Getting Social Security Disability Benefits While Collecting Unemployment

If you have lost your job, and are collecting unemployment benefits, can you seek Social Security disability insurance (SSDI) benefits, too? Yes, you're entitled to SSDI if you are disabled and can't work. Go ahead and apply if this is your medical situation. Do it soon, before you run out of unemployment benefits. But, be aware that applying for disability while collecting unemployment is risky.

Can You Work?

To collect unemployment benefits, you must commit to your state labor department that you are able to work and are actively looking for work. When you apply to the Social Security Administration (SSA) for disability benefits, you are admitting that you can't work because you have a medical condition that is preventing you from doing so.

The Work Conflict

As long as you are looking for work you think you can handle, and you are keeping a good record of jobs you have applied to, you should be okay as far as not risking your continued eligibility for unemployment benefits. The more difficult challenge will be in proving to SSA that you are disabled.

When you apply at the initial level, an SSA disability examiner in your state reviews the medical facts of your case to decide if you are able to work. Collecting unemployment compensation may appear contradictory. The examiner could think that you are able to work, even though you're telling SSA that you can't. Don't be surprised if your case is denied at this point in the process.

Don't Give Up

Keep it going with an appeal. Even if you get denied a second time, don't stop. Your case will go on to the hearing level, giving you the opportunity to personally explain your circumstances to an Administrative Law Judge (ALJ).

The ALJ takes a more subjective review of the facts surrounding your case. If you can explain to the judge that you tried to find work within your physical limitations while collecting unemployment but couldn't find a job, the judge may decide that you tried. You have the desire to work but physically can't. And if you have the substantial medical history that is required to support your case, the outcome should work in your favor.

Money While You Wait

It can take many months, even years, to get through the disability application process. If you're collecting unemployment benefits now, don't wait for those benefits to end. At least you will have some money coming in while waiting for a decision on your disability case.

Also, you can't get both unemployment and SSDI benefits. You must tell the unemployment office when your Social Security disability claim is approved. You may also have to pay back months of unemployment benefits. This could happen if SSA pays you a lump sum of back benefits representing how long it took to decide your case. Make sure you check into this with your labor department. Payback rules are not the same in every state.

The eligibility rules for winning SSDI benefits while collecting unemployment is, without a doubt, complex.

Getting professional guidance from a Social Security disability advocacy group or attorney can certainly go far in helping you get through the complexities of both programs so that you can get the additional income benefits you need

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What Professionals Need to Consider When Purchasing Long Term Disability Coverage

Part 1 of 3

For the majority of successful professionals such as physicians, dentists, attorneys, investment bankers and other high-income executives, the purchase of long-term disability policy is generally regarded as a necessity rather than an option. As incomes increase over the years, families grow, and expenses escalate, and the possibility of losing that substantial income due to a disability can be daunting and difficult to face.

As a result, here are some tips for high-earning professionals considering purchasing a disability policy and some pointers for those who may have already purchased coverage:

1) Know THE ODDS

- According to the Council for Disability Awareness, over 25% of today's 20 year-olds will become disabled before they retire.

- Approximately 95% of disabilities are caused by illnesses rather than accidents.

2) KNOW YOUR NEEDS

- 44% of U.S. families are spending more than they earn. If you're among them, purchase adequate coverage to replace your income and don't expect to be able to subsidize it with earnings from retirement portfolios.

- Anticipate how much you and your family are likely to need as your income increases and add coverage accordingly. Ask about COLA (cost of living adjustments) that can make a significant difference in the amount of benefits received when disabled and find out if residual benefits riders are appropriate for your needs.

- Consider purchasing FIOs (Future Increase Options) that allow you to increase your coverage on an attained age basis, without having to provide evidence of insurability. You never want to find yourself with earnings that have increased significantly, that cannot be protected because you can no longer purchase coverage, based on poor health that makes you ineligible for additional coverage.

UNDERSTAND INSURER(S) AND CONTRACTS DIFFER

- Disability policies are NOT all created equal. As legal contracts, they can be filled with countless options, confusing terminology, multiple definitions of disability, criteria for exclusion, renewability, premium increases, etc. Seek an independent disability professional to help you understand your policy before you purchase it; one who will also be available for consultation as your income stream increases and you add coverage.

- Lifetime benefit riders make a HUGH difference to disabled claimants no longer able to continue working and generate income. In is not unusual for high income professionals to develop a lifestyle that is more than just difficult to change if they should ever become disabled.

Consider these tips when purchasing coverage, but when it comes to filing a claim that's a horse of a different color.

Should you ever need to file a claim for disability benefits, consider engaging a professional Disability Claims Consultant who has an an expert's knowledge of the claims filing process and the experience to help you successfully navigate through the complexities of the claims filing process.

All prospective claimants need to research how consultants work; how and what they charge and most importantly they need to determine if they feel comfortable with not only how they work but if their personalities are compatible so that they can proceed in what is a critical relationship they will establish with the claims consultant over the course of this process.

If that rapport is lacking, it will jeopardize the success of getting the claim(s) approved, in which case the claimant should explore working with other claims consultants, until they find one that meets their criteria as the customer.

