Disability Insurance

Are You Eligible for Social Security Disability Insurance?

Social Security disability insurance, also referred to as SSD or SSDI, is a program that pays monthly benefits should you find yourself disabled before you reach the age of retirement and are no longer able to work. Some people also refer to it as worker’s disability. To qualify for the insurance, you have to have worked for a certain number of years in a job in which you paid Social Security taxes along with regular taxes. More specifically, you should have earned a particular number of work credits. Currently, you can earn as many as four work credits per annum. How many credits you need to qualify for disability insurance will depend on how old you are when you become disabled. You will need to discuss this with your insurance provider and employer.

Get a Disability Insurance Quote Before It Is Too Late

Furthermore, you should have a medical condition that meets Social Security’s definition of a disability and that necessitates disability insurance for individuals. Benefits are only eligible to those with long-term, total, or severe disabilities. Severe disabilities are those whereby your condition affects your basic work activities. Long-term disability means your condition is expected to last for a year or more. Total disability means you cannot perform any activity in order to earn an income. For more information, as to whether or not you qualify, get a disability insurance quote and find out the cost of disability insurance today.

Disability InsuranceDisability InsuranceDisability InsuranceDisability Insurance
Disability Insurance

Temporary Disability Insurance and Approval for Benefits

If you are approved for physician disability insurance, you may not receive SSDI benefits right away. In some cases, you will have to have been disabled for at least five months. If you are approved immediately, such as if you have recently had a liver transplant, you may have to wait five months before your checks start. The likelihood, though, is that you will not be approved for approximately six months to a year and once you are finally approved you will receive disability back-pay. This is why temporary disability insurance is so important, to ensure you and your loved ones are taken care of. Once you do receive your back-pay, you will then get disability benefit checks monthly. If your household income is over a particular amount, you will be required to pay taxes on your benefits.

Buying Private Disability Insurance – Tips to Keep in Mind

When it comes to choosing private disability insurance, keep these tips in mind:

  • The cost
  • Important benefits
  • Whether or not medical equipment will be covered
  • Do you need short-term disability insurance?
  • Would you rather prefer long-term disability insurance?
  • Know the difference between the different terms of insurance
  • Find out if you can customize your coverage
  • Customizing coverage may be costly, but could be worth it in the long-run 
  • Determine the appropriate level of coverage based on your income
  • Shop around for comparative quotes until you find adequate cover for your budget
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