Social Security Disability Benefits – Facts You Should Know

According to data provided by the Social Security Administration (SSA), 1 out of every 4 of today’s 20 year old population will become disabled before reaching the age of 67. This means that there is a chance that 25% of today’s young people will not work till their full retirement age. Fortunately for them, the SSA runs a program that pays out Social Security disability benefits to those who qualify for it.  Here are some facts that you need to know about Social Security Disability benefits.

There are Two Types of Social Security Disability benefits

There are two types of Social Security disability programs run by the SSA. The first one is called Supplemental Security Income or SSI. This is meant for those who have limited financial resources and are also unable to earn an income. The second program, called the Social Security Disability Insurance program is what most people mean when they say “Social Security Disability”. This program is designed to replace your lost income in the event of you becoming disabled.

Eligibility

There are two criteria that you need to meet to qualify for Social Security Disability benefits. Firstly, you need to have worked for a certain amount of time in a job that offered Social Security coverage. Secondly, you need to be disabled – as defined by the SSA. This is critical to understand, as not all disabilities would qualify for Social Security Disability benefits.

Benefit Amount

One of the biggest questions asked is, “What is the amount I will get as a Social Security Disability benefit?” The answer is a little complicated, as it will depend on how long you worked. Obviously, the longer you worked, the higher the payout. The best way to check how much money you would receive as your disability payout would be to create an online account with the SSA. This is your Social Security account called mySocialSecurity and it has all your social security related information on it. You simply need to use the calculator and it will give you an estimate of how much your disability benefits would be.

Application Process

The application process for Social Security Disability benefits can be quite painful. Detailed information, proof and documentation must be perfect or else your application could be delayed or declined. Be patient and, if necessary, hire the services of a disability lawyer to help you with your application process.

Benefits for Family

When you apply for Social Security Disability benefits, some members of your family may be eligible to receive benefits. These benefits can be paid to your spouse, your divorced spouse, children below the age of 22 and your disabled children.

Medicare and Social Security Disability Benefits

When you qualify for Social Security disability, you also qualify for Medicare. Two years after you start receiving your SSD benefits, you will automatically qualify Medicare benefits. The Social Security disability program was designed to replace up to 40% of your income, so you will need to look at other disability insurance programs if you need to supplement your income.