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  • Long Term Care Insurance Rates

    December 04, 2012 By menshinsurance Leave a Comment

    View my CNBC article discussing rising Long Term Care rates. http://tinyurl.com/ctqbekd           http://tinyurl.com/bmo7slc<img alt="" border="0"...

  • Wake Forest™ Baptist Health NSSA Cornerstone Schedule an appointment

All Residents and Fellows are insured by The Standard Insurance company under a group Long Term Disability Insurance policy while at Wake Forest Baptist Health. The cost of the protection is paid for by the hospital and there are no enrollment requirements on your behalf.

If you have any questions on terminology please refer to our glossary.

Your Hospital Provided
Group Disability Insurance Summary

 
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Benefit Period: The longest period of time for which benefits are payable for continuous disability. Typical benefit periods are two-year, five-year, to age 65, or lifetime.

Cost of Living Rider: An optional benefit that provides for increases in the disability benefit during periods of disability. The amount of increase is based on a pre-set percentage or inflation.

Elimination Period: The consecutive number of days for which no benefits are payable at the start of a claim. An insured must be disabled all of those days before benefits are payable. Typical elimination periods are 30, 60, 90, 180, or 365 days.

Future Increase Option: An optional benefit in a disability income policy that allows the insured future increases to the policy monthly benefit at specified dates (typically on insured's policy anniversary), with a requirement of only financial (and not medical) insurability.

Guaranteed Renewable: A type of insurance that cannot be canceled or altered by the insurance company as long as the insured continues to pay premiums on time. However, the premium may be increased for classes of insured's.

Level Premium: A premium that remains the same through the insured's age 65.

Non-Cancelable: A policy that cannot be canceled or altered by the insurance company as long as the insured continues to pay premiums on time. This type of policy's premium will not increase up through the insured's age 65.

Occupation: An insured's regular occupation or profession at the time of becoming disabled.

Own Occupation: A term that defines the most liberal wording of the total disability contractual provision. If the insured cannot perform the duties of his or her own occupation due to sickness or injury, the benefit will be paid even if income is earned in another occupation. A physician or dentist's medical specialty will be deemed their occupation.

Partial Disability: An insured's physical inability to perform some, but not all, of the duties of his or her regular occupation due to sickness or injury.

Participation Limit: The total amount of coverage that will be allowed by a company from all carriers.

Presumptive Disability: The presumption that the insured is totally disabled, even if still at work, if sickness or injury results in the total and complete loss of sight in both eyes, hearing in both ears, power of speech, or use of any two limbs. The elimination period is waived from the date of the loss and total disability benefits are payable while such loss continues until the end of the benefit period.

Recovery Disability Rider: A rider that provides reduced benefits when and insured returns to work after a compensable period of total disability.

Residual Disability Benefit: A provision that pays a partial benefit for a partial disability. A person is considered residually disabled if they are at work and not totally disabled, but due to an injury or illness, they suffer a 20% or more loss of income (Some companies also include a loss of time requirement or the inability to perform some duties of the insured's regular occupation).

Total Disability: The physical or mental inability to perform the major duties of one's occupation because of sickness or injury.

Waiting Period: The consecutive number of days for which no benefits are payable at the start of a claim. An insured must be disabled all of those days before benefits are payable. Typical elimination periods are 30, 60, 90, or 180 days.

Waiver of Elimination Period: In some policies, the elimination period will be waived if the insured becomes disabled within five years after the end of a period of disability that lasted longer than six months and for which benefits were paid.

Waiver of Premium: In some policies, a provision that relieves the insured of making premium payments after he or she has been disabled for 90 days, or the elimination period, if shorter. In addition, premiums paid during those 90 days are refunded and premiums due during the 90 days after recovery are waived.

MetLife

The Standard

Are you concerned about how you will pay for medical loans?

We can offer you two different options for student loan protection, one as a separate policy and the other as a rider. For more information please see the below links.

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Mensh Insurance is excited about our partnership with Extend Health, a leading Medicare Supplement provider throughout the country. As you know, Mensh insurance specializes in Disability, Long Term Care and Life Insurance. We bring the best products to our clients in those product areas and via this partnership with Extend Health, we can now do the same in the Medicare Supplement arena. By clicking on this link you are leaving MenshInsurance.com and now moving to Extendhealth.com. Thanks for visiting!