The Supplemental Security Income program is funded by the general revenues of the Federal Treasury and is intended to provide a minimum level of income to persons who are aged, disabled, or blind and demonstrate economic need. The SSI program is meant to supplement any income an individual might already have to ensure a certain level of income to meet basic living expenses. The dollar amount received in SSI on a monthly basis varies from person to person and is computed each month, taking into account an individual's current financial situation.
For an individual to be eligible for SSI they must be disabled, or blind, or aged and have little or no income and resources. A person must fit into one of the following categories: Disabled, Blind (20/200 or less in your better eye with glasses or a filed of vision less than 20 degrees), or Aged (refers to be 65 years of age or older).
And at the same time these commercials have created the perception that accidents are the beginning and end of disability coverage. The reality is that disabling sicknesses occur almost four times as frequently as accidents. Most people when asked about the types of illnesses covered by short term disability would respond: cancer, heart attacks, strokes, etc. And they would be right. Any serious illness can stop you from being able to work for an extended period of time. Short term disability insurance will replace your income for up to two years - depending upon the policy options selected.
STD is an insurance that you are usually provided by your Employer. It is an Insurance plan that pays out a certain amount of money for a short period of time (normally, no longer than 6 months). There is usually a week of what is called "qualifying" time before the STD payment will kick in. Most folks can take sick leave, vacation time, paid time off, or some other sort of time for this qualifying time. This type of disability payment is for an illness or injury of a limited period of time. An STD payment ranges from a low amount that would equate to a state's Unemployment payment, to a maximum of about 66% of base pay. To know about the specifics of your plan, ask the appropriate people for a copy of your STD plan's Summary Plan Description.
LTD, or long term disability insurance payment usually results from a physical or mental illness that prevents an employee from performing the job that they occupied at the time the illness/injury occurred. To receive the disability benefits insurance payment, the plan participant must qualify, based on the particular plan requirements. There also is a qualifying period of time for LTD, just like for STD, only the average LTD qualifying period of time is usually 6 months. Again, like STD, the payment out of an LTD plan is plan-specific, and can range from a finite dollar amount to a percentage of base pay.
Check over the policy for a recurrent disabilities benefit. A recurrent disability is one that happens after you recover from your original disability. Your insurance should waive a new waiting period and/or not require proof that the two disabilities were related. Disability insurance policies can be confusing. It is always best to sit down with a professional insurance agent to discuss the terms of the policy together and to ask questions until you completely understand the details of the policy quotes being presented.
For an individual to be eligible for SSI they must be disabled, or blind, or aged and have little or no income and resources. A person must fit into one of the following categories: Disabled, Blind (20/200 or less in your better eye with glasses or a filed of vision less than 20 degrees), or Aged (refers to be 65 years of age or older).
And at the same time these commercials have created the perception that accidents are the beginning and end of disability coverage. The reality is that disabling sicknesses occur almost four times as frequently as accidents. Most people when asked about the types of illnesses covered by short term disability would respond: cancer, heart attacks, strokes, etc. And they would be right. Any serious illness can stop you from being able to work for an extended period of time. Short term disability insurance will replace your income for up to two years - depending upon the policy options selected.
STD is an insurance that you are usually provided by your Employer. It is an Insurance plan that pays out a certain amount of money for a short period of time (normally, no longer than 6 months). There is usually a week of what is called "qualifying" time before the STD payment will kick in. Most folks can take sick leave, vacation time, paid time off, or some other sort of time for this qualifying time. This type of disability payment is for an illness or injury of a limited period of time. An STD payment ranges from a low amount that would equate to a state's Unemployment payment, to a maximum of about 66% of base pay. To know about the specifics of your plan, ask the appropriate people for a copy of your STD plan's Summary Plan Description.
LTD, or long term disability insurance payment usually results from a physical or mental illness that prevents an employee from performing the job that they occupied at the time the illness/injury occurred. To receive the disability benefits insurance payment, the plan participant must qualify, based on the particular plan requirements. There also is a qualifying period of time for LTD, just like for STD, only the average LTD qualifying period of time is usually 6 months. Again, like STD, the payment out of an LTD plan is plan-specific, and can range from a finite dollar amount to a percentage of base pay.
Check over the policy for a recurrent disabilities benefit. A recurrent disability is one that happens after you recover from your original disability. Your insurance should waive a new waiting period and/or not require proof that the two disabilities were related. Disability insurance policies can be confusing. It is always best to sit down with a professional insurance agent to discuss the terms of the policy together and to ask questions until you completely understand the details of the policy quotes being presented.
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