Advice on Buying Individual DI- Do I Need It ?

[sanesearch]

I am covered by my employer for up to 50% of annual income and I have supplemental from my employer for another 20% for which I pay out of pocket.

I was thinking of a scenario about what could happen based on certain layoffs that happened in the recent past. The insurance coverage would be not available for terminated employees. I don't know if CORBA applies or not. Anyway, the corba rates would be very hard to pay without a job.

I am eligible through my professional organization (I am an engineer) to be covered for DI, though I am not sure what the details are.

What should I watch for and how do I decide what kind of DI I need, individual or professional group ? Besides I understand think i can decline employer coverage, is that even legal, since it will reduce the coverage I can qualify for ...

What if I apply for 10% DI coverage supplemental by myself and later if the said situation occurs, increase the coverage ?

 

[tvchild]

I would supplement if I were you. Feel welcome to message me with options if you haven't already been helped. If your worried about COBRA there is a carrier that will cover that as well.

TVCHILD

 

[VolAgent]

Generally DI doesn't COBRA. I would be surprised if you could keep your coverage through work after you leave, for whatever reason.

As long as you are able to enroll in your plan at work, it counts towards determining how much additional coverage you can buy.

To help understand what drives these rules, know this. DI carriers never want you to be in a situation where financially you are better off sitting at home on the couch versus returning to work. If you are disabled, they definitely want to pay valid claims, but if you are able to return to work, they definitely want you going back and want there be financial incentives for it.