Serious injuries and grave illnesses can prevent you from working and earning the income that you need to pay your medical bills and other basic needs. The stress of more and more debt can make it even harder for you to recover. Thus, to help you during this difficult time, you should consider applying for disability income.
Disability income serves to replace the majority of your lost wages so that you can take time to recover. Although one of the most common sources of disability coverage is social security, you also have several other options. Before you apply for disability, you should make sure that you know the best type of income coverage for you.
One of the major determinants of disability income coverage is whether your problem is short-term or long-term. When you are first diagnosed, you should ask your doctor about your expected recovery so that you can choose the best coverage for you. The common sources of disability income include:
-Worker's compensation - this covers about 2/3rds of your income, but it is only for work-related ailments
-Employer-sponsored coverage - good for both long-term and short-term disability, this coverage through your employer makes up for about 40-60% of lost wages
-Individual insurance - sometimes, your individual insurance company provides disability coverage for 40-65% of lost wages
-Social Security - a federal program that awards benefits based on how much you have worked and earned in the past
-State disability insurance - some states provide short-term coverage for illnesses and injuries
Disability protection is important for helping you recover from your ailment. With this, you can stay comfortable and relaxed while healing, instead of having to worry about debt. For experienced legal counsel in finding the best income coverage for you, please contact an Indiana long-term disability attorney from the Hankey Law Office, P.C., today.