May is Disability Insurance Awareness Month and we here at Nevada Silver Insurance, along with many other agencies across Nevada, are placing an emphasis on protecting your income.
According to the Nevada Department of Insurance, disability insurance is a company's ability to replace a portion of your salary for either a short or long-term period of time.
Most people can confuse disability insurance with workers' compensation. However, they are not the same.
Short-term disability insurance is able to pay the policyholder three to six months of their salary. Most common short-term disabilities include broken bones, minor injures, or various incidents.
As for long-term disability insurance, that depends on the circumstances. Some policies can begin six months after the policyholder's disability and can last for years (or until their retirement). The most common causes of long-term disability can involve heart disease, anxiety, depression, back injuries or cancer.
Studies show a majority of working class Americans are not fully-aware of their company's income protection plans.
In a recent poll taken during the COVID-19 pandemic by LifeHappens, more than 60 percent of Americans say they are not aware of their company's policy when it comes to short-term or long-term injuries.
In another staggering statistic, more than 50% of America's workforce say they would have to 'dip into their savings' to cover disability expenses.
The COVID-19 pandemic has changed the United States' working dynamic for the foreseeable future. Life changed pretty quickly in a matter of weeks back in March of 2020. With a great percentage of Americans working from home, it's important now to be prepared if you were to miss work due to an illness, injury or any other kind of disability.
The biggest lesson here is setting your and your family up for stability. Having a stable income and securing your family's financial future should be a top priority during crises like a pandemic.
We at Nevada Silver Insurance want to make sure you're protected. The last thing on your mind should be financial stress during an injury either at work or not.
Interested in learning more about income protection and disability protection or have questions? Our agents at NV Silver Life and Health Insurance are here to help you find the best plan for you. Contact us today!
On March 11th 2021, President Joe Biden singed the American Rescue Plan Act into law. This $1.9 trillion package intends to combat public health and economic impacts from the COVID-19 pandemic.
More than $86 billion of that package is going directly to public health.
So, what does this mean for Nevadans?
Nevada Health Link, the state's online health insurance marketplace, has plans to implement the ARPA subsidy. Which means, those who still have Obamacare under the Affordable Care Act (ACA) are eligible for additional assistance. Those changes will begin starting May of 2021.
There is still a good portion of Nevadans who don't have individual health insurance. Doctors across the state say an estimated 256,000 Nevadans were uninsured as of January 1st of this year. The good news here is those who are uninsured can now enroll in health insurance under the Special Enrollment Period (SEP). The deadline for enrolling in a plan has been moved to August 15th of this year.
The other benefits of receiving this funding is the opportunity for a majority of Nevadans to receive subsidies for the first time. This includes Nevadans making over 400% of the federal poverty level, according to data.
The previous subsidies were initially positioned to limit costs of an insurance premium to 9.83 percent of household income, while the new, increased subsidies will reduce that cost to 8.5 percent of household income.
Another major change is there won't be a cap on subsidies that previously limited the subsidies to people making less than $51,000/yr , couples making less than $70,000/yr or a family of four making less than $110,000.
If you're already insured through Nevada Health Link - you are now able to switch plans if you'd like.
Still not sure on what your options are? We are here to help!
We specialize in individual and family insurance options. Our team is here to walk you through it so you can find the best option for your healthcare needs. Our goal is make sure you receive the best coverage and, by working with NV Silver Insurance, we'll help you sleep better at night knowing you have reliable coverage during these unprecedented times. Contact us today!