Long term disability insurance is a necessity for high-net-worth professionals, to protect their dignity and lifestyle should they ever become disabled. It is therefore imperative that they force themselves to make the time needed to research the numerous benefit options and determine which are most suitable for their situation. Find an insurance professional who specializes in selling disability insurance to guide you through the process and work with you as your professional career progresses.

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What to Expect When Applying For Individual Disability Insurance

Disability insurance provides working professionals with protection against the financial risk of someday being unable to work due to a sickness or injury. If a sickness or injury prevents you from working, disability insurance can provide monthly benefits intended to replace a percentage of your pre-disability income. In order to obtain an individual disability insurance policy consumers should be in fairly good health and must undergo a process known as underwriting. For consumers interested in obtaining coverage, below is an explanation of what you should expect during the application process.

Completing the Application for Insurance
There are still some agents that prefer to complete insurance applications during an in-person meeting, but in many cases the application can be completed by phone and electronically. An application for disability insurance will generally range between 11-25 pages covering a great deal of issues including your personal information, work related information, medical history and a general risk assessment. In addition to answering questions, an applicant must also sign specific authorizations which allow for the insurance company to review any medical information necessary to thoroughly underwrite the application. At the point of submitting your application you should also be prepared to provide financial documentation to prove your current income.

Insurance Medical Exam
Depending on the amount of disability insurance being applied for, most consumers will be required to complete an insurance medical exam which is provided by a paramedical service. The medical exam can be conducted at your home or work place and generally includes regular lab work, a shortened medical exam and a thorough questionnaire regarding your medical history. This is a similar medical exam to that which is required for life insurance.

Personal History Interview
Although it may seem tedious and extremely repetitive, the final data gathering stage is known as a personal history interview or phone interview and includes questions very similar to those on the application. The interview will be conducted by a third party representing the insurance company and the interview results will be sent directly to the insurance company for review.

The "In-Between" Stage
Once this information has been received, the insurance company will begin a thorough review process and may even order medical records directly from your current and prior physicians if needed. This stage can vary in timing and often makes up the majority of the application process - between two to four weeks. Although it may not take more than a few days for documents and medical records to be reviewed by an underwriter, it can take a few weeks to obtain the actual medical records from your physician's office. Try and be patient during this time as much of it will be out of your or your agent's control.

Receiving and Reviewing Your Offer
Following an in depth review of your personal, medical and financial situation the insurance company will either decline or approve your application and make an offer. Consumers should review their approval carefully as this will provide the true parameters of the benefits being provided by the policy. Although you may have initially applied for one thing, you could be approved for something slightly or completely different. Any changes that have been made will require your signature as a form of acknowledgement so be sure to review the policy, the policy summary and any amendments with your agent before signing these forms.

This summarizes the disability insurance application process. Be patient and apply knowing that underwriting will take a total of four to eight weeks on average. The most important thing is that this will provide you and your family with the income protection and financial security needed, against the risk of disability.

Michael L. Relvas, CFP® is the owner of MR Insurance Consultants and also the creator of the Buyer's Guide to Disability Insurance for Physicians. For more information or assistance in applying for coverage, contact Michael at 800-817-4522 or visit disability insurance.

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Advantages Of Taking Up Individual Disability Insurance Cover

Among the advantages of having individual disability insurance is financial support and help that is issued to your family members by the social security. Employers can secure this type of cover for their workers. This type of cover makes sure that a disabled individual together with the family get support for a certain period that the insured person is disabled. Getting this type of cover poses very many advantages to the insured.

This cover acts as protection. Statistics state that there is a thirty percent chance that you can be disabled when you get to the age of sixty. Not all employers assure the workers of getting them this type of cover. Moreover, very few people that are self-employed have relevant knowledge concerning this type of policy. Nevertheless, this type of cover offers tax-free income for your requirements mostly when you are unable to work.

Another advantage is caps. Group plans have caps. This means that you will get to pay a certain amount and percentage of your income. When your income is low, you will get to pay a lower percentage. However, most insurance companies restrict one from taking up a cover that is sixty percent of the earnings.

Disability payments are free hence allowing more the 60% encourages sluggishness and inability to extend the cover. The insured ends up getting more on disability than the amount that one would have incurred in levies while still working. This therefore reduces the motivation of an individual.

You find that, you also get to benefit from this kind of policy depending with your occupation. The group disability covers consider one disabled once you are unable to perform certain tasks. A good example is a surgeon that has lost a finger for the person is able to teach but is unable to perform surgeries. This implies that the professional is not entitled to get the benefits. One can take up a policy that has the occupation clause inclusive so as to get the benefits when you are unable to perform your duties.

There are also the locked-in benefits. Once an individual has taken up this cover, the firm is not in a position to revoke the cover, if the individual has the definite renewable policy. However, when you fully rely on your employer to pay for the cover, the firm can opt to switch to carriers on to deny you the policy the next year.

You also benefit from inflation protection. When you are taking up this cover, you can attach an inflation protection clause. When you are disabled for a prolonged period, your ability to purchase cannot increase. Having this type of protection increases the payment depending with the increase in inflation.

You can also get partial benefits when you have the individual disability insurance cover. In case you are not able to work the full hours, which will reduce your income, you get partial benefits. You are also at an advantage for you will get the partial benefits when you are disabled but you can work after a short time.

You will find a review of the reasons why you should invest in disability insurance for individuals and a summary of the factors that determine disability insurance rates, now.

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