Only 17 percent of small businesses offer disability insurance coverage (Source: FHA, Disability Income Concepts, 1998) 
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Social Security Disability Insurance (SSDI) is available if you have worked 10 years before becoming disabled; after 5 months of disability; if the expected duration of disability is more than
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Disability Insurance News
September 26, 2006: On the Road to Financial Health
As if a serious injury or illness is not stressful enough, many people are forced to drain their savings due to medical bills and loss of work. In fact, medical bills related to illness contribute to one in four bankruptcies in the U.S., according to a 2005 study by Harvard researchers, cited a Sept. 26, 2006, article on the CNNMoney.com Web site.[1]
Even after recovery, the affects of the illness or injury are still felt. The costs associated with a health problem can disrupt plans, destroy savings and prevent people from reaching financial goals. However, getting the right financial advice can help restore finances.
Experts say to perform a financial triage by identifying your most threatening money problems and coming up with a plan to deal with them.
For many people recovering from a serious illness, debt is first on the list. If you're hard-pressed to make payments on both your credit cards and your outstanding medical bills, focus on paying down the card balances first. Most hospitals, doctors and labs don't charge interest or impose late fees and they will often work out a more manageable repayment schedule.
Replenish your emergency fund and maybe even build a larger savings in case of a relapse.
The article also recommends moving some, but not all, of your long-term savings from stocks to bonds since the potential cost of further treatments effectively reduces your time horizon.
Most importantly, don't let your medical coverage lapse for even a day. If you do and then try to buy an individual policy, a new carrier might deny you coverage.
And, if you don't have one, get a disability policy. This will protect you from future incidences.
"A basic tenet of financial planning is to avoid making one big life change right after another," says Milwaukee financial planner Paula Hogan. "And a serious disease is truly a life-altering change."
References
- Willis, Clint. "On the Road to Financial Health," CNNMoney.com, Sept. 26, 2006.