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Understanding SSD benefits and private insurance

On Behalf of | Jun 20, 2022 | Social Security Disability |

There has been a recent increase in the number of people turning to SSD as a way to pay for long-term care in West Virginia. However, there are many people who are unsure about whether or not they should get private insurance to supplement their SSD benefits.

What are SSD benefits?

SSD benefits are intended to provide financial assistance to those who are unable to work because of a disabling condition. This can be either a physical or mental disability that’s expected to last at least one year or result in death. SSD benefits are available to both children and adults. The amount of SSD benefits you receive each month is based on your average lifetime earnings before you became disabled.

How about private insurance?

Private insurance, on the other hand, is insurance that you purchase from a private company. It is not affiliated with the government in any way. Private insurance can be used to supplement your SSD benefits or as a standalone policy. Usually, private insurance policies have much higher monthly premiums than SSD benefits.

There are two main types of private insurance: long-term care insurance and disability income insurance. Long-term care insurance will help pay for the costs of a nursing home or other long-term care facility. Disability income insurance will replace a portion of your income if you are unable to work because of a disability.

So, which should you get?

This question depends on a variety of factors, including your age, health, and financial situation. For instance, if you are young and healthy, you may not need private insurance. However, if you are older or have a pre-existing condition, you may want to consider getting private insurance to supplement your SSD benefits. If you are considering getting private insurance, it is important to compare different policies and companies before making a decision.

Yes, you can have both SSD and private insurance. However, your private insurance may affect the amount of SSD benefits you receive each month. For example, if your policy has a “offset provision,” your benefits may reduce by the amount of money you receive from your private insurance.