Many living in the Newark, New Jersey, area may like to think nothing will ever happen to their health. They will always remain serious injury and illness free and retire at age 65. And while this is certainly a nice plan to have, keep in mind that plans do change, often times without having any control over the situation.
Recently an article titled, “5 Myths About Disability Insurance” was published by Forbes. The article took the standpoint of the importance of employees being offered disability insurance. The information shared cast light on not only just who is needing disability benefits, but the fact that many might need to contact Social Security Administration as not all employers even offer this benefit.
The first thing to keep in mind is that disability is not something that only affects older men. In fact, according to the Social Security Administration, one in four 20-year-olds will end up disabled and unable to work before they reach the age of 67. This means young, healthy people who do not give much thought to disability may find themselves scrambling to piece together information after an injury or illness leaves them unable to work.
These injuries are also one’s that affect women. In fact, according to one long-term disability insurance company, 60 percent of those receiving disability between 2009 and 2012 were women.
Many also mistakenly think this is a benefit they have access to by their employer or can afford on their own. Sadly though, according to the Bureau of Labor Statistics, only a third of private industry workers are offered this as an employee benefit. Individual disability insurance can also be quite expensive, and for someone living on a fixed budget, is not even a real possibility.
This is why it is important to remember the Social Security Administration runs federal programs for those with disabilities. These programs are intended to help those who cannot work.
Source: Forbes, “5 Myths About Disability Insurance,” Ashlea Ebeling, Sept. 24, 2013.