Minnesota
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 Minnesota to show you the average expenses in the state and wh

How much does it cost to live in Minnesota?

Home to 5.6 million citizens, Minnesota has the 20th highest overall cost of living when compared to all other states. According to Bureau of Economic Analysis data, goods and services in the state cost 2.5% less than they do on a national level.

Cost of Living Parameters

Housing & Rent

On average, Minnesota renters pay $944 per month, $79 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is worth $211,800, $6,900 more than the national median home value of $408,800.

Here are some stats on Minnesota Mortgages:

  • Homeownership rate: 75.0%
  • Homeowner vacancy rate: 0.7%
  • Rental vacancy rate: 5.0%

Childcare

The average annual cost of infant care in Minnesota is $16,087—that’s $1,341 per month. Childcare for a 4-year-old costs $12,252, or $1,021 each month. Minnesota is ranked 4th out of 50 states and the District of Columbia for most expensive infant care.

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

  • Infant: $16,087
  • 4-year-old: $12,525
  • School: $7,0692
  • College: $11,226

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A Minnesota resident can expect to spend up to $335 per month on apartment utilities on average.

Food & Groceries

A single adult in Minnesota spends an average of $3,225 on food each year, while a family of four's annual food cost reaches $9,314. 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 $15.40
  • Fast food combo (Big Mac etc.) $7.88
  • Bottle of Coca-Cola $2.03
  • Bottle of water $1.23

Grocery shopping in the state would cost as follows:

  • Milk (regular), (1 liter) $0.87
  • Loaf of Fresh White Bread (500g) $2.74
  • Rice (1 Kg) $4.17
  • Eggs (regular) (12) $2.23
  • Chicken Fillet (1kg) $9.42
  • 4 Rolls of toilet paper $3.57
  • Hair Shampoo $4.93

Transportation

86.4% of commuters in Minnesota drive to work, compared to 85.5% nationally. The average motorist in the state drives 10,770 miles per year. Taking average fuel economy and average gas prices into account, the average motorist in the state can expect to spend $940 on gas alone in a year.

Other transportation expenditures, such as car insurance, also vary by state. According to Insure.com, the average vehicle insurance rate in Minnesota is $1,365, which is less than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,149 on transportation each year.

Average Income & Taxes

The average yearly income of a single adult living in Minnesota is $62,027 and the estimated state income tax is 5.35%3.

Most Expensive Minnesota Cities to Live in

  • Edina
  • Chanhassen
  • Eden Prairie
  • Plymouth
  • Minnetonka

Why is disability insurance important to have in Minnesota?

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 the foreclosures on conventional mortgages in Kentucky are caused by the disability of one of the homeowners. In fact, the foreclosure rate in the state reaches one in every 5,322 households.

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 and your income shouldn’t be.

Does Minnesota 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, Minnesota is not among these states.

If you live in Minnesota and can’t work due to a disability, you may be eligible for one of two federal benefits offered to those who fulfill the Social Security Administration's (SSA) definition of disabled: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) (SSDI). Despite the fact that these are federal programs, the State of Minnesota is responsible for making initial eligibility judgments and setting the payment rate for Minnesotans who receive SSI. Furthermore, unlike in other states, Minnesotans who qualify for SSI do not automatically qualify for Medicaid; the State of Minnesota determines eligibility depending on the applicant's financial situation.

What qualifies as disability in Minnesota?

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) that 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 Minnesota?

Seeking a private disability insurance policy is the best option in Minnesota. 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 Minnesota?

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 Minnesota 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 Minnesota will cost you $4,588 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work shouldn’t be jeopardized by 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:

  • 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:
  • 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