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Page 2A - THE CHARLOTTE POST - Thursday, November 30,1989 Health, Disability Insurance The past few weeks I have been talking about Insurance. This week, 1 will continue that discussion and hopefully flnish with this topic. I know that this has been a long discussion, but Insurance is vital to establish ing your financial plan and It Is a complex subject. HEALTH INSURANCE If you belong to a group health plan at work or through some other association, then you are well ahead of the game. For an average $600 a year, you can get a policy which pays 80% of your medical expenses, after you pay an annual deductible of about $200. Many of the group plans will limit your total annual out of pocket expenses to $1200 (In cluding deductible) and will of ten have a maximum of $1,000,000 or more that the company will pay out In total medical expenses. While these numbers may seem high and too expensive. Just think about the cost of med- Itlne. A typical 3 day stay at a hospital can run into the thou sands of dollars.- I doubt that rtiany of us have $15,000 what It cost a client of mine for a two week stay at the hospital due to a heart attack. > If you do not have group cover age or access to group coverage, (he cost of health Insurance ris es on Individual policies. An In dividual policy can easily cost $1,500 a year Just for the Individ ual. If you Insure your entire family you can easily run that cost up over $2,500 a year. One other difference between Individual and group policies Is the fact that under group poli cies you do not have to provide ^dence of Insurability whereas under Individual plans, you do have to provide It. Under writing requirements for health Insu rance are stricter than those for Eldwards Edwards Passes At Age 86 Continued From Page lA body of pictures were relative to the {perspective of the viewer. He . constantly sought the utmost In 'his portrayals of Individuals 'both noteworthy and not so noteworthy. He made the year ;book edition at area black 'Schools, including Johnson C. iSmith University, an affordable 'remembrance. He more or less 'put to rest the notion that pro- 'ducing a good yearbook was 'something that was too expen- -5lve and complicated for a black IHjstitutlon In the post- 'Depresslon South to handle. Af- 'ter closing his studio, he worked ;*^enslvely with Bullock's Studl- ^ on Beatties Ford Road. iT'Jf he didn't feel well one sure 'Way to brighten him up was to >§k him a question about pho- ^C^raphy. He was an Imaginative vTOd resourceful mentor. His ad- ■ytte and tales were free, "but pic- 'tlares cost money," he would al- 'w^ys remind his students. He ^11 be sorely missed by all of v^ie Charlotte community. >Ir. Eklwards was a member of ;Oethsemane AME Zion Church -5»r more than 60 years. His fu- ^njral will take place there on 'Sunday at 3 p.m. The Rev. '&orge Battle will deliver the eu- ;Iqgy. Interment will be Monday '$t Oaklawn Cemetery at 10 a.m. " I back the family insurance I sell with good neighbor service." And our new computer system makes that good service even better. CaOme. : 596-4257 PaulDockety STATi FARM INSURANCE Lika • good nalghbor. State Farm it there. State Farm Insurance Companies HomeOflices Bloomington Illinois Dollarsi and $ense By LeonOrr safe "4^ ml life Insurance. Therefore, even If you have the money, the insu rance company may refuse to Insure you. In buying health Insurance It Is Important to understand that this insurance pays for bills only. It does not pay money di rectly to you. The types of poli cies pitched on TV, which pay money to you, are not good poli cies cost wise, these policies are very narrow In their cover age, and as stated previously, the best way to get a deal In the Insurance Industry Is to buy In bulk. One alternative to traditional health policies Is the (HMO) Health Maintenance Organiza tion or the PPO, Preferred Pro vider Organization. With both of these you pay a flat annual fee and all your health care expens es are taken care of by the or ganization. The fees for these organiza tions are roughly the same as your regular health policy. The problem with these t}T>es of In surance'plans Is that you have to use specific doctors or specif ic facilities when you have a problem. If you do not mind a little less freedom of choice, then these organizations can be the best buy for you and your family. Health care costs are rising at better than 12% per year or more than double the annual In flation rate. If you do not have a health care plan you can have your entire financial plan wrecked by one Illness. DISABILITY INSURANCE Have you ever thought of what would happen