North Carolina
Disability Insurance

People who live in North Carolina 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 impor

How much does it cost to live in North Carolina?

A lot of folks relocate due to high living costs. In order to decide whether or not to relocate, you need to balance the benefits and drawbacks of each option. Every person in the world should have some type of insurance that will allow them to live comfortably even in difficult times. Let's see how much living in North Carolina costs and how you can safeguard your income. 

From the stunning and serene Carolina coast to the lush mountains and vibrant, hipster cities, there is so much to love about this state. To help you get started, we've put up a list of the most commonly studied cost-of-living categories in North Carolina, along with their comparisons to the national average. 

North Carolina is less expensive than the rest of the United States on average. According to data from the Bureau of Economic Analysis, the state's products and services cost 8.2 percent less than the national average. North Carolina has the 19th lowest overall cost of living when compared to all other states. 

Living in densely populated urban metro areas is generally more expensive than living in more rural locations. There are 15 metropolitan areas in North Carolina. The Raleigh metro region is the most expensive in the state, with costs that are 3.4 percent lower than the national average but 4.8 percent more than the statewide average. 

North Carolina has the 24th lowest cost of living in the United States, according to MERIC data from the second quarter of 2021. 

 

Cost of Living Parameters 

Housing & Rent 


The average home in North Carolina is valued at $165,900, which is $39,000 less than the national median home value of $204,900. 

The average renter in North Carolina pays $877 per month, which is $146 less than the national average of $1,023 per month. A one-bedroom apartment in the state costs $750 per month, while a property with five or more bedrooms costs $1,424. 

And some stats on North Carolina Mortgages: 

  • Homeownership rate: 64.6% 

  • Homeowner vacancy rate:0.5% 

  • Rental vacancy rate: 4.9% 

 

Childcare  


In North Carolina, the average yearly cost of child care for a 4-year-old child is $8,105, which is similar to the national average of $8,903. In North Carolina, it costs an average of $13,037 per year to care for a four-year-old child and an eight-year-old child, compared to a national average of $15,853. 

In North Carolina, infant care costs just 8.6% less than average rent. 

Below is a list of down of childcare costs from infant to college:  

Infant     $9,480 

 4-Year-Old     $1,113 

 School     $ 12,428 

 College     $7,354 

 

Utilities 


Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A North Carolina resident can expect to spend up to $342 per month on apartment utilities on average. 

 

Food & Groceries 


A single adult in North Carolina spends an average of $3,103 on food each year, while a family of four spends an average of $8,960. To put things in perspective, a single adult's annual food expenditure is $3,240, while a family of four's annual food cost is $9,354. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home. 

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 

  • Fast Food Combo (Big Mac, etc.) :$4.15 

  • Bottle of CocaCola :$1.64 

  • Bottle of Water : $1.28 

 

Grocery shopping in the state would cost as follows: 

  • Milk (regular), (1 liter): $0.81 

  • Loaf of Fresh White Bread (500g): $2.73 

  • Rice (1 Kg): $4.54 

  • Eggs (regular) (12): $1.93 

  • 4 Rolls of toilet paper: $3.22 

  • Hair Shampoo: $4.01 

 

 

Transportation 


90.5 % of commuters in North Carolina drive to work, compared to 85.5 percent overall. The average motorist in the state travels 11,603 miles per year. Taking into account average fuel economy and average gas prices, the average North Carolina motorist can expect to spend $1,005 on gas alone in a year. 

Other transportation costs, such as car insurance prices, can differ from one state to the next. According to data from Insure.com, the average vehicle insurance rate in North Carolina is $1,357, which is lower than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,216 on transportation each year. 

 

The annual transportation fee of a Family is $13,226 which is close to the annual transportation cost in the US. 

 

Average Income & Taxes 

The average yearly income of a single adult living in North Carolina is $68,2441 and the estimated state income tax is $2,683. 

