Accidents happen when you least expect them. One day, you are healthy and active, and the next you can be down and injured. Since accidents are unpredictable, social security disability is the protection you should learn more about.
Every age group, if they are working, deserves to have a backup plan. As a younger generation, millennials need to educate themselves about what is available.
What Is Social Security Disability?
This particular disability plan is a form of financial help that is sponsored by the government in the form of contributions from every taxpaying citizen. There are options for both short-term and long-term disability. These programs both have qualifications and eligibility standards that must be met.
If you work a regular job in the United States, you contribute to this form of disability coverage at some level. States require your employer to pay a certain amount based on your gross income before you even receive your paycheck.
Paying into Social Security Disability
Every time you receive a paycheck, certain state deductions are made automatically. One of these goes towards disability insurance. Just because you pay it does not mean you automatically receive it at the drop of a hat, but it does give you access once approved.
You can find out how much you have paid into this financial protection by reviewing your pay stubs and getting year-end reports. When you file your taxes each year, this is a number that will show up as you put together your financial summary.
Applying for Disability Assistance
If you find yourself in the unfortunate circumstance of suffering a medium to long-term injury or illness, you are most likely worried about income. Depending on how long it takes to recover, you may be unable to earn a paycheck for a while.
You will want to start the disability insurance process since it is going to take some time. The Social Security Administration will review your previous income, what you have contributed and the extent of your current injury.
If then, the SSA decides you meet qualifications, you will be assigned a certain amount of money each month. It is not necessarily broken down by how much you have paid in. Many other factors are also taken into consideration.
Make Plans for Future Injury Protection
It is important to plan for accidents and injuries and keep yourself financially protected. No one wakes up and decides they are going to ruin their future earning potential on purpose.
However, if that happens to you, then you need to understand how social security disability can help.
Talk to our team and see how we can help you!