if you were un able to work for a year or more due to Injury or illness? Con trary to popular belief, the chance of this happening are fare greater than most people realize. At age 35 your chance of becoming disabled are five times greater than your chances of dying. In the previous section, we talked about having Insurance to pay for your medical bills. In this section, we are talking about Insurance to replace lost Income In case you do not go straight back to work after the Illness or accident. Your cash reserves and com pany sick leave benefits should be able to cover short periods of disabilities, six month or less. The truth of the matter however. Is that the majority of disabili ties last longer than six months. I have talked about insurance as a means of protecting your assets. You protect your house, car, health and life with insu rance. If you really look at It, however, your largest asset Is your ability to earn an Income. At $20,000 a year. In thirty years, you have earned over $600,000. Since your ability to earn Is your most valuable asset. It should be protected also. You should carry enough coverage to pay you 60% of your gross In come. Your basic premium will be decided by your age, occupa tion, and how much Income you want replaced. Other factors that will affect the cost are the waiting period, that Is the time between Uie day you are disabled and the day benefits start, and the duration of the payments (l.e. 5 years, to age 65 or life). Among the options that you should seek are: 1. Non-cancellable Contract - company must keep policy in force at same price as long as you pay premium. 2. Residual Benefits - compa ny pays you while recuperating. Can work part-time and still re ceive benefits. 3. Cost of Living Adjustments - benefits automatically rise to keep pace with Inflation. Fur thermore, If you are a profes sional you should seek a policy that defines disability in terms of your own occupation. Regretfully, again, 1 come to the end of my column. Next week I will cover the last of Insu rance andlhen I will talk about some tax saving ideas. If you have any specific Issues or items you would like to see dis cussed In this column, please let The Charlotte Post or myself know. Until next week: Think and grow prosperous. Leon Orr. Jr. is a Fln.incial Planner and nuivlv- reael’.ed C/O The Charlotte I’us I or by calling (704) 525-2063. The Real Estate "Lady" Realtor in the states of North Carolina and South Carolina and VIP Relocation Director, CREA (Certified Real Estate Appraiser). Christine is a 1988 Million Dollar Producer and is leading in production for 1989. A member of the Charlotte Board of Realtors. Multiple Listing Service and Commercial Listing Exchange. Christine Chisholm has a commitment and track record of producing results. 709 Royal Court’Charlotte, NC Christine Chisholm 704/334-1060 (O)',' 28202 704/394-9609 (H); ! WERE YOU INVOLVED IN AN AUTO ACCIDENT? ARE YOU SUFFERING FROM NECK & LOW BACK INJURIES? Symptoms from auto accident injuries may develop quickly, or then again may not show up for hours, days, or weeks. Therefore, following even a minor accident, the kind where you just feel "shaken up", a visit to the chiropractor is in order. DON'T STAY IN PAIN ANOTHER DAY! Braces For Children & Adults DR. PAUL A. McGILL, D.D.S., PA. "Practice Limited To Orthodontics" (704)375-7005 1404 Beatties Ford Rd. Northwest Gateway Professional Center Suite 200 • Charlotte, North Carolina 28216 For Proven Pain Relief, Call:' KEITH CLINIC •mmmmmamm Qp CHIROPRACTIC, F A.rimmmmmmmmm I Charlotte's Health Care Specialists For 29 Years THREE LOCATIONS! We're here when you need us, with convenient hours designed to fit your schedule. -392-1338 irSOUTH rWEST 4016 Triangle Drive (across from Freedom Mall on Tuckaseegee Road) Dr. Fletcher Keith, Dr. Lemuel Byrd, Dr. Thomas Brown, & Dr. Randal Butch HOURS: Mon.-Fri. 8am-9pm • SaL 8am-6pm Sun. 12:30pm-3pm -541-7111 ,,eAST 7523 Little Avenue (across from Carmel Commons Shopping Center) Dr. Alan Tebby HOURS: Mon.,Wed.,& Frl. 9an>9pm Tues. S Thu. 9am-6pm • Sat 9am-Noon -568-4195 5344 Central Avenue (across from Eastland Mall) Dr. Steven English & Dr. Steven Crealese HOURS: Mon.,Wed.,& Frl. 9am-9pm Tues. & Thu. 9am-6pm • Sat 9am-Noon '■ 24 HOURS - 7 DAYS A WEEK EMERGENCY NUMBER 392-1338 One Of The Largest Chiropractic Clinics In The Southeast SEVEN PHYSICIANS ON STAFF Loans RrEX^y Purpose. GetOne'Exl^ Visit Any UCB Office Or Call 377-6506 ‘ CAROLINA Member FDIC lhafeVWiat H^l”
The Charlotte Post (Charlotte, N.C.)
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Nov. 30, 1989, edition 1
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