4 reasons not to count on (Broken) Government Program

4 reasons not to count on (Broken) Government Program -


What you happen financially if you were injured or became ill and were unable to work? Your answer might be, "Well, there is a disability program of the government. I'm not really sure what it was called, but I know he is there as a backup if I need. "
Are you sure?
First, we will cross the compensation of the list of workers. This government program only covers you if you are injured or ill as a result of your work. According to the National safety Council, 0% of disabilities occur outside of the workplace, so chances are you will not be covered by the Comp of workers.
Next, examine the program social security disability insurance, which pays disability benefits independent of where the disability occurs.
"Great!" you say. "that's what I'm going to press."
Not so fast.
Did you know that the social security disability insurance program is about to go bankrupt? as reported in this article insurancenewsnet "the dismissed workers and of aging baby boomers are flooding the disability program of social security with applications for benefits, pushing the cash-strapped system to the brink of bankruptcy. " According to congressional estimates, the money in the program is due to short in six years
Section continues to underline a second reason why you should not rely on this program :. "The rush of benefits is adding to a growing backlog of applicants-many wait two years or more before their cases are resolved." (You can read more about my position in disability insurance Month awareness in May.)
now, a third reason to reconsider rely on the government. The federal government defines a disability very narrowly as "unable to perform substantial gainful activity because of a medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months. "There are no benefits for short-term disability or partial disability.
and finally, if you were to qualify, the average benefit hovers around $ 1,000. This gives you a" . pay "annual which is below the poverty line
This should make you rethink your strategy to protect your paycheck in the case of a disability Just ask yourself this. How long pourrais- I go without a paycheck before experiencing financial problems? Then take the next step to learn more about disability insurance.