Social Security Disability vs. Long-Term Disability Insurance
If you are severely injured or develop an illness that prevents you from working, you have the option of receiving disability payments from the Social Security Administration or, if you have long-term disability insurance, payments from your insurance company. In some cases, you can choose to take both at the same time. However, before you make a decision, it is important to understand the pros and cons of each choice.
After an injury, it can seem as if your medical bills and other expenses pile up while you are not able to work and pay these bills. Thankfully, you are not alone. You can receive long-term disability payments to make up for your lost wages. To discuss your long-term disability options, contact an experienced Indiana long-term disability attorney from Hankey Law Office today at (800) 520-3633.
Pros and Cons of Social Security Disability
As you work and pay social security taxes, this counts as “insurance” with the Social Security Administration. Later, if you suffer from a career-ending injury or illness, you have the option of drawing social security benefits. While social security payments are guaranteed if you can prove your case, the amount of money provided is typically barely above the poverty line.
Long-Term Disability Insurance
On the other hand, you can decide to purchase long-term disability insurance. While you do have to pay extra for this level of insurance coverage, you can usually receive a higher payment than with social security alone. In case of an illness or injury, you can receive 40%-65% of your lost wages.
Long-term disability coverage, whether Social Security payments or through insurance, is a way that you can still provide for yourself and your loved ones despite your health condition. This way, you can focus on treatment and recovery rather than worrying about your financial situation. To learn more about how we can help you fight for your disability coverage, contact a knowledgeable Indiana long-term disability lawyer from Hankey Law Office at (800) 520-3633 today.