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Originally Posted by chaos
Hi all. I'm wondering if one can buy disability insurance after their diagnosis has been made? I'm currently in kind of a limbo, I have neuropathy, but not an official diagnosis for why it's happening. I suspect it may be hereditary, and if it is what I think it may be, I will be unable to work at all as my hands won't work well and could curl up. So I'm not worried about being approved, but I am worried about what will happen once I get on SSDI. Does anybody have a suggestion for getting disability insurance now? How much does it cost and what does one have to do to get it?
I live in Northern California, and really wouldn't want to leave as my friends and family are here. I also have a 10 year old daughter who needs to be supported, a husband who could never earn even half what I earn, and so I'm the breadwinner in the house and make a good wage. I don't want to live in the ghetto or out in the sticks. I need to be able to have a support system. I also vowed never to live in an apt again. I find it amazing how little they'll pay and how they expect one to live off of it. What I assume they'd pay wouldn't even cover my rent. It sucks to have such a high cost of living, but it's worth it to be in this area, at least while I'm working. I was hoping to buy a house soon with some settlement money, but how am I supposed to pay a mortgage on $500K if all I'm getting is SSDI?
I have no idea how long I have until I become permanently disabled or if I'll get better. Lots of tests are needed to find out for sure, but I figure it's best to plan now just in case I need these things later.
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I think it is a really bad idea for a person who believes they won't be able to work to commit to an expensive mortgage that they can only afford if they continue to work. I will go as far as saying it would be foolish.
Qualifying for SSDI for the majority of applicants is a long drawn out process. More people are denied than approved. Have you read the regulations for your condition or are you assuming that curled up hands will be sufficient? How curled up is enough to prove you can't do any kind of work? Your genetic condition is not stopping you from working now, so putting a name to it will not prove you cannot work. What does matter is your ability to function, not the name of your condition. Some people with diabetes, breast cancer, multiple sclerosis work. Some can't. It can be two years before you see the pittance of money that SSDI will pay you. If you are approved. How would you live while waiting?
I can't imagine an disability insurance company agreeing to cover you for prediagnosed illness that they know will lead to disability. That is like applying for life insurance on your deathbed or car insurance after the accident. But I am not the insurance company.
Your husband can either get more hours at his current job or get a second job. You may have to choose between a small rental in an expensive city or a modest affordable home in a smaller town.
Work as long as you can drag yourself to the office. Pare down your lifestyle. Save more money than you think you can now. $100,000 is a nice chunk of money, but it won't last long if you have high expenses and have no money coming in. Save it, don't spend it. Invest it safely also. Don't think there is a quick (and safe) way to turn it into a larger amount. You don't have the luxury of time if you can't work. There are always ways to reduce expenses. Plan for the worst case scenerio, especially if you think it is inevitable. Becoming disabled is almost always synonomous with reduced standard of living since it is the ability to work that support most people's lifestyle.