Long Term Disability – Insurance or Social Security?

Long-term disabilities can create many challenges for an individual as well as their family.  Generating a working income may not be possible during this time as the person may not be able to work due to accident or illness.  Those that suffer with long-term disabilities often seek assistance in the form of benefits and insurance to help cover costs during this difficult time.  Many people consider Social Security or other insurance options to help generate some income so the individual and their family can survive. But some people will have to file a long term disability lawsuit to get the benefits they need. 

Social Security Disability benefits are an option for some people.  Social Security benefits do have more restrictions because of the government aspect that other, regular, insurance policies don’t seem to care about.  The Social Security Administration (SSA) bases eligibility on a specific set of standards in order for a person to receive them.  First, the person cannot be able to do the work they did before becoming disabled.  Second, the person has a physical or mental condition that prevents them from doing or learning other types of work, and finally, if the condition is expected to remain for at least one year or if it might result in death.  These are the basic requirements that must be met in order to receive Social Security benefits.

Long term disability insurance (LTDI) also helps a person that is suffering from a disability receive income during this time.  These options can be purchased privately or can be acquired through an employer’s benefits package that is offered.  LTDIs do differ from policy to policy, but there are many to choose from, and the individual can select one that suits them and their situation the best.  Many people that have an LTDI do not qualify for Social Security benefits as well because of less demanding requirements for LTDIs.  People that do qualify for both Social Security benefits and also have an LTDI policy often choose both for extra coverage and income.

Private insurance programs that are provided to an individual do not restrict them from also receiving disability benefits if the person qualifies for both.  It is possible that the person can receive payment from both of these options at the same time.  There are other options available to consider as well, such as supplemental security income, Medicare, and retirement benefits that can all help supplement income during a long-term disability.  Insurance agents and human resource officials can help determine whether or not the individual can receive both insurance benefits and Social Security Disability income at the same time.