Monday’s post discussed how SSDI benefits to disabled workers make up a relatively small portion of the amount that Social Security pays out to Americans each year .This is one reason why making SSDI benefits a political target misses the mark; another reason is that SSDI benefits are a form of insurance. As with any insurance, you only get coverage if you paid the premiums. People who are eligible for SSDI benefits and eventually receive them have, thus, already paid for the right to receive benefits.
How SSDI Works as a Form of Insurance
You can only receive SSDI benefits if you have worked enough to qualify for them. The general rule of thumb is that the older you are the more work credits you need in order to be able to receive SSDI benefits.
Why do work credits matter? They are the way by which you pay the SSDI insurance in order to receive SSDI benefits. While you are working, both you and your employer pay FICA taxes; FICA stands for Federal Insurance Contributions Act. These FICA taxes are what fund your benefits if you end up becoming disabled and unable to work at some point.
For many families, benefits are the difference between getting through a tough financial time and ending up on the streets. Disability is more likely to occur than you might expect. The Social Security Administration reports that a 20-year-old worker has a 3 in 10 chance of becoming disabled prior to retirement age. If you are in a particularly dangerous line of work, those numbers increase dramatically.
Have you or a loved one suffered a severe disability that has led to unemployment? A Tulsa OK Social Security disability attorney can discuss with you what disability benefits options you have.
Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers