January 1, 2010

Q: When do benefits start of a disability income policy?

A: The income is paid after the disability has lasted longer than the "waiting period". The waiting period is similar to a deductible on other types of insurance policies in that it lowers the price of insurance. Common waiting period options are 30 days, 60 days, 90 days and 180 days.

The financial planning issue with regard to high blood pressure and osteoarthritis is not the current cost of treatment (which is usually minimal) but the more serious medical conditions may develop over the long term. So you are wise to be less concerned about pre-existing condition coverage in the short term but rather focus on the stability of your health insurance coverage over the long term. If you expect to be eventually covered by a group health insurance plan, then a low cost short term medical insurance that excludes pre-existing condition coverage is perfect in this situation.


1"American Health Shield" plans require U.S. citizenship

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