To be a successful entrepreneur, we all know how hard we have to work if we are to realize our business goals and ambitions. But what happens if your health fails?
Here we take a look at the work of an attorney and the valuable support they can provide in the event of needing to make a claim for Social Security Disability Insurance, (SSDI) or long-term disability.
First, let’s take a look at the likelihood of ill health affecting your productivity at work.
According to the latest data, it is estimated that one in four 20-year olds today will become disabled before they retire. This increases to a 50% chance of becoming disabled for three months or more by the age of 35. If you’re 50, there is a 33% chance of becoming disabled for three months or longer before you retire.
The harsh reality is that debts, family responsibilities, car and mortgage payments do not disappear when you become ill. This is where disability insurance and a disability attorney come in.
What Types of Disability Insurance Are There?
There are two types of disability insurance: long- and short-term plans. Long term plans pay out if your illness or disability lasts for longer than 6 months. It typically pays around 40-60% of your salary until you return to work, retire, or your plan reaches the expiry date of provision. Additionally, you may have to wait one or two years before the policy will pay out.
Conversely, short-term disability insurance pays out quickly and at a higher rate (60-70% of salary) but it only lasts for a few weeks.
There is also SSDI which stands for Social Security Disability Insurance. This is state-funded, but means tested, and not many people qualify for it. Also, the benefits paid out are very low.
Why Would I Need a Disability Attorney if I Have Insurance?
If you need to make a claim for disability insurance, it is vital that you include all relevant details from the start. Once completed it is not always possible to add further information at a later date unless you have legal representation. A specialist disability attorney such as the experts at Osterhout-Berger will work on behalf of their client to ensure that the claim is completed thoroughly and accurately. They advise that you seek legal help immediately if your benefits are denied or withdrawn.
At Osterhout-Berger, they have a very straightforward procedure to take you through the appeal process. First, they make sure that all relevant medical information is collated and passed to the judge before the hearing takes place. A personal case manager is assigned to each client to take them through the process, deal with their questions and concerns, and keep them informed of any updates. They will also conduct a mock hearing to prepare you for the trial.
To summarize, make sure you have disability insurance in place and do seek expert advice if you need to make a claim.