The social security and supplemental income disability programs are the largest federal programs providing assistance to people with disabilities. Social security disability insurance pays you and your family benefits if you have worked long enough and paid enough social security taxes. Supplemental Security Income, on the other hand, pays benefits based on your financial need. There is a common social stigma for people who earn welfare that sometimes includes people who collect social security disability insurance. SSDI is not a welfare program, and requires an extensive qualification process proving that the people receiving SSDI are indeed disabled.
-have a mental or physical condition preventing you from carrying out any “substantial gainful work”
-the condition must last for 12 months or result in death
Two main methods of providing disability income in life insurance policies are: waiver of premium and combination policies.
1. Waiver of Premium
Many life insurance policies offer a “waiver of premium” provision in the event the policy owner becomes disabled during the term of the policy. A separate premium is payable for this additional coverage or rider. For tax purposes, the adjusted cost basis of the policy does not include any additional premium payable for this benefit. The payment of this type of benefit does not represent a disposition for tax purpose, since it is paying an amount equal to the premium to keep the policy in force.
2. Combination Policies
A policy that is considered exempt allows the cash values in the plan to accumulate on a tax-deferred basis. Recently, some insurers have… Continue reading
It takes an understanding of the basics of Social Security to submit an application to the SSA. Most people understand that Disability Insurance, or SSDI (sometimes called Title II) are for individuals who have worked in the past but are unable to do so anymore, or at least for an extended period of time. They also know that monthly checks will come from Social Security (if approved), as well as a back benefits check. However, many people don’t know that there’s a lot more than financial assistance when it comes to Disability Insurance.
First of all, when you compare SSDI to another Social Security program called SSI, or Supplemental Security Income, there is a lot more freedom. SSI requires that the entire household not exceed a specified income limit, or the… Continue reading
Before you opt for your cat’s health insurance, you need to consider certain things. Going for your cat’s health insurance can save you a lot of money. In case if your cat falls ill and requires some major treatment or encounters some fatal accident.
While choosing a plan, you need to take into account many factors. These include your financial circumstances, your living environment, if you have other pets as well then which veterinary service you require etc. To begin with, if you already have a vet, you need to know which pet health insurance companies he accepts. This is because most of them go with specific companies.
Other than this, you need to see as to what procedure a particular plan involves. You may want the services of the specialists be… Continue reading
If you have recently got a pet cat, you may not be aware of certain facts pertaining to its health insurance. As a matter of fact, it is also probable that you may possess a cat for many years yet you are not well equipped with all the facts pertaining to its health insurance.
Ever since the inception of internet, we have got access to much information which we could not get very easily earlier. You can know as much as you feel like via internet regarding your cat’s heath insurance and its pros and cons. It is absolutely imperative for you to get a health insurance for your cat as you never know when any disease or accident might hit it. However, there are certain things that people overlook or… Continue reading