Disability Insurance and Senior Community Living

 
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Disability insurance comes in many forms, such as from social security, private disability insurance policies, worker’s compensation, or group disability insurance. Some types are only valid until you reach 65 years old, while others continue after retirement age. Disability insurance provides monetary benefits to individuals who become disabled from an accident or medical condition and are unable to work. Disability coverage offers benefits to the employee or individual who is no longer able to function at their job and will receive compensation. For seniors who need disability insurance, they may be able to use these benefits for affording senior community living arrangements.

Medicare Disability Insurance

If you are a baby boomer who has been receiving disability insurance from Medicare before the age of 65 and are thinking of moving to a senior living community, you may find that your disability benefits are going to run out. Traditional disability insurance policies only offer benefits until you reach retirement age. Therefore, once you reach this age, you may be required to look for additional forms of disability insurance that will provide benefits even after you reach their cut-off age.

Social Security Disability Insurance

Disability insurance provided by Social Security, also called SSDI, is offered to individuals of any age that become disabled from an illness or injury and are unable to work. If you are receiving SSDI benefits and are near retirement age, you may lose your SSDI benefits. However in most cases, these benefits convert to retirement benefits and you will have the option of using those retirement disability benefits for housing costs.

Medigap Disability Insurance

Medigap offers several types of disability insurance with monthly premiums and a deductible, for individuals who require additional disability insurance benefits. After retirement age, you can enroll in Medigap as a supplemental insurance policy to provide you with benefits as a result of your disability. This will allow you to help pay for senior living community costs and associated fees with your Medigap disability insurance benefits.

Using Disability Insurance for Living Costs

Depending on the type of disability insurance policy you have, you may be able to use those benefits for your living costs. Senior living communities can sometimes be pricey, and it helps tremendously when you are able to forward those benefits to your living costs. Research the disability insurance policy before enrolling to be sure you will receive these benefits after retirement age.

For more information about Medical Disability Insurance, SSI, Benefits or to see if you qualify please visit http://www.ssa.gov