 

Most Expensive North Carolina Cities to Live in 

 

  • Cashiers 

  • Highlands 

  • Blowing Rock 

  • Cornelius  

  • Nags Head 


Why is disability insurance important to have in North Carolina?

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 find 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. Adding to it the foreclosure restrictions set in place, and that the foreclosure rate in North Carolina is 0.76% as per the latest stats with half of foreclosures on conventional mortgages caused by the disability of one of the homeowners. 

Many might believe that the need for disability insurance is not a top priority, perhaps 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? In fact, up to 30% of adults in North Carolina have a disability. Therefore you’re 3.5x more likely to need disability insurance rather than life insurance. 

Even if you have health insurance, you should know that in North Carolina, out-of-pocket costs and insurance premiums for health care are relatively high, assuming at least a basic level of coverage. The average cost of health care for a single adult in the state is $6,101 per year, compared to $4,266 nationally. The average yearly health care costs for a family of four are $18,378 — $5,428 more than the national average of $12,950. 


Does North Carolina have state disability insurance

The answer to that is Yes, If you become disabled while a permanent employee under the Teachers' and State Employees' Retirement System (TSERS) or a participant in the UNC Optional Retirement Program (ORP) and meet certain eligibility requirements, the Disability Income Plan of North Carolina (DIPNC) will provide you with a monthly replacement income in the form of short-term, extended short-term, and long-term disability benefits.2 

People with disabilities who live in North Carolina and are unable to work may be eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) (SSI). SSDI and SSI are federal programs that give benefits to those who fulfill the definition of handicapped as defined by the Social Security Administration (SSA). Despite the fact that these programs are federal, who determines disability and how much a person can get in SSI payments varies by state. Short-term disability benefits are not available in North Carolina. 

In North Carolina, short-term disability insurance is a tale of haves and have-nots. After joining the Teachers' and State Employees' Retirement System (TSERS) or the Optional Retirement Plan, state and municipal government employees receive tax-funded coverage (ORP). 

Meanwhile, taxpayers who work in the private sector are frequently required to support the premiums themselves and take proactive measures. There is no mandated program in place to address work absences caused by transitory non-occupational medical issues for them. 

What qualifies as a disability in North Carolina?

To qualify for disability, your physical or mental conditions must be so severe that you cannot earn more than $1000 per month (or $1,640 if you are blind), and your disability must have lasted or be expected to persist at least one year or end in your death.  

How can I easily get disability insurance in North Carolina?

Seeking a private disability insurance policy is the best option in North Carolina. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple and straightforward. Being a 100% digital process, 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 North Carolina?

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 North Carolina 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

Disability insurance vs. North Carolina state disability insurance

If you become sick or wounded and are unable to work, disability insurance pays a percentage of your salary. It can assist anyone who relies on their job to make ends meet. According to the Social Security Administration, one out of every four 20-year-olds will be disabled for 90 days or more until they are 67.  

 

NCFlex began offering disability insurance through Standard Insurance Company on January 1, 2020. (The Standard). This plan covers both short-term and long-term disability. The plan is open to new hires and employees who have had a qualifying life event. 

 

These plans replace lost income if you can't work due to a medical condition. 

 

STD benefits start 10 business days after your disability date and last for 60 days. The plan pays $150 every business day, up to a weekly cap. 

After 60 days of continuous disability, LTD benefits kick in. Deductible income, such as Social Security or workers' compensation, reduces your monthly payout. With a monthly benefit of $12,500, the plan replaces 66.23% of your wages. If offsets apply, the monthly minimum payout is $100, or 10% of the LTD benefit. 

 

At Asteya, we provide easy and straightforward disability insurance (or disability income insurance, as we prefer to call it). We don't tire you out with proof of income, medical tests, phone interviews, or wait times because our process is entirely digital.  

We've created a first-of-its-kind online platform to give you the quickest and easiest experience possible; you can fill out your quote in 30 minutes or less with a fully online and seamless experience. A rate coverage that is totally adjustable, with immediate approval.

How do I get disability insurance?

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