Nevada
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 Nevada to show you the average expenses in the state and why di

How much does it cost to live in Nevada?

Living in Nevada is less expensive than it is on average in the United States. According to Bureau of Economic Analysis data, goods and services in the state cost 2.5% less than they do nationally on average. Nevada has the 20th highest overall cost of living when compared to all other states.

Living in densely populated urban regions is generally more expensive than living in more rural locations. Nevada has three major metropolitan regions. The Reno metro area is the most expensive in the state, with goods and services costing 1.7% less than the national average and 0.8% more than the statewide average.

Cost of Living Parameters

Housing & Rent

In Nevada, the typical home is worth $242,400, which is less than the national median home value of $408,000. The average price of a home built in 1939 or before in the state is $172,500, while the median value of a home built in 2014 or after is $374,700.

The average Nevada renter pays $1,060 per month for housing, which is $37 more than the $1,023 national median monthly rent. A one-bedroom apartment in the state costs $811 a month, while a five-bedroom apartment costs $1,892.

And some stats on Nevada Mortgages:

  • Homeownership rate is 61.7%
  • Homeowner vacancy rate is 0.6%
  • Rental vacancy rate is 4.8%

Childcare

Child care costs contribute thousands of dollars to a family's annual budget. The average yearly cost of child care in Nevada for a four-year-old child is $8,985, which is close to the national average of $8,903. Similarly, a 4 year old child and an 8 year old child cost an average of $15,953 per year in Nevada, compared to the national average of $15,853.

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

  • Infant : $10,378
  • 4-Year-Old : $9,050
  • School: $10,406
  • College : $5,920

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. The average monthly utility bill for a 1,000-square-foot apartment is $180 in Nevada. This includes electricity, heating, cooling, water, and trash bills. The Internet costs roughly $77 per month on average. Add another $85 to $100 to your monthly cost if you have cable or other streaming services.

Food & Groceries

A single adult in Nevada spends an average of $3,241 on food per year, while a family of four spends $9,359. In comparison, the average yearly food expenditure in the United States is $3,240 for a single adult and $9,354 for a family of four.

The average price for eating out would be:

  • Dinner in a restaurant for 2: $54.9
  • Fast Food Combo (Big Mac etc.): $8.38
  • Bottle of Coca-Cola: $1.97
  • Bottle of Water: $1.21

Grocery shopping in the state would cost as follows:

  • Milk (regular, 1 liter): $0.91
  • Loaf of Fresh White Bread (500g): $2.74
  • Rice (1 Kg): $3.84
  • Eggs (regular, 12): $2.46
  • 4 Rolls of toilet paper: $3.36
  • Hair Shampoo: $5.22

Transportation

Commuters in Nevada drive to work at a rate of 88.5%, compared to 85.5% nationally. The average driver in the state travels 9,281 miles per year. Taking average fuel economy and average gas prices into account (standard gasoline costs an average of $2.68 per gallon in Nevada in mid-2020), the average driver in the state may expect to spend $1,029 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 Nevada is $2,050, which is higher than the national average of $1,517. According to EPI data, the average single adult in the state spends $9,475 on transportation each year.

Average Income & Taxes

Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll, the average working adult in Nevada pays $4,692 in taxes per year, which is less than the national average of $6,542. The state is one of just nine in the country that does not collect a wage tax, which helps to explain why tax payments are lower than average.

Most Expensive Nevada Cities to Live in

  • Reno
  • Sparks
  • Las vegas
  • Henderson
  • Boulder City

Why is disability insurance important to have in Nevada?

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 Nevada are caused by the disability of one of the homeowners. In fact, the state had 421 foreclosure files, with one in every 3,043 residences going into foreclosure and a total of 1,281,018 housing units.

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 Nevada 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, Nevada isn’t one of them.

Although there is no government-sponsored short-term disability insurance in Nevada, some businesses provide it as a benefit, and the individual may be covered by the Family Medical Leave Act or Worker's Compensation.

If you become disabled in Nevada, you can apply for Social Security disability benefits through two federal programs: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).

A disability of some form affects around 32% of Nevada's population. Currently, however, just 3.2% of the state's population receives Social Security payments. This implies that many people who are eligible for disability payments are not receiving them.

What qualifies as disability in Nevada?

If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies 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 Nevada?

Seeking a private disability insurance policy is the easiest option in Nevada. 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, so you can go from applicant to insured in no time.

Who qualifies for disability insurance in Connecticut?

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 Nevada 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

The bottom line

On average, living in the state of Nevada will cost you $1,932 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 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 policy is a no brainer, seeing that it is 100% digital .We don't require blood tests or doctor's appointments, unlike other insurers. We'll just ask you a few questions to determine your best policy.

You’ll be all set once your policy is in place! You'll pay your premiums quarterly, monthly, or annually for the duration of your policy.

If the unexpected happens and you need to file a claim, our team will be there to assist you in receiving the funds you require as soon as possible. When your claim is approved, you'll receive a payout that you can put toward whatever you need, such as bills, groceries, or medical expenditures.

How do I get disability insurance?

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