Disability Insurance Awareness – Some Important Facts to Know Disability insurance is granted based on a medical chart review. Here are some important facts to know about disability insurance.
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The month of May is celebrated as disability awareness month in the United States to emphasize the importance of disability insurance as a financial tool for workers. In America, more than 155 million workers receive SSDI or Social Security Disability Insurance, to receive which medical chart review is an important requirement. However, studies show that many workers are still unaware of their financial and work futures. It is important that workers in America are given more awareness regarding the need for disability insurance so that they can make improved choices. What is significant about disability insurance is that it provides financial support and also support with returning to work. Here are some important facts to know about disability insurance. •
Studies and surveys show that one in four workers in the United States will experience a disability that prevents them performing their job, by the time they reach full retirement age (FRA). The most common serious health issues include cancer, musculoskeletal conditions, pregnancy, mental health issues, injuries including torn ligaments and fractures and other concerns. Workers need disability insurance, whether private or public, that is designed to help them avoid financial problems if they become disabled.
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An “acquired disability” is a health condition that has originated from a disease, illness or injury. The other type of disability is one that a person is born with.
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Disability insurance is meant to replace a portion of the worker’s wages, and not the full amount of earnings he or she may have had before becoming disabled. The SSDI monthly payment is based on a calculation by the SSA (Social Security Administration) that includes the worker’s history of work-related earnings. In the case of private disability insurance, the programs provide 60% replacement value of the injured worker’s earnings.
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Disability insurance options include short-term and long-term disability insurance policies. The entire amount or a portion of these are usually paid for by an employer. Moreover, a majority of U.S. workers pay for disability insurance through their FICA payroll taxes with the SSDI program.
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To receive SSDI benefits, your disability needn’t be a permanent one. A long-term disability signifies the period for which the health condition that prevents working is present. The health condition may last 1 – 2 years, 10 years or be permanent. A worker whose health condition lasts at least 12 months or longer, or is terminal may qualify for SSDI. The SSA also offers the Ticket to Work program that enables
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people to receive SSDI benefits and experience medical improvement and return to work after a few years. •
SSDI is not merely a welfare program limited to people who are in poverty. It is a federal insurance program funded via workers’ and employers’ FICA taxes through the same process as the Social Security retirement program. Workers experiencing an acquired disability should apply for SSDI so that their insured status is not lost through delaying the application process.
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Applying for disability benefits doesn’t mean that you have to quit your job. Federal as well as private disability programs have provisions to assist an injured worker to return to work. Once you are approved for SSDI benefits, you are eligible for the SSA’s Ticket to Work program. This program includes many protections for SSDI benefits, and once you experience medical improvement you can consider working again.
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Your SSDI benefits will be protected if you try to work again. You can use the Ticket-to-Work program and work with an SSA-certified Employment Network to protect your disability benefits for several years. In this program, there is an initial nine-month trial work period for more than 60 months. There are also other provisions that allow you to protect your access to SSDI benefits in case you are unable to maintain your working status.
Workers must be knowledgeable about the insurance options they have if they become disabled. Ideally, a consultation with a disability attorney will help them have a clear understanding of the choices available and how to proceed. Disability attorneys assist in gathering the required medical records and with the support of medical records services determine the injured worker’s eligibility for disability insurance. They will help with the disability claim processing and work to ensure that you receive a positive response.
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