Indiana Disability Insurance
|
 |
Approximately 80 percent of Americans do not have any type of disability insurance. Consider the fact that in Indiana alone; approximately 864,000 individuals suffer with a disability in any given year. This works out to be 15.3 percent of the population. While disabilities in the form of illnesses or injuries can occur at any time in a person’s life they are most common during an individual’s working years. As well a person in their twenties or thirties runs a higher risk of becoming disabled than does a person who is in their forties, fifties or sixties. Indiana disability insurance is there to protect the financial interests of a person who has been stricken by any type of disability.
Indiana disability insurance can come by way of an individual or a group plan through a person’s workplace. Sometimes even with a group plan, Indiana disability insurance needs to come from another source such as worker’s compensation (if you fell ill at work or got injured), social security or an individual plan. Indiana disability insurance is there to help you so that you do not have to drain your savings or borrow money from other people to pay your bills and continue to live a good quality of life.
If you need to obtain Indiana disability insurance by way of social security be able of what it is. Social security is defined as “A payroll tax-funded, federal insurance program.” It is meant to guarantee that a person who cannot work fro a period of time will stay have money coming in to live on. It is put in place to provided help until a person can get back on his or her feet again. Many people misinterpret this form of Indiana disability insurance as a type of welfare, however it is not. Instead it is more like home insurance or automobile insurance.
In order to qualify for Indiana disability insurance through social security you must suffer from a mental or physical disability or condition that renders you incapable of engaging in “any substantial gainful work”. As well you must have the condition or expect to have it for at least a year or more and in some cases; it could bring on your untimely demise. Social security disability insurance (SSDI) is also available to individuals who are under the age of 65 and who have managed to successfully work for a period of no less than 5 of the past 10 years. To be eligible, a person must have medical proof from a doctor. Without this, a person will be disqualified immediately for Indiana disability insurance.
One of the biggest advantages of SSDI over other types of Indiana disability insurance is that it provides monthly payments that help supplement any other form of disability benefits that you are already receiving. As well there are annual cost of living raises which are definitely a plus. Some, but not all of these benefits are often free of any kind of income tax. After being on SSDI for a period of two years an individual is automatically able to qualify fro Medicare, both for the hospital as well as the medical benefits.
|
