Disabilities can be anything from a serious illness to an accident that has occurred. The unexpected can always happen, but here are many ways to make sure you and your family is protected, especially if the individual cannot make an income and has to stop work due to their disability. Those that are employed by companies or firms often seek private insurance policies or government benefits that can be paid to help provide and income during these times. But know that many workers will have to file a long term disability lawsuit to get the support they need.
The entrepreneur workforce has increased dramatically over the last 10 years as the internet has exploded, allowing more and more people to start and market their own businesses. But what happens if you work as a freelancer and become sick or seriously injured? Self-employed workers need to educate themselves on the standards, policies and options on insurance and benefits to protect themselves and their families in case of an emergency accident or illness that may occur.
Self-employed workers can apply for benefits such as Social Security disability insurance just as regularly employed people could. Self-employed workers have to pay a self-employment tax as well as their income taxes. This self-employed tax covers Medicare as well as Social Security taxes. Self-employed persons earn “credits” based on the amount of money they make per quarter just as regular employees do. The amount of credits needed to qualify depends on your age of when you became disabled. Sometimes things happen and a person becomes disabled and they can’t apply for Social Security Disability Income (SSDI) because they haven’t yet earned enough credits to make them eligible. If this does occur, the individual can apply to receive Supplemental Security Income which does not require you to make a certain amount of money such as the SSDI does. The Social Security Administration doesn’t necessarily make it easy for self-employed workers to receive benefits, but you may have options.
Self-employed persons do not have sick leave or other leave to cover them if they get sick or injured. Having some sort of coverage in case an emergency occurs is a good idea for any self-employed individuals. Disability insurance provides benefits paid to the individual on a monthly basis that will help them financially until they are able to return to work, if they are able to return to work at all. A self-employed individual’s only source of income is their business that they run. Having disability insurance can be an effective safety net in case of an emergency and can prevent the person from losing their house and their business. Disability Insurance policies will have to be purchased by the self-employed individual, but it could possibly save their business and provide some income in case of a serious accident.
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