New York State Disability Insurance Quotes: SSI
Many people do not understand the coverage they have through paying
into Social Security every pay period. Yes, the income supplement coverage
for your retirement years is well known by most very early in life.
But what a lot of people don't know is the other benefit that Social
Security has to offer. This other supplement coverage is called Social
Security disability. If you become disabled you may qualify for these
benefits.
There are
a few drawbacks as opposed to standard disability insurance from your local New York disability insurance provider. It is very hard to qualify
for Social Security disability. More than 60% - 80% (pending on year,
etc.) of the applicants fail the first time around. The best way to
qualify after they receive a rejection letter is to hire a lawyer to
help in the appeals process.
Your disability income is dependent upon your “covered earnings,”
or the amount on which you are taxed for Social Security. Social Security
disability benefits are great to have in time of need, but don’t
count on them when you evaluate your disability income needs. Even
if you do qualify, the benefits probably won’t be enough for you
and your family to maintain even the most basic standard of living.
Consider this: the maximum payment in 1998 for an eligible 35-year-old
earning $75,000 or more is barely $1620 a month! Would this be enough
for you and you family to live in the lifestyle you are accustomed to?
Workers compensation
The second kind of disability insurance you may already have is workers
compensation. This type of disability insurance is required coverage
by your employer. The state you live in governs the amount of insurance
costs and payments. Workers comp. only pays if your disability is job-related,
typically lasts for only a few years, and the payments are low. Just
as with Social Security disability payments, this type of payment is
a supplement policy; it should not be considered a full policy at all.
The best way to go is to open a policy through a New York state disability insurance provider. We can help by providing you with free New York state disability insurance quotes online!
