Disability Insurance 101 - True Cost of Disability

http://img.youtube.com/vi/hO3Mzmsb94w/0.jpg

Kraig:​Hey everybody, it’s Kraig Strom with brokendude.com.  Just thinking about something today as I continue Disability Insurance 101. Today’s lesson is, “The True Cost of Disability.” The true cost of disability is not just losing your job where you are unable to work anymore and you lose your paycheck. I was actually reminded while I was driving when I saw a van—mini van that was clearly modified for a disabled person. And you can tell Chrysler mini vans, a variety of different vans serve as great platforms for disabled person vehicles; where they have wheelchair lifts and ramps and so forth, built into them.

 

​I saw this and it reminded me that the true cost of disability and being disabled is not just losing your paycheck. The reality is you have to spend large amounts of money modifying the equipment— modifying the equipment that you use to get around, modifying your home.  A variety of different things have to happen for you to be able to continue to function. And, gosh I’ve heard people say, “Oh I’ll just get Social Security Disability or—you know, I’ll go on the web, the internet and I’ll get government pay for my electric wheelchair.”

 

Well, I’m hear to tell you that doesn’t happen right away and it’s not a guaranteed thing that you’re going to get your $3000 or $4000 or $5000 electric wheelchair paid for by the government. You may not qualify. You’re not necessarily going to have the government pay for the retro fit on your house.  I mean, what if you aren’t able to actually sell your house and you’re stuck in your house, but your house has two stories and also has a difficult walkway or stairs leading up to your house? Well, of course you’ve got to put in a ramp.  Well, how much does it cost to have a construction company come in and put in a properly built disabled person access ramp to get into your house?  Well, that could be $10,000, $15,000, $20,000. I don’t know. What about a two story house? I mean if you are now paralyzed and you’re unable to walk up the stairs and you can’t sell your house and you hate the idea of walking away from your house, well now you might need to actually putting in a stair lift. One of those chairs that go up and down the stairs. Well, that could cost $20,000, $30,000.

 

By the way a disabled person van, so oftentimes called a handicapped van, those things can cost $30,000, $40,000 properly equipped.  I mean, you can buy them used and I’ve actually had clients who’ve had to go out and buy them used and they can still cost $20,000, $30,000 or more for a disabled person accessible vehicle.

​

​So, the true cost of disability is not simply losing your paycheck. There is a great deal of expense that comes with being disabled. You’ve got to modify—just about every place that you might have to go requires some modification in your lifestyle, in your transportation, in your—how you access the places that you’re going to go. So keep that in mind. Disability Insurance 101, how much does it really cost?

 

​I’m Kraig Strom with brokendude.com. Be safe. Don’t forget, get over to brokendude.com. Request a quote. Get a quote for disability insurance. It’s the most important coverage you could probably ever have.  Have a great day. We’ll talk to you soon.

669

source

Disability Insurance 101 - True Cost of Disability