Tampa, FL (Law Firm Newswire) November 28, 2017 - When confronted with injuries that prevent someone from having the ability to earn a living, there can be overwhelming medical expenses.
While health insurance may cover the cost of emergency medical treatments and hospitalization, it will not cover loss of income. However, disability insurance can provide this type of coverage. Disability insurance is crucial because disability impacts a persons capacity to earn an income when their medical expenses can increase dramatically.
Such is the experience of those who survive a sudden tragedy, as in the case of the recent mass shooting in Las Vegas. Due to their injuries, the survivors will incur considerable medical expenses and be incapable of returning to work. Several employers provide some type of disability insurance to their workers. But because it is optional, employees have to enroll and pay for it via a payroll deduction. It is marked by a three-letter code “LTD” on their pay stub adjacent to the deduction.
Florida social security disability lawyer David W. Magann says, “Disability insurance can provide a much-needed safety net for people who have been beset by injuries that adversely affect their capacity to earn a living.”
However, many employees forego disability insurance, and that number is increasing. About 213,000 employers offer disability insurance as a benefit, and employee enrollment is usually about 40 percent. In fact, more Americans have life insurance (70 percent) than disability insurance (40 percent). The reason for this could be that most people view disability as something that is unlikely to occur, whereas death is certain. But studies indicate that 25 percent of today’s 20 year-olds will become disabled prior to attaining age 67.
Disability insurance premiums, which can change with age and the amount of coverage, can range from $500 to $2,500 annually. Persons confronted with a sudden permanent disability, and with no disability insurance, have few options. One program that can offer some assistance is Social Security Disability Insurance (SSDI), a federal benefit that helps people who cannot work because of a condition that causes permanent disability.
Employers and employees pay for SSDI through the Social Security taxes paid on wages. Thus, anyone who is considered disabled according to the Social Security definition, and who has paid Social Security taxes for a sufficiently lengthy period of time to reach the required work credits can receive SSDI payments.
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
4012 Gunn Highway #165
Tampa, Florida 33618