When most people think of insurance, they think in terms of health insurance, car insurance and life insurance. If you are a homeowner, you probably have a homeowner’s insurance policy as part of your mortgage agreement; If you are a frequent flyer, you may have looked at the pros and cons of travel insurance.
What about short-term health insurance? Many people do not take the time to think about this important insurance coverage – and some do not even know it exists.
Haven Life has recently added a short disability to its list – so here’s what you need to know before applying. We will look at the requirements for health insurance, what a short-term health insurance does and does not cover and how you decide if a short-term health insurance is right for you. We will also dive into how health insurance works, but the short version is that it is designed to protect your income if you become too ill or injured to work, so you should apply now before you need it.
What is Haven Disability?
Haven Disability is an income insurance that helps you maintain financial stability for up to a year while you recover from an illness or injury that prevents you from working. See it as an extra layer of protection ̵1; for yourself, for your loved ones and for part of your salary.
“We want to help people who will miss out on a mortgage payment, a rent payment or a car payment,” explains Kaitlin Baranowski, Haven Disability Product Owner. “We provide financial stability when these paychecks no longer come in.”
Haven Disability can reimburse up to 60 percent of the income for people who qualify for full eligibility. The application process is simple and can be completed completely online in a few minutes – without the need for any doctor visits. This makes Haven Disability an easy and affordable way to protect your family.
How much does Haven Disability cost? Premium rates vary, but a 35-year-old man in good health can take out short-term disability insurance with a monthly individual health insurance benefit of $ 3,000 for as little as $ 27.49 per month.
“Our short-term health insurance provides temporary income compensation during an unexpected injury or illness,” says Baranowski. If this sounds like something that could benefit you and your loved ones, it may be worth taking the time to apply.
What are the requirements for health insurance?
To qualify for Haven Disability insurance, you must be between 18 and 55 years old, actively work at least 25 hours per week, and earn at least $ 30,000 annually. You must also work directly for an employer in a traditional W2 job.
In addition to requiring proof of employment, Haven Disability requires applicants to meet basic qualifying health standards. Certain categories of employment, such as pilot and professional athletes, are excluded from coverage.
“We have some professional limitations,” says Baranowski. “Construction workers, for example, are not covered due to the higher risk associated with that job category. But we cover many other professional categories and job roles. ”
What does the health insurance cover?
Haven Disability is designed to cover unexpected injuries or illnesses that are serious enough to cause you to miss work. (And it turns out that illness – not injury – is the cause of 90% of disability insurance claims, according to the Council for Disability Awareness.1)
Haven’s disability insurance does not cover injuries or illnesses related to an existing medical condition that has already caused you to become disabled. (You can still get coverage if you have an existing medical condition that caused you to become disabled in the future, but there will be an extended waiting period for you to be eligible for coverage.) Haven Invaliditetsförsäkring does not cover short either – term absence from the workplace related to planned events such as scheduled surgeries or pregnancy and childbirth.
As the coverage only applies to unforeseen, disabling events that are complicated enough to require a doctor’s care – including complications related to covid-19 – it is a good idea to get your short-term disability protection in place in advance. “You should consider purchasing a short-term disability policy before you are in a situation of needing it,” explains Monica Santos at Haven Disability Marketing.
In some ways, buying health insurance is like buying car insurance – it’s the type of insurance you want as soon as you have something you need to protect. “Just as you want car insurance in place before you have an accident, health insurance works in a similar way,” says Santos. “You want to make sure you have it before you need it. Not after.”
Is Haven Disability right for you?
If you are a member of the traditional workforce, it is worth asking yourself if it is time to invest in a short-term health insurance. In some cases, you may be able to take out short-term disability insurance with your employer – but many employees no longer have that option. After the big retirement, many employers cut benefits such as short-term health insurance, which makes it more difficult to get the income protection you may need if you should suffer an unexpected illness or injury.
Haven Disability, on the other hand, is designed to provide affordable short-term disability protection so you can continue to pay the expenses that matter most – and the application process can be completed completely online, making it easier than ever to secure the type of short-term disability policy can help protect yourself and your loved ones. After all, short-term health insurance only works if you get your insurance in place before you need it.