Starting October 1, 2013, Obamacare will go into effect and will have sweeping changes for the health insurance industry.
While no one has a crystal ball, here are some projections about how Obamacare changes may effect disability insurance:
1) Many small businesses may change their workforce to reduce the number of full time employees and have more part time employees. As a result, these part time employees may not be eligible for the health insurance. Under most group disability policies, you must be a full time employee which usually requires an employee to work more than 32 hours a week.
2) Business owners may purchase an individual disability policy based on adjusted gross income. If healthcare costs rise, this may reduce their bottom line allowing them to purchase less disability insurance.
3) If companies decide to lay off a large number of employees, these people must find work on their own. If they work as an independent contractor, they will need to purchase their own individual disability policy as they will no longer be covered by an employer sponsored plan.
4) Physicians worry that their incomes may be reduced by Obamacare. Lower incomes translate to lower available disability insurance benefits.
With all of the uncertainty taking place, one of the best things to do is to take control and to purchase an individual disability policy. Once you have this policy in force, it is yours to keep even if your income decreases or you change your jobs, employers or occupations.
For more information about Obamacare and disability insurance, contact Set for Life Insurance today!
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