According to the U.S. Social Security Administration, someone who is 20 years old today will have a 25% chance of becoming disabled before they retire. Currently, over 37 million Americans are classified as disabled, and more than half of these disabled individuals are in their prime working years of 18-64 years old. The average disability claim last around 32 months, which means individuals who become disabled can be financially devastated if they should go this long without an income.
Disability insurance is designed to provide an income for individuals who are or become disabled. A disability can be a physical or mental illness or injury that prevents someone from performing work-related duties. When a person becomes disabled, they must prove they are unable to work, prove they are employed or are looking for work, prove they have lost wages, and prove they are under the care of a licensed physician or therapist. When they can provide this information and their application is accepted, then they can start receiving weekly benefits ranging from a minimum of $50 to a maximum of $1,173 for up to 52 weeks.
Disabled individuals have access to several types of insurance. Most employees get a general form of this type of insurance through their employer, and employers also provide workers’ compensation. Workers’ compensation not only provides an income for the disabled person who is unable to work, it also pays for medical expenses. If the employee is killed on the job from a work-related accident, workers’ compensation will pay a death benefit to the employee’s dependents.
Several states provide government sponsored insurance for disabled individuals, and the U.S. government offers all eligible citizens who are disabled with Social Security and Supplemental Security Income insurance. Disabled individuals can also purchase insurance through a private insurance company. Individuals have plenty of access to disability insurance so that they can continue to pay their bills and maintain their lifestyle.