Self-employed people could be present in quite a lot of professions. There are quite a few choices that enable for a profitable dwelling, however few protections in terms of defending your well being and your future monetary safety. Within the occasion of a long-term incapacity, you could end up struggling to assist your self and your loved ones. Our Jacksonville long-term disability lawyer explains a few of the choices and learn how to defend your rights to advantages.
Social Safety Incapacity Advantages If You Are Self-Employed
In keeping with the U.S. Bureau of Labor Statistics, over 15 million folks within the U.S. are listed as self-employed. Whereas being your personal boss provides many advantages, one of many drawbacks is that you’re more likely to lack insurance coverage. This could be a main drawback within the occasion a long-term incapacity prevents you from working. Supplied you pay taxes, you could be entitled to incapacity advantages via the Social Safety Administration (SSA).
Social Safety incapacity advantages can assist offset misplaced revenue in case you are unable to work for a yr or longer. Nevertheless, you could have a qualifying medical situation and have earned sufficient work credit. Essential particulars you want to pay attention to about this system embody:
- In 2023, you earn one work credit score for every $1,640 in revenue;
- You could have 40 work credit to be eligible for SSDI, 20 of which will need to have been earned over the previous yr;
- The quantity of advantages you might be entitled to usually equals as much as two-thirds of your prior wages.
Whereas these advantages can present a lifeline in case you are unable to work, getting authorized could be a problem. The SSA reviews that greater than half of all claims find yourself being denied or delayed.
Defending Your self And Your Rights To Advantages
Along with checking your eligibility for Social Safety incapacity advantages, there are different steps it’s best to take to guard your self in opposition to long-term disabilities in case you are self-employed. These embody:
- Keep your well being: Visiting your physician often, sustaining a wholesome life-style, and managing power circumstances can all scale back the dangers of long-term disabilities.
- Contemplate privately bought insurance policies: Many insurers supply long-term incapacity insurance coverage for self-employed people. You may additionally be capable to benefit from group insurance policies supplied via skilled and commerce associations.
- Keep a wholesome financial savings: Saving cash and making sensible investments can present a security web within the occasion you might be unable to work.
If you happen to at present endure a situation that will lead to long-term incapacity, hold copies of all medical information and any misplaced revenue. This can assist in defending your rights if you must file a declare. Begin a incapacity journal as properly, detailing how your situation impacts your skill to work and different areas of your life.
Seek the advice of With Our Florida Lengthy-Time period Incapacity Lawyer
At Farrell Incapacity Legislation, we assist folks with long-term disabilities get the advantages they should present for themselves and their households. To debate your choices, request a session with our Florida long-term incapacity lawyer in our Orlando or Jacksonville workplace at present.
Sources:
bls.gov/highlight/2016/self-employment-in-the-united-states/dwelling.htm
ssa.gov/advantages/incapacity/
