Long Term Disability?

[neadods]

The new job has an option to opt in for long-term disability payments. Part of me says "do it, you never know." The other part says "it's an equal gamble that you'll never need it and you could do other things with the money." Dad doesn't have an opinion either way, so I turn to the fount of all knowledge, the friends list.


[Poll #1163699]

Comments

[neadods.livejournal.com]

so few people are going to wind up using them compared to the number of people putting into them.

I feel that I'll have ripped myself off if I end up one of the people putting in without ever getting a return - not that I want to need it!

[faireraven.livejournal.com]

Most people don't want to need it.

The point is, better to have the safety net. That's what insurance is for. Most people don't get the fact that yes, you may be pissing your money away because you may never need the benefits.

But if you *do* need the benefits, the benefits FAR outweigh the costs in most cases (except if you get whole life insurance. Then the benefits NEVER outweigh the costs and you just got suckered by someone who is giving your family back less money if you die than they would have had if you'd just put the money in a savings account. Buy term (it's FAR cheaper) and invest the difference).

Many people pay through the nose for health care. Few of the ones who pay for it actually use it (which is why so many people will go without rather than pay through the nose). For those who use it, it's invaluable. For those who don't, it's a waste of money. Problem is, you never know when you're the one who's going to have to use it.

[starcat-jewel.livejournal.com]

Being nit-picky here: we would happily pay thru the nose for health-care coverage... if we didn't need that money to keep a roof over our heads and food on the table. Millions of Americans make that decision by force -- far more, I believe, than those who could pay for it and choose not to do so.

[faireraven.livejournal.com]

In many cases, yes, it's a choice between healthcare and having a place to live, and I don't envy those people that choice.

In many cases it's a choice between healthcare and the current lifestyle. Again, it's a matter of having to choose between parts of your lifestyle and your health if you think about it. Some people will spend huge amounts on their housing (that may be more than they can afford), and skip the healthcare because "they've never needed it, why bother?" Like someone I knew once who spent a lot of money on a two bedroom apartment when she could have lived in something smaller and paid for healthcare to boot.

I'm a little lopsided on the "need the healthcare" equation, though... I have chronic conditions that would have me out of healthcare insurance permanently if I ever let my coverage lapse for more than 62 days. So for me, the healthcare is almost more important than whether I have food on the table and a roof over my head... Because if I let the healthcare insurance lapse and I have a significant issue from my pre-existing conditions, I will lose the food and shelter too, because I won't be able to afford to pay for it myself.

Fortunately for me at this point, it's not a problem, since I'm married and there's another source of income coming in, not to mention another source for healthcare. But I truly feel for those for whom that choice has to be made.