Many individuals recognize that there are benefits obtainable if they become disabled and cannot perform their job. The problem is that many do not recognize the distinctions between disability options. Attempting to grasp the differences, for instance, between long-term disability insurance and Social Security Disability Insurance can be a challenging task.
Long-term disability insurance is an insurance policy individuals acquire to safeguard themselves and/or their loved ones in the case they become disabled for an extended period of time. In the majority of circumstances, employees buy short-term and long-term disability insurance. The long-term disability policy takes effect when the short-term disability option ends.
Social Security Disability Insurance – or SSDI – is a government-sponsored program. Individuals enter into this plan via Social Security taxes. If they become disabled and pass the United States Social Security Administration’s requirements, they may start seeing benefits after six months.
It is certainly feasible to obtain long-term disability insurance and Social Security Disability benefits simultaneously. As a matter of fact, certain long-term disability plans require one to submit an application for Social Security Disability. As soon as you are approved for Social Security Disability benefits, your long-term disability insurance provider will compensate you for the financial difference between your SSDI and full policy. The precise amount they may pay will be determined by the details of your policy and the amount of monthly Social Security Disability benefits you collect.
If you possess long-term disability insurance and plan to apply for Social Security Disability insurance, it is recommended that you reach out to an experienced disability attorney. At Beedem Law, we will help you identify precisely how your Social Security Disability benefits can impact your long-term disability compensation.
➤ Schedule an appointment with a Minnesota long-term disability lawyer
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