Don’t Overlook Workplace Disability Policies
What would happen if you became disabled before you hit retirement age? How would you replace your lost income?
While many people rely on Social Security Disability benefits, these are not guaranteed. While the program does provide basic coverage, the average monthly benefit amount is just $1,200. That puts you at just above $14,000 a year, which is right above the poverty line. Will that cover all your expenses? Most likely, no.
To receive Social Security Disability benefits, you must meet strict requirements. For example, you must have a condition so severe that you won’t be able to work for at least a year. Therefore, if you have a short-term disability lasting several months or so, you won’t qualify. In addition, it takes time to get approved. Since there is such a huge lag in the system, it is not uncommon for applicants to wait as long as two years to receive approval. Your savings could be depleted by then. You may lose your home and be forced to file for bankruptcy.
Buy a Disability Policy
Because of this, you should protect yourself and your family by purchasing a disability policy. Most employers offer them. If your employer doesn’t, or you are self-employed, you can buy one on your own. However, employer-based policies are often more comprehensive and come at reasonable prices. Only about one-third of employees take advantage of their employers’ disability plans. They pay the price, financially and emotionally, when they suffer a disability and have no coverage in place.
Disability can strike at any time. Currently, more than 20 million Americans of working age suffer from disabilities. Many of these conditions cannot be seen. They include neck and back problems, arthritis, depression and anxiety.
If you need to take time off work to manage these disabilities, a disability policy can offer wage replacement. Short-term disability can replace as much as 70% of your salary. Long-term disability takes 3-6 months to kick in, and can replace as much as 60% of your salary.
Without a disability policy in place, a disability can be financially crippling. It can take two years or longer to financially recover from a disability. This is because a person is dealing with not only medical bills, but lost income as well.
More than 50 million Americans are without a disability policy. Don’t be one of them. Get coverage today. You never know when the unexpected may happen.
Learn More About Social Security Disability Benefits
If you don’t have a disability policy in place, you’ll need to rely on Social Security Disability benefits, which is not always your best bet. Benefit amounts can be low and the wait can be very lengthy—and that’s if you even get approved.
If you’re fighting for Social Security Disability benefits, you don’t have to fight on your own. Get help from White Plains Social Security disability attorney Michael Lawrence Varon. He can assist you with your claim so you can get the most favorable outcome possible. Schedule a free consultation by calling his office at 914-294-2145.