SSDI Expert Emphasizes Importance of Long-Term Income Protection During Disability Insurance Awareness Month
Belleville, Ill. — May 1, 2018 — Disability Insurance Awareness Month during May highlights the importance and probability of disability for working Americans. Millions of U.S. workers are insured for Social Security Disability Insurance (SSDI) benefits, but have no other coverage, according to Allsup, the nation’s premier provider of disability representation services. Allsup has helped more than 300,000 people receive their SSDI benefits.
According to the Council for Disability Awareness, one out of every four 20-year-old workers today will be unable to work for at least a year due to a health condition before they reach retirement age. Since the beginning of this year, the CDA reports, nearly 1.5 million working-age Americans have already experienced a disabling injury or illness. The most common long-term disability issues are musculoskeletal disorders, cancer, mental health conditions, chronic conditions, and injuries like fractures or spinal cord injuries.
About one-third of employees (32 million) have the financial advantage of long-term disability (LTD) insurance through their employer, but at least 51 million working adults have no disability coverage aside from SSDI. This means that many are not financially prepared for the possibility of a disabling health condition. In fact, only 48 percent of adults have enough savings to cover three months of bills in the event they become disabled and unable to work. Almost 50 percent of adults can’t pay an unexpected $400 bill without taking out a loan or selling possessions, according to the Federal Reserve Board.
“Having a responsible financial plan and understanding your options in advance are both very important,” said Steve Perrigo, Allsup vice president. “Social Security Disability Insurance, which you pay for through your FICA payroll taxes, is an important source of income replacement. However, the average monthly benefit amount will replace only a portion of your earnings.” ”
“There are additional options that you can consider as part of your financial planning and budgeting, such as LTD and supplemental illness plans, that provide additional levels of income protection for you and your family,” Perrigo said. “The key is being prepared and managing your risk.”
Allsup can help individuals prepare for these unexpected career turns through its dual purpose approach to disability benefits. Individuals have more alternatives when they apply for disability and then plan to return to work when their medical condition stabilizes, even with a recovery period of 1 to 2 years or longer.
The online tool empower by Allsup® combines an SSDI assessment for eligibility and Social Security disability application support, along with return-to-work guidance for those who may medically recover. Allsup has a 53 percent success rate at the application level, compared to the national average of 34 percent.
Find a simpler way to apply for disability, visit FileSSDI.TrueHelp.com.