Frank is a 27-year-old union worker working in Las Vegas, Nevada. Frank is single and has been a union member for 5 years. He recently bought a house in Evergreen Park and has a substantial mortgage (80% of the value of the home).
He is riding his motorcycle on a hot summer day and is broadsided by a motorist. The motorist takes off and leaves the scene. Frank is badly injured. He suffered a brain injury and had a stroke while in surgery. His friends and family rally around him starting a Go Fund me page to help him with expenses.
The prognosis is that he will have difficulty living alone and caring for himself. His parents stay with him and try to help care for him. It is very difficult; he has many appointments and therapies. His healthcare coverage ends after one year, so he either transitions to COBRA or to the Affordable Care Act marketplace. In addition, his parents have him move back home. He sells his house to help pay for his care, but there is only a little equity that accumulated in the home.
Frank is lucky to have his family close and that they are willing and able to help him. He will never be able to work in his chosen profession again. Financially he will put a tremendous burden on his parents, and they worry what will happen when they are gone. Frank may qualify for Social Security Disability.
Summary:
- Disability is one of the biggest exposures a union member has.
- Generally, union members are active people.
Discussion:
- Should the member get supplemental disability insurance?
- Each person needs to review and understand exposures. What is the best option for me?