Louisiana
Disability Insurance

Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in Louisiana to show you the average expenses in the state and why

How much does it cost to live in Louisiana?

Home to approximately 4.65 million people, Louisiana has a lower cost of living than most of the United States. According to data from the Bureau of Economic Analysis, the state's products and services cost 10.9 % less than the national average. When compared to all other states, Louisiana has the ninth-lowest overall cost of living. 

Cost of Living Parameters 

Housing & Rent 

On average, Louisiana renters pay $850 per month, $173 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is $157,800, which is dramatically less than the national median home value of $408,800.1 

Here are some stats on Louisiana Mortgages: 

  • Homeownership rate: 66.6% 
  • Homeowner vacancy rate: 1.1% 
  • Rental vacancy rate: 7.3% 

Childcare  

In Louisiana, the average yearly cost of childcare is $7,724—that's $644 each month. A 4-year-old's childcare costs $6,906, or $576 per month. Infant care costs $1,441 (15.7 %) less than in-state tuition for a four-year public college. The average cost of childcare is just 23.8 % less than the average cost of rent. 

Here’s a look at the annual childcare costs from infant to college:   

  • Infant: $7,724 
  • 4-year-old: $6,906 
  • School: $12,261 
  • College: $9,165  

Utilities 

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A Louisiana resident can expect to spend up to $365 per month on apartment utilities on average.  

Food & Groceries 

A single adult in Louisiana spends an average of $3,119 on food each year, while a family of four's annual food cost reaches $9,354. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home.

The average price for eating out would be:  

  • A basic meal with a drink at an inexpensive restaurant: $10.77  
  • Fast Food Combo (Big Mac etc.): $4.15  
  • Bottle of Coca-Cola $3  
  • Bottle of Water $2.92 

Grocery shopping in the state would cost as follows: 

  • Milk (1 liter regular) $1.15   
  • Loaf of Fresh White Bread (500g) $3.65  
  • Rice (1 Kg) $4.63  
  • Dozen Eggs $2.44  
  • 4 Rolls of Toilet Paper $4.25  
  • Shampoo $4.28 

Transportation 

Public transportation services across the state are available for all residents, making it easy to get around. However, 92.0 % of commuters in Louisiana drive to work, compared to 85.5 % nationally. The average motorist in the state drives 10,538 miles per year. Taking average fuel economy and average gas prices into account the average motorist in the state may expect to spend $829 on gas alone in a year. 

According to Insure.com, the average vehicle insurance rate in Louisiana is $985, which is less than the national average of $1,517. According to EPI data, the average single adult in the state spends $9,906 on transportation each year. Additionally, transportation expenses like bus fares and gas prices are 5% higher than the national average. 

Average Income & Taxes 

The average yearly income of a single adult living in Louisiana is $55,279 and the estimated state income tax is $1,535. 

Most Expensive Louisiana Cities to Live in 

  • New Orleans 
  • Natchitoches 
  • Ruston 
  • Thibodaux 
  • Grambling 

Why is disability insurance important to have in Louisiana?

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.

What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.

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. Other studies show that over 2 million people are adversely affected by their medical expenses.

If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of foreclosures on conventional mortgages in Louisiana are caused by the disability of one of the homeowners.3 In fact, the foreclosure rate in the state reaches 0.58%.

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

With that being said, getting a private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be.

Does Louisiana have state disability insurance?

Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, Louisiana is not among these states. Only workplace accidents in Louisiana 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 Louisiana and are unable to work due to a disability, disease, or debilitating condition, you may be eligible for Social Security Disability Insurance (SSDI) benefits. Even though SSDI is a federal program, Louisiana administers it through its own state office, which is responsible for both evaluating eligibility and issuing benefit payments to Louisiana citizens. 

You have the right to appeal a decision made in connection with your SSDI disability claim. In Louisiana, almost 58% of people applying for SSDI benefits had their initial applications denied. 

What qualifies as disability in Louisiana?

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 Louisiana?

Seeking a private disability insurance policy is the best option in Louisiana. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times.

Who qualifies for disability insurance in Louisiana?

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 Sickness & Injury disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in Louisiana 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
  • Sickness & Injury Disability Income Insurance: starting at $5/month

The bottom line

On average, living in the state of Louisiana will cost you $1747 per month5, give or take – that’s a lot of expenses! 10 You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.

If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:

  • Asteya’s applications are 100% digital. We don't require blood tests or doctor's appointments, unlike other insurers and we'll just ask you a few minutes of questions to determine your best policy.
  • Get paid out directly on an approved claim and spend without restrictions once it's in your bank account.
  • We've made our Income Insurance as inclusive and accessible as possible. From corner store employee to corner office executive, our products were created to fit every budget and lifestyle.

How do I get disability insurance?

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