When bad health hits, look to this financial tool


(BPT) – Working hard may take a toll on your health. But what are your options when your work pays the price for your bad health?

Chronic illness, an injury or a severe disability can create a financial crossroads for people. Often, people are torn between trying to keep working in ill health, losing important income and benefits, and trying to stabilize their health conditions. A cancer diagnosis, stroke or car accident is just the beginning of a challenging path. Usually, financial problems follow soon after.

Many people have limited options and turn to investments and savings set aside for retirement, like a 401(k) or an IRA. ‘Many workers make the worst mistake when they borrow money against their 401(k) after a work-disrupting illness or disability,’ says Tricia Blazier, personal health and financial planning director for Allsup. ‘This devastates your financial future for the long term, and it’s very difficult to recover.’

But nearly three times as many American workers are insured for Social Security Disability Insurance (SSDI) benefits because they pay FICA payroll taxes as those who establish a 401(k). That breaks down to 152 million workers insured for SSDI, according to the Social Security Administration, and about 52 million with an active 401(k), according to the Investment Company Institute. In addition, it’s estimated only 32 million workers have private long-term disability insurance through their employers.

‘Really you need all three – 401(k), LTD and SSDI – in your financial toolkit, no matter how old you are,’ Blazier says. ‘You need to consider SSDI because you can access this income without penalty or trade-offs before you turn 59-1/2 years old, unlike your 401(k).’

The SSDI program is insurance for workers who experience a severe disability. It pays monthly income for those people who qualify due to a severe chronic or terminal illness or disability, and it includes incentives to return to work if they medically recover.

‘The SSDI program has risen in visibility in recent years because of its importance for the aging workforce, especially since so few workers have private disability coverage,’ says Blazier, who provides guidance with finances and budgeting for SSDI applicants.

‘The important thing to recognize is that SSDI has valuable benefits that go beyond monthly income,’ Blazier added. ‘They include access to Medicare, dependent benefits, plus the future opportunity to return to work if you are able.’

SSDI as part of your financial toolkit

Blazier says many workers don’t consider filing SSDI applications because they don’t understand eligibility rules or feel conflicted about seeking benefits from the program.

‘This is an insurance program, and you’ve paid the premiums,’ Blazier says. ‘You are making a huge mistake if you don’t at least find out if you’re eligible for SSDI when you are forced to leave work due to an injury, illness or disability.’

Common questions about this program include:

How do I know if I’m eligible for SSDI? Social Security has stringent rules to receive benefits. Individuals must have paid FICA payroll taxes, usually worked five out of the last 10 years, and have a severe work-disrupting condition that is expected to last at least 12 months or is terminal. Applicants also must be under full retirement age (65-67).

What does it take to file an SSDI application? Options include answering simple questions online at your convenience and letting an expert SSDI representative complete and submit Social Security forms on your behalf, schedule appointments with Social Security weeks in advance, or complete forms and submit them on your own.

Why is SSDI important to my financial future? Receiving Social Security disability income does not have to be a permanent circumstance. Thousands of individuals who experience work-disrupting illness go through rehabilitation, recover and eventually return to work. Your SSDI application is the first step in this process to reclaiming the life that provides you with financial and health stability you need.

Along with regular monthly income, SSDI includes access to health care insurance, dependent benefits, protection for your Social Security retirement income (so your retirement benefits are less likely to be reduced) and return-to-work incentives.

‘Your financial future doesn’t have to be over, and neither is your career, even though you have to stop working for a few years,’ Blazier says. ‘Realize SSDI is an important support for you, and that you’ve already paid for it.’

For more information about SSDI eligibility and your Social Security disability application, visit FileSSDI.Allsup.com.


