Julia Carpenter
speaker
3,850 appearances
71 recordings
1 series
first heard Oct 2019
last heard Sep 2024
Julia Carpenter’s voice in public audio — every appearance, attributed to the second.
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WSJ Your Money Briefing · Open Enrollment: Should You Buy Disability Insurance? · 8 Nov 2023
podcast
But under many policies, we can count that and people are able to take advantage of it.
I spoke with Jonathan Gruber.
He's a professor of economics at MIT.
And he said that he often talks to people, he called them young invincibles, who feel that things like disability insurance or planning for retirement that they don't need to do right now, that they can wait to do at some later date.
And in his words, they're wrong on both fronts, that planning for a worst case scenario, not being able to work due to a disability is essential precisely because you don't see it coming.
I'm glad you brought that up because talking to the benefits staff about your benefits is something I don't think enough people do.
They read the packet or they go on the benefits website.
There's a lot of confusing language.
There's a lot of paperwork and they just check some boxes, fill out the Scantron and run away.
And talking to your benefits person about disability insurance, some of the things you should ask are what is provided, again, short-term, long-term, some of these other supplemental insurances, and how much the policy costs and what that will cost you a month.
In many cases, it might be as little as $20 a month to protect yourself against tragedy coming down the road.
They're not able to take advantage of some of these income-based repayment programs like SAVE.
unless they consolidate their loans.
But in consolidating their loans, they are then risking either having a higher interest rate than the one that they already have, or they are risking losing out on some of the benefits that they have from their existing loan.
Parent PLUS loans are loans taken out on behalf of a student by a parent.
So it's a parent who's paying for their child's education.
And with the rules for Parent PLUS loans, they can take out the entire cost of attending the institution minus whatever student aid they receive from the institution.
The interest rates are slightly higher than on other federal student loans.
Right now, it's around 8.05%.
And that's as of July 2023.
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