Tampa, FL (Law Firm Newswire) March 29, 2017 – While the majority of people would consider buying life insurance, few individuals would contemplate purchasing disability insurance. Although Social Security provides some disability insurance, it is restricted.
Social Security disability payments are comparatively small. In 2015, the average monthly disability benefit was just $1,165. But that may be inadequate if it is an individual’s principal source of income.
According to the Social Security Administration (SSA), an individual is disabled if they are unable to work because of a serious medical condition that has afflicted, or is anticipated to afflict, the person for a minimum of one year, or have fatal consequences. It is a requirement that the individual’s medical condition impede their ability to perform work that they previously did, and it has to prevent the person from adapting to other kinds of work.
“Social Security disability, by itself, is insufficient to provide for a person’s retirement,” said noted Social Security disability attorney David W. Magann. “Individuals and their families should explore additional options for supplementing their retirement income.”
Given the perilous state of Social Security, it would be wise not to rely on receiving anything from Social Security one to three decades from now. Since 25 percent of those who are age 20 will suffer a disability prior to attaining retirement age, private disability may be a viable option.
However, one disadvantage of having a plan provided by an employer is that if the employer pays the premiums, the employee will be required to pay taxes on the premiums. But if the employee pays the premiums, the benefits will not be subject to tax. Those who are self-employed can join the Freelancers Union, for which there is no charge to become a member.
Disability insurance policies come with several options. For instance, if a person receives approval for Title II disability benefits, the funds are received after a five-month waiting period following the date on which the person became disabled, possibly longer. For SSI Title XVI, there is no waiting period.
Learn more at http://www.floridasocialsecurity.com/
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
4012 Gunn Highway #165
Tampa, Florida 33618
- NEW IMPAIRMENT LISTING IN FULL EFFECT & APPLICABLE TO ALL ADMINISTRATIVE PROCEEDINGS IMMEDIATELY
NEW MENTAL LISTINGS Effective: January 17, 2017 After a revision of the Diagnostic and Statistical Manual (DSM), and thousands of public comments later, the Social Security Administration (SSA) has published significant revisions to its mental impairment listings. SSA had issued a Notice of Proposed Rule Making in August 2010, proposing what at the time appeared to be […]
- SSA is Heading For Delays Again After Recent Cutbacks & Years of Improvement
Service Cuts, Computer Problems Cloud Social Security’s 79th Birthday: The Social Security Administration should have reason to celebrate. After all, August 14, 2014, marked the 79th anniversary of the day when President Franklin Roosevelt signed the Social Security Act, which ushered in the landmark entitlement program. However, the agency’s birthday was a less than cheerful […]
- SSA is Ramping Up Disability Reviews in 2014
The Social Security Disability Benefits Reform Act of 1984 (“DBRA 1984”) was passed by a unanimous, bipartisan vote in the House and Senate (99-0) in September 1984. President Reagan signed the law on October 9, 1984, when it became Pub. L. No. 98-460. One of the main provisions required “medical improvement” before benefits could be terminated where […]
- Never Allow A Non-Attorney to Represent You At Your Social Security Hearing!
You should NOT have a non-attorney clerk at your hearing? This seems obvious, but several Florida law firms and any company identifying themselves as “Experts”, some who are advertising on TV, are sending non-attorney clerks to Social Security Hearings simply because its cheaper for them to do so rather than have an actual attorney appear. How in […]
- Do Not Believe Non-Lawyer Websites Who Post 95% Success Rates!
Continually we see claimants who have had a non-lawyer representative whose company boasts a 95% success rate when in fact it is simply not true. No lawyer website can ethically advertise with success rates in percentages because it is misleading and yes, unethical. Each claim is different and if it is to good to be true, […]