursing home or if you do go into a nursing home to help offset those incredibly high costs. The only way you really need to buy long term care insurance is if you have enough assets that you don't believe you're going to want to spend down and get down onto Medicare. If you have assets that you want to protect through your heirs and dependants, you probably do need to buy long term care when you get into your 40s or 50s, so that you will have that to take care of you later in life.

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Education

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• healthcare
• disabilityinsurance
• disabilitylongterm