There are various types of insurance available for disabled people, especially those who require immediate and regular care. However, a common misconception is that disability insurance is for the disabled.
Disability insurance is protective insurance should a person become disabled and unable to look out for themselves and their family financially. If you already have a disability, this will be more expensive to purchase. Alternatively, if your disability is severe, you may be denied the insurance altogether.
Nonetheless, you needn’t worry – although, if you can purchase disability insurance early in your life, then we highly recommend doing so. If not, there are other insurance options available, including long term care and Medicare – both of which are discussed in more detail below.
Long term care insurance
Long term care insurance covers various medical costs, wages, food expenses, and general costs for those unable to work or look after themselves. In particular, however, long-term care insurance is an especially great option for disabled people, perhaps unable to perform everyday tasks such as cooking, using the bathroom, and walking up and down the stairs.
In some cases, long-term care insurance may cover a live-in carer, depending on the severity of your individual situation. This type of insurance is purchased for a pre-determined amount of time, providing care 24-hours a day, seven days a week.
To find out more about long-term care insurance, click here.
Medicare insurance is a little different from long term care, greater targeted to young people with disabilities and the elderly who are unable to care for themselves.
This type of insurance covers the costs of prescription medication, regular check-ups, and other medical-related expenses. If you find yourself requiring constant medical attention, accumulating quite the bill, then Medicare insurance is the one for you.
There are multiple types of Medicare insurance, of which you can find more detail by clicking here.
Contrary to popular belief, disability insurance is not for the disabled – it’s a protective type of insurance to provide financial security should a person become disabled – there’s a key difference.
Nonetheless, various other insurance options are available, including those listed in this article.