According to the Centers for Disease Control and Prevention (CDC), disability in the U.S. is most common in senior citizens. The most common disabilities include walking difficulties and hearing impairment. Despite this, disability insurance generally tend to exclude senior citizens. Typically, you stand a better chance of getting disability benefits if you’re within the working age bracket, 18 to 65. This means that Americans 65 years and older generally have to rely on social security benefits to cover the costs related to disability. However, some insurers do offer disability insurance for the elderly in certain cases. Read on to learn more.
What Does Disability Insurance Cover?
Disability insurance typically pays a portion of the lost income in case the policyholder suffers a disability that renders them unable to work. Depending on your policy type, you can get benefits worth anywhere from 60-70% of your pre-injury income.
Can You Get Disability Insurance If You are Over 65 Years Old?
As mentioned above, disability insurance reimburses a percentage of the income the policyholder loses during the injury period. In other words, only a person with an employment income can get disability insurance. If you’re retired, you do not qualify to get disability insurance benefits. It would be best if you claimed social security benefits after retirement. You will receive replacement income to support yourself and your family, provided you are eligible. Even so, there are a few exceptions in which you can get disability insurance after age 65. They include:
- If you get another job – While 65 is the mandatory retirement age in the U.S., you can still work and earn an income if you like. Even better, you will still be able to earn social security benefits. With an employment income, you will also qualify for disability insurance benefits, only that the amount will be lower.
- If the insurer extends your coverage – Disability insurance benefits typically end at 65 if you work until that age. However, some employers extend the coverage for their policyholders for up to 70 years. It is rare, though, to carry disability insurance past 70 years of age.
Disadvantages of Getting Disability Insurance After 65
Statistics reveal that the risk of disability increases with age. To give you an idea, about 24.2 percent of adults between the ages of 65 and 74 have some disability. This is a more significant percentage compared to those aged between 21 and 64. It is worth noting that senior citizens need disability insurance, just like their younger counterparts. However, getting this coverage at an old age comes with downsides such as:
- High insurance premiums
- Low coverage limits
- Stringent underwriting requirements due to the high risk involved
How Donald Weiss Insurance Services Can Help
Under certain circumstances, people aged 65 and older can get disability insurance. Finding the right disability insurance policy that will best meet your needs is easy when you contact Donald Weiss Insurance Services. As an independent insurance agency serving California and Nevada, we will help you find the perfect policy for your specific situation, all at the right price to fit your budget!