Florida
Disability Insurance

People who live in Florida should think about taking out a form of disability insurance coverage that would help them maintain a comfortable lifestyle through unexpected hardship. We’ve laid out a cost-of-living analysis to highlight the importance o

How much does it cost to live in Florida?

According to a survey from the council for Community and Economic Research (C2ER), Florida ranked as the 30th most affordable state with a cost-of-living index that doesn’t exceed the U.S. national average. With that said, the Sunshine State is known for its higher-than-usual insurance rates. Florida residents, for example, pay extra for home insurance due to the state's weather and claims history.

To estimate the amount of money needed on average to comfortably live in Florida, you’ll need to look at Florida’s cost of living index to see how much you’ll be spending on average.

Cost of living parameters

Housing & Rent

The value of a typical home in Florida is slightly lower than the national median value. The average home in the state costs around $382,000, whereas the national average home value reaches $408,800.

Renting in the state of Florida is on the higher side. A typical 2-bedroom apartment in the state will cost you on average $1,500+, nearly 27% higher than the national average of $1,200.

Childcare

In Florida, the average yearly cost of childcare is $9,238—that's $770 each month. Caring for an infant in the state costs 96.6% more than in-state tuition at a public 4-year college. Additionally, infant care costs 69.8% of your average rent!

Take a look at how much childcare costs from infant to college levels:

  • Infant: $9,238
  • 4-year-old: $7,2821
  • School: $9,5932
  • College: $4,4633

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. The cost of utilities is on the high side in Florida. According to the Energy Information Administration, Florida residents incur an average monthly

electricity bill of around $126.44. Electricity costs in Florida are 13% higher than the national average of $111.67.4.

Approximate cost of each utility per month in Florida:

  • Electricity: from $100 to $200
  • Water: $28 - $60
  • Gas: $30 - $505
  • Cable: $45 - $60
  • Internet: $60
  • Cell Phone: $80 - $1206

Food & Groceries

The typical single adult in Florida spends an average of $3,177 on groceries each year, while a family of four with 2 working adults spends $9,305 on average 7. Both these values are slightly lower than the national average spent on food in the country; a single $3,240 for a single adult and $9,354 for a family of four.8

Eating out at restaurants and cafes is considered an additional expense.

Here is how much dinner would cost in a mid-tier restaurant in different Floridian cities:

  • Miami: $60.20
  • Jacksonville: $51.30
  • Tampa: $53.10
  • Orlando: $47.40
  • St. Petersburg: $55.109

Transportation

Public transportation services across the state are available for all residents, making it easy to get around, especially since Florida is considered to be the second most expensive state to own a car. You’ll need to pay $6,765 annually, that’s $564 monthly, on maintenance, gas, insurance, and registration. The annual average cost of owning a car in Florida is significantly higher than that of the national average of $5,264.10.

Average Income & Taxes

The average yearly income of a single adult living in Florida is $40,748 and the estimated annual state income tax is $4,300.

Most Expensive Floridian Cities to Live in

These are the 5 most expensive places in Florida:

  • Palm Beach
  • Bal Harbour
  • Pinecrest
  • Key Biscayne
  • Surfside

Why is disability insurance important to have in Florida?

As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.

So, what would happen if you found yourself unable to work for a long time? If you don’t have Disability Insurance in place, your bills start piling up which will result in problems such as bankruptcy or foreclosure. Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical

issues with over 2 million people being adversely affected by their medical expenses. With foreclosure restrictions in place, the foreclosure rate in Florida is 0.23% with 50% of these foreclosures due to disability.

Many might believe that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?

Even if you have health insurance, you should know that out-of-pocket costs and insurance premiums for health care in Florida are relatively high, assuming at least a basic level of health insurance coverage.

Does Florida have state disability insurance?

Only five states require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Florida is not among these states. Only workplace accidents in Florida are covered by worker's compensation insurance, therefore you won't be able to use a state policy to cover those kinds of medical expenses.

If you live in Florida and are unable to work due to a medical condition, the federal disability programs administered by the Social Security Administration (SSA) are likely your only option for receiving disability benefits. However, it's typical for initial claims to be rejected. Though approval rates in the state have improved in recent years, they still fall short of the national average of around 30%.

Short-Term Disability Insurance

Short-term disability insurance protects your income if you are unable to work due to an off-the-job (non-occupational) medical condition for a period of six months or less. Florida doesn’t have a mandatory program like it does for occupational (Workers Compensation) and permanent medical conditions (Social Security). Therefore, you should seek out individual disability insurance policies to file a claim for benefits on off-the-job illnesses or injuries in the future.

What qualifies as disability in Florida?

If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualify you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:

  • You are unable to perform the Substantial and Material Duties of your Regular Occupation as shown on the schedule and;
  • You are under the Regular Care of a Physician appropriate for your disabling Sickness or Injury and;
  • There is no reasonable simplified worksite modification(s) which would allow You to perform one or more of the Substantial and Material Duties of your regular job.

How can I easily get disability insurance in Florida?

The SSA provides two programs that pay disability benefits: Social Security Disability (SSDI) and Supplemental Security Income (SSI):

  • SSDI is offered to individuals who have a qualified work histories with employers that paid taxes to the SSA.
  • SSI is a government program for those who do not have a qualified job history and have a low income and assets.

Both programs use the same definition of disability, which is difficult to meet (and your inability to work must last at least one year).

Seeking a private disability insurance policy is the best option in Florida. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple and straightforward. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times. Plus, our policies start as low as 6$/month!

Who qualifies for disability insurance in Florida?

Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to

paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.

At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Long-Term Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in Florida cost?

Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:

  • Permanent Disability Income Insurance: starting at $6.05/month
  • Long-Term Disability Income Insurance: starting at is $5/month

How do I get disability insurance?

Get a quote from Asteya in seconds and go from applicant to insured in minutes