Young people who live or work in Indiana may not think that their careers will be cut short because of a physical or mental health problem. However, it is possible to create a plan that will provide you with financial and other resources that will be needed if you’re no longer able to work.
Long-term disability insurance can help cover some costs
Long-term disability insurance (LTD) may help to replace a portion of your salary while you’re out of work. The amount that you receive will depend on the exact language of the policy, but you can expect to receive roughly half of what you were making prior to getting hurt. In some cases, employers will provide this benefit to their employees. However, individuals are typically required to buy it themselves, and many choose not to because premium payments tend to be expensive.
Government disability benefits might be an alternative
Social Security Disability Insurance (SSDI) benefits are available to those who have worked at least five of the previous 10 years prior to submitting their applications. Furthermore, you must have a medical condition that will keep you out of work for a year or more or that is considered terminal. Finally, you have to be below your full retirement age (FRA). For most people this is between the ages of 65 and 67.
You are strongly encouraged to apply for benefits as soon as possible as it can take up to 500 days for an application to be approved. On average, individuals wait almost eight months before they send in their initial applications. Going several months without wages or disability benefits may result in filing for bankruptcy or experiencing other negative financial consequences.
If you are experiencing severe mental or physical ailments, a legal representative may be able to help you apply for SSD benefits. In some cases, payments may be made retroactive to the date that your application is approved. If an initial application is denied, your attorney might be able to help with the initial appeal or plead your case in front of a judge.