New York
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 New York to show you the average expenses in the state and why

How much does it cost to live in New York?

New York state is considered the 1st most expensive state to live in with an average living cost for one person at $3,000 per month, whereas a family of four could expect their expenses to reach $5,950 per month. The average cost of living in New York is 1.53 times more expensive than the average in the United States.

Cost of Living Parameters


Housing & Rent

On average, New York renters pay $3,684 per month., much higher than the national average of $1,023. If you want to buy a house in the state, the typical home value is $779,000, which is more than the national median home value of $408,800.

Here are some stats on New York mortgages:

  • Homeownership rate: 33%
  • Vacancy rate: 4.54%

 Childcare  

According to the Economic Policy Institute, child care costs for infants and toddlers in New York State average out to $15,394 annually, or $1,283 per month. That makes New York one of 33 states where infant care is more expensive than college!

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

  • Infant: $21,112
  • 4-year-old: $12,358
  • School: $15,658
  • College: $7,938

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. New York has the fifth highest utility costs in the nation at $477 per month!

Food & Groceries

A single adult in New York spends an average of $3,690 on food each year, while a family of four's annual food cost reaches $10,806. 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: $18
  • Fast Food Combo (Big Mac etc.): $9.56
  • Bottle of Coca-Cola: $2.2
  • Bottle of Water: $1.48

Grocery shopping in the state would cost as follows:

  • Milk (regular), (1 liter): $1.07
  • Loaf of Fresh White Bread (500g): $3.15
  • Rice (1 Kg): $4.59
  • A dozen of Eggs: $3.46
  • Chicken Fillet (1kg): $11.5
  • Beef Round (1kg): $16.7
  • 4 Rolls of toilet paper: $4.19
  • Hair Shampoo: $6.5

Transportation

If you're located in the city and its surrounding areas, you do not need a car to get around as transportation is easily accessible. However, New York City, for example, has the fourth highest commuting costs of any city in the world. You will need to put away almost $127 per month for bus and subway passes. A one-way ticket on the subway costs $2.75. A 7-day pass is $33, and a monthly 30-day pass is $127 with unlimited swipes on the buses and subway.

If you own a car, you can expect to spend around $400 per month just to insure it, fill it up, and pay for repairs. With a car loan, your transportation costs will be even higher. The average monthly payment for a new car in New York is $540, while used vehicles cost around $338 per month.

You should not forget that driving your own car in New York will also add parking costs to your budget. In New York City alone, The average cost of monthly parking is $570 per month or $6,840 annually. You'll have to consider this cost on top of the 10.375% tax and an additional 8% surcharge on parking, garaging, or storing cars in Manhattan.

Average Income & Taxes

The average yearly income of a single adult living in New York is $52,000 and the estimated state income tax is $12,312.

Most Expensive New York Cities to Live in

  • Kaser
  • North Hills
  • New Square
  • Kiryas Joel
  • New York City

Why is disability insurance important to have in New York?

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 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 New York are caused by the disability of one of the homeowners. In fact, The foreclosure rate for mortgages in New York City is 6% higher than the national rate of 4%

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, applying for private disability insurance should be on top of your to-do list because life is unpredictable, but your income shouldn’t be.

Does New York 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. New York is one of these states.

Whether you live in New York City or elsewhere in the state, eligible workers can file for disability payments to replace income lost due to an unforeseen illness or injury.

Unemployed workers may also be eligible under certain conditions and can use disability benefits to supplement their unemployment insurance income.

The current SDI regulations in New York allow benefits of up to half of a claimant's weekly earnings, with a weekly ceiling of $170. Benefits will be paid for up to 26 weeks after a seven-day waiting period. These payments will still be taxed, and you will be unable to receive state disability compensation in addition to paid family leave monies.

However, according to New York State data, nearly 60% of disability claims filed under the Social Security Disability and SSI disability programs are denied because applicants do not meet eligibility requirements.

How can I easily get supplemental disability insurance coverage in New York?

A supplemental disability insurance coverage is an excellent strategy to safeguard your income and way of life. It helps to compensate for a portion of the 40% gap that most work policies provide. Also, the majority of supplemental disability insurance benefits are tax-free.

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, which means you go from applicant to insured in no time.

Signing up for Asteya’s private disability insurance also has many benefits:

  • You are free to spend your benefit payments anyway you see fit.
  • Benefit payments may continue until you retire or recover.
  • You can add disability riders to your policy to increase your coverage.

Who qualifies for disability insurance in New York?

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. Visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in New York 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 New York will cost you $3000 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.

When it comes to New York's state disability insurance, most employees can get payments for up to 26 weeks if they are unable to work for that long. The amount of benefit you receive can also be reduced for a number of reasons. This includes part-time work, military pay, bonuses, worker’s compensation payments, holiday pay and any other type of income. Depending on a person’s individual situation, a number of these could apply. Additionally, you’d have to wait on average 7 days (if not more!) before you can get paid when applying for your first disability benefits claim. Once approved, the average disability payment you’ll receive will only be $4,420, which is just enough to stay above the poverty line, but not much more.

But when it comes to private insurance, at Asteya, the benefit you get approved for is the benefit you receive, so you can rest assured knowing you’re covered – no surprises.

How do I get disability insurance?

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