Few life events are more destabilizing than losing the ability to work. Employment often bestows a sense of pride, a mental challenge, and perhaps most importantly, a source of reliable income.
Many injured claimants and their families must deal with the reality of adjusting to a new life—one that is no longer supported by the claimant’s prior wages, salaries, or benefits, and those losses require an entirely new approach to ensuring financial well-being.
Most adults have access to some form of compensation to help pay bills after an injury, including employer-sponsored long-term disability (LTD) policies and Social Security Disability Insurance (SSDI). The total benefits and coverage timetable depend on several factors, including length of service, work history, and age.
Unfortunately, these types of benefits may not sufficiently cover the many associated costs of living with a catastrophic injury. In fact, as of July 2019, the Social Security Administration (SSA) reported the average monthly SSDI benefit for disabled workers as only $1,236.12. Further, some LTD policies have an offset that allows them to reduce required payments based on the amount of approved SSDI benefits.
Fortunately, there are several strategies for creating long-term income with personal injury settlement proceeds:
Kaas Settlement Consulting leads the nation in plaintiff-oriented settlement planning. For more information or assistance with your next case, contact us today.
1 Guarantees are subject to the claims-paying abilities of the issuing insurance company.