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Archive for October, 2011

The Current Tax Debates Effect On Social Security Disability Insurance

tax debateWith the 2012 election year coming quickly, many politicians are beginning to turn to the issue of the national debt. Most individuals are aware that, in order to fix the debt, an adjustment in spending and tax in revenues needs to be made. For programs such as Social Security Disability Insurance, the future of their financial stability rests heavily upon the end result of these debates.

What’s Currently on the Table?

As of the current debates, President Obama has been proposing to cut the payroll tax to 3.1% and extend this offer to employers, as well as to employees. The intent behind the tax cuts is to help give consumers more money to spend to stimulate the flagging economy.

However, as most people who are recipients of or applicants for Social Security Disability Insurance are well aware, the revenues that are supporting these programs are currently funded by these taxes. Many individuals are beginning to worry that if the taxes that fund these programs are cut even further, the financial instability of both Social Security Disability Insurance and Supplemental Security Income will reach an even higher level. As it is right now, Social Security Disability Insurance has been projected to fail within the next five years.

More and more Americans are beginning to become frustrated with programs such as Social Security Disability Insurance, as well as the traditional Social Security program. The younger generation, in particular, is frustrated with the proposition of paying money into a system that may not be able to support them when they get to the age that they will need to draw upon it. Only time will tell how these debates will go and what the end result to disability insurance will be.

 

What about Credits?

disability creditsSocial Security Disability Insurance is intended to provide for working-age individuals that have experienced an illness or injury that renders them unable to work in a normal capacity. If you are a low-income American with a disability, you should check out the opportunities afforded to you by Supplemental Security Income. In order to be considered for Social Security Disability Insurance, you need to prove the value of your work history via the process of credits.

What Are Credits?

Generally speaking, a credit, in the eyes of the Social Security Administration, is basically a record of how many years you’ve spent in the workforce. Typically, an individual will receive four credits per calendar year spent working. In order to be considered eligible for disability insurance, you must have received at least 20 credits within the past 10 years of your life.

In the event that you are rendered ineligible for Social Security Disability Insurance by virtue of your work history, your application would be better sent to Supplemental Security Income. The main difference between these two programs is that the Social Security Administration monitors Social Security Disability Insurance, while Supplement Security Income is more closely related to welfare. Understanding your work history and the way that credits are determined by such, will play a big role in figuring out which of these programs is the best for you to apply for. If you are unsure about your work history and how it relates to credits, be sure to contact the Social Security Administration to get personal information regarding your own file.

Social Security Disability Insurance And Heart Disease

heart disease and disabilityThe number one leading cause of death among Americans today is heart disease. There are certain provisions that are made for individuals who have become disabled due to a debilitating heart condition, and one of these is Social Security Disability Insurance. In the event that your ability to work has been hindered by heart disease, be sure to look into the opportunities that Social Security Disability Insurance can offer you insofar as providing you with the sustenance you need to live a complete life.

What Do I Need to Prove?

If you have heart disease, you will most likely need to speak with your physician before applying for Social Security Disability Insurance. One of the key components for being approved for Social Security Disability Insurance is being able to prove that your condition will last for at least 12 months or result in your death, and the only way in which to do so is with the cooperation of your physician.

Even in the event that you do not have health insurance, it is important to continue to see a medical professional regularly throughout your disability application process. If you are unable to pay for a traditional doctor, be sure to check out free clinics in your area, or even visit the emergency room if you must. If your medical records are missing over a long period of time, it can be very difficult to get approved for Social Security Disability Insurance. For more information regarding the exact specifications of approval, be sure to visit the Social Security website at www.SSA.gov.

 

Private Disability Insurance And Social Security Disability Insurance

disability insuranceIn 2010, the applications for Social Security Disability Insurance rose to an all-time high of 2.9 million. Of these, roughly 1,000,000 ended up being accepted. Many people are aware that applying for Social Security Disability Insurance is a difficult process. Thus, there has also been a corresponding rise in the number of individuals who are beginning to take out private disability insurance as well.

How Do These Affect Each Other?

It’s no big secret that Social Security Disability Insurance is in trouble. Many financial experts have projected that Social Security Disability Insurance will become financially insolvent within the next five years. These concerns have led many individuals to start investigating the opportunities that private disability insurance may afford them.

In the event that you are not a disabled individual, considering taking on private disability insurance might be a good idea. There is a three in ten chance that any individual who is currently working at full capacity may experience a disability during some part of their working years. It is important to take the initiative to make allowances against the unthinkable occurrence. Especially considering the fact that Social Security Disability Insurance is in peril, it is wise to make personal provisions.

Social Security Disability Insurance and private insurance go hand-in-hand. In order to ensure that your capabilities as a wage earner are fully protected, be sure to look into the opportunities that private insurance can provide you. With a little bit of forethought, in the event that you do end up disabled, you will not be reliant on government programs that might not be able to provide for you.

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