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Sources:
RBS negative interest rates bank
http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_ROYAL_BANK_OF_SCOTLAND?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-08-20-07-39-19
Bank Of Ireland And RBS To Charge Negative Interest Rates To Depositors – Remember MF Global? – Forbes
http://www.forbes.com/sites/timworstall/2016/08/20/bank-of-ireland-and-rbs-to-charge-negative-interest-rates-to-depositors-remember-mf-global/#5b8c2c1e7a1f
Bank of Ireland blames Europe for new charges
http://www.irishtimes.com/business/financial-services/bank-of-ireland-blames-europe-for-new-charges-1.2762246
Why use negative interest rates? – BBC News
http://www.bbc.com/news/business-32284393
Denmark, Belgium, Now The Netherlands: Negative Mortgage Rates Spread Across Europe | Zero Hedge
http://www.zerohedge.com/news/2016-04-16/first-denmark-then-belgium-now-netherlands-negative-mortgage-rates-spread-across-eur
Denmark: Land Below Zero Where Negative Interest Rates Are Normal – Bloomberg
http://www.bloomberg.com/news/articles/2016-06-06/denmark-land-below-zero-where-negative-interest-rates-are-normal
CIBC sells negative-yield bonds for 1st time – Business – CBC News
http://www.cbc.ca/news/business/cibc-negative-yield-bonds-1.3685259

Negative Interest Rates to Completely DESTROY Global Economy! Here's Why. Negative Interest Rates to Completely DESTROY Global Economy! Here’s Why.

10 Responses to “When bad health hits, look to this financial tool”

  1. Jonas Östman Reply

    But does not negative interest rates put more money in to the system? Wich able people to pay of more depts?

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  2. Matt Nelson Reply

    Negative interest rates would destroy the real estate market. What bank would loan anyone money to buy a house in negative interest rate climate? Home sales would be relegated to what cash people have on hand.

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  3. Was it worth the time? Reply

    Fuck this video and the cock sucker who made it!

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  4. sue barker Reply

    This is a bit off the topic, but a lot of the economic collapse stuff is in place to take our minds off the media 's non-reporting of UFO's flaying over Carson City Nevada. I would rather be confronted with a money problem, than fighting EXTRA TERRESTRIALS. They have weapons, that make our weapons LOOK LIKE TOYS!!

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  5. John Barleycorn Reply

    The house of cards is teetering again.

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  6. tim wilkinson Reply

    I dont look or follow – Bloomberg but friend dose n he says is completely the opposite to whats really going on ! On a BS level out of 1– 10 where dose it rate ! Thanks to anyone who can help !

    View Comment
  7. Augusto Schoenardie Reply

    In Brazil I get 10-13% risk free interest

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  8. George Hill Jr Reply

    Here is the thing … zero interest rate is killing the ins industry… they can not take much longer… running out of space/time there is only so much you can logically/reasonably.. . do … there is a limit of the # you can logically hold..for derivatives to sell for a premium

    Insurance ( a bet something will not happen you bet your house will burn down ) the insurance company bets it will not) …(derivative a bet that the same thing will happen the house will burn …if it does some one will help the insurance company pay you for your house replacement) ) ie insurance on insurance … company normally took primium from customers invested in bonds …make money on interest % @ ZIRP no profit in bonds …

    ZIRP has destroyed the profit in bonds and neg % rate NIRP will destroy the revenues of the insurance companies…forcing Large insurance companies in to the risk on risk off stock market…soo you see the Central banks will kill the insurance industry even faster if they allow Neg % rates …or kill the the stock market/ and governments faster if they raise rates…that is where we are…you decide death by a gun … death by slow acting poison…death non the less… not by natural causes.

    If you destroy the insurance industry you will destroy the stock market too …because you/corps can not do any business with out insurance … because of fear of litigation for innocent accidents …so with out insurance no corps… no corps…No stocks…so no stock markets …
    so now what ….if you don not rase rate you kill insurance companies … which will eventually kill the stock market… If you raise interest rates you will kill the stock market instantly…so there you are…What to do…and they did this to them selves …you think they are smart…

    Because if you raise interest rates you will kill sovereign/ governments faster because of the debt…soo is there a way out … no! a reset is coming…back to Gods money back to Gods economy conducted under his laws of no fraud …or coercion… … while might not be as robust or efficient will be sustainable…and last… IAW this teaching and rules.

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  9. Roxanne Fennell Reply

    Negative interest rates is a way for the Banks to steal more money. Banks want people to go deeper into debt but people cannot afford more debt so they are stealing money from people now.

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  10. amazingvidguyz Reply

    LOL if i can get a negative interest mortgage then you should be paying me to read your book surely?

    View Comment
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