The term "waiting period" confuses many people. The simple truth is, Social Security disability does not pay the first 5 months of disability under SSDI.
An insured person must wait 5 full months before receiving the first disability benefit check.
EXAMPLE: Social Security finds Mr. Claimant to have become disabled as of 2/6/19. His waiting period is taken up by the months March - July. He will first be eligible for a benefit in August.
However, Social Security pays the August benefit the following month. So, Mr. Claimant's first check will arrive in September.
Mr. Claimant will go from February 16, 2019 to September 2019 without a benefit check.
This is why I encourage people to have at least six months of savings set aside. Social Security will not send a check for at least 6 months, and that assumes everything goes smoothly and they approve the application right away (which seldom happens). There is no "emergency fund" with Social Security, even if the mortgage is past due or the car is being repossessed.
If a disability strikes, it's important to file an application for benefits right away. The process is slow to begin with and you can't afford to wait any longer than you must.
Can a lawyer or someone speed up your benefits? No, unfortunately not, because if everything happens just like it is supposed to, it will take about 6 months. If something goes wrong, let's say you get a denial, it can take much longer.
I recommend each individual who is working talk to a banker or financial adviser. Determine how much savings should be set aside each week or each month to accumulate enough savings for emergencies, such as sudden disability.
Saving is tough and requires a lot of discipline. Most of us aren't good at it. Start with a little and set it aside every payday.
No comments:
Post a Comment