> Long-Term Disability (LTD) Long-term-disability plans provide income for an individual who cannot work because of an illness, disease, or non-occupational injury. Most plans require that the individual be a full-time employee for at least one year before the disability coverage applies.
Dwindling Insurance Pushing People To Financial Brink
People who had medical expenses as part of their credit-card balances had much higher credit-card debt than those who did not. In fact, 29 percent of households reported that medical expenses contributed to their credit-card balances. Within that group, 69 percent reported a major medical expense in the past three years.
"Medical costs were key factors in higher credit-card balances among households," said Tamara Draut, director of the Economic Opportunity Program at Demos.
Among the report's other findings:
Households with medical debt had higher levels of credit-card debt than households without medical debt -- on average, 46 percent higher or $11,623, compared to $7,964.
The distribution of debt was higher among medically indebted households: 44 percent had credit-card debt in excess of $10,000, while only 26 percent of non-medically indebted households had credit-card debt above $10,000.
Among those with medical debts, young adults aged 18 to 34 had the highest level of average credit-card debt of any age group -- $13,303 compared to $7,450 for non-medically indebted young adults.
Households that were medically indebted were more likely to be called by bill collectors than non-medically indebted households, 62 percent vs. 38 percent.
Credit-card debt was high for both insured and uninsured medically indebted households -- $10,973 and $14,512, respectively. "This indicates that even those who do have health insurance aren't always protected," said Cindy Zeldin, a report co-author and federal affairs coordinator with Demos' Economic Opportunity Program.
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Did You Know?
Payments you receive from qualified long-term care insurance contracts will generally be excluded from income
As reimbursement of medical expenses received for personal injury or sickness under an accident and health insurance contract. Also, certain payments received under a life insurance contract on the life of a terminally or chronically ill individual (accelerated death benefits) can be excluded from income. Refer to Publication 17, Your Federal Income Tax, Chapter 13, Other Income.
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