Discovering Your Disability Benefit Options

Discovering Your Disability Benefit Options

Disability Insurance Greenwood Village, COA Quick Guide To How You Can Maintain Your Quality Of Life

It is an unfortunate truth that one in four of today’s 20 year olds will become disabled before they are able to retire. That means that unless you feel comfortable rolling the dice, you should give some thought to how you will obtain the disability benefits you need to maintain your quality of life after becoming disabled. Here is a quick look at your options.

  • Workers’ Compensation: Workers’ comp will generally cover about two-thirds of the income you were bringing in before you became disabled, but bear in mind that 73 percent of long-term disabilities are not sustained on the job, meaning workers’ comp does not kick in to protect you.
  • Social Security: The federal government does have a disability insurance program set up to cover much of the population, but getting those benefits is difficult. 65 percent of applications for these benefits get initially denied. Even if you do qualify, the average monthly payment in 2012 was just $1,130.
  • Insurance Through Your Employer: Some employers offer their staff the chance to either participate in a group disability insurance plan or to purchase their own disability insurance through their company, making it easier for the individual to qualify. Look into your options at your workplace to discern if the disability insurance offered there could cover you.
  • Individual Insurance: So you do not have to rely on the government or your employer to protect yourself, you have the option to purchase your own disability insurance. This coverage option gives you the most dependability and flexibility. When you pay for your own disability insurance with after-tax dollars, you receive your benefits tax-free. Furthermore, with individual insurance you do not have to worry that leaving your job will leave you uncovered.

If you are interested in carrying private disability insurance to best protect your future, contact Employee Benefit Plans Inc. Located in Greenwood Village, Colorado, our staff can help you protect your future no matter what life brings your way.