Social security is one of the most important aspects of our lives. Civilization has brought some of the best things to our lives. But you just can’t ignore the risks that have come with it as a baggage. Every nation of the world intends to take good care of its citizens through the means of social security services. USA is also not an exception. Infact some of the best social security services of the world are offered by this nation. In simple words social security services imply to a social insurance program, which has been funded by dedicated payroll taxes popularly known as FICA (Federal Insurance Contributions Act) for a long time. The money collected through FICA is entrusted to federal funds like the Federal Disability Insurance Trust Fund or federal Supplementary Medical Insurance Trust Fund. The USA Government is in charge of these federal funds, which are demarcated to help certain factions of the society. The Social Security Disability insurance program is an initiative on part of the USA government to provide financial help to the disabled workers or retired people or their spouses or children.
Surveys show that today United Nations have more than 49 million of Social Security Beneficiaries. The state law distinctively delineates that social security disability services will be provided to individuals and their family members who have paid taxes long enough. A worker who has worked in the recent past is eligible to receive disability benefits from this fund. The service is offered to disabled individuals 5 months after the disability has occurred. There is no specific eligibility criteria except for a particular number of credit points based on earnings. You also need to have a certain number of credit points for the preceding 10 years before the disability. But laws are more lenient for young workers who might not have the scope of earning the required points before being disable.
The US federal law states clearly that the worker wiling to avail the benefits of this program must be in a condition to discontinue with the present work and also be unable to new work environment. Age, education and work experience are also taken into consideration while giving away this kind of social security benefits. The disability has to be for at least 12 months or might result in death. If death occurs die to disability, the spouse and children will be given benefits based on the age and work experience of the worker.
The Supplemental Security Income is yet another social security service offered to the citizens of USA. The eligibility criteria remain the same but it is not based on insurance coverage. SSI judges the eligibility of the beneficiary by applying a means-testing in order to determine whether the claimant’s net worth and income falls below a certain asset and income threshold.
Though the US government offer a bouquet of social security disability services but the beneficiary has to pass through a series of background checks. Strict checking is welcome if the assistance reaches the intended faction of the society. We all hope that the US Government will carry on with the rich legacy of social security services all through.
Tuesday, August 3, 2010
Insurance for Disabled Child Lighting up the Child’s Future
The Life Insurance for Disabled Child is one of the most useful instruments that secure the life of the disabled child even after the death of the parents. This is a legal arrangement created by means of Term or permanent (cash value) life insurance. They are utilized in funding a trust for special needs providing financial assistance to the child. This doesn’t risk the eligibility of the child for getting SSI Benefit. SSI seeks for criteria when the child must always possess minimum asset or have less income. So saving any money for the future for the child can put its ability on risk. The trust on the other hand remains under a trustee SSI doesn’t count it. The trust thus supplements the benefit from government but never replace it. The fund belonging to the trust can be used for purposes such as, transportation, clothing and others.
"Survivorship" or "Second to die" insurance often fund this trusts for special needs in full or in parts. They are options, which is less expensive and can be considered if the secured future of the child at a budget is the major lookout. Although a professional advisor must always be consulted to get the option in regards to insurance for disabled child best suiting one’s preferences.
The families in US often find great difficulty in raising their kids who bear a disability of one kind or other. It is rather a struggling phase of the life of the parents to have their disable child grow up in a comfortable manner. In this context, one must get acquainted of the fact that there are many disabled children and adult who are benefited to a great extent by the two programs run by Social Security. One of them is the Social Security Disabled Insurance and the other one is the Supplemental Security Income (SSI). Here is an overview on the various benefits extended by the programs.
A child, who is under 18, is referred as disabled if somehow he or she bears a severe physical or mental condition limiting the functionalities of its mind and body. It is been considered that the disability must continue for 12 months at least or might result in the death of the child.
The common instances at which a child is entitled to get the SSI payment are that if it is under 18 and one of the parents is dead or if it is dependent to a parents getting retired or getting disability benefits. Another essential is that the disability of the child must start before the age of 22. In case a family having very low income and resources bears a disabled child and if the child is under 18, then Social Security Disability Benefit is paid to the child regardless of the other requirements mentioned above.
There are certain clauses related to how long the Disability Insurance Benefit is continued. The benefit might continue as long as the child is unable to work. In case the child is getting the disability benefit on account of one of the parents being dead or the parents being retired or disabled himself/ herself, then the Disability Benefit is stopped as the child reaches 18 or 19, if he/she is a full time student in an elementary school.
"Survivorship" or "Second to die" insurance often fund this trusts for special needs in full or in parts. They are options, which is less expensive and can be considered if the secured future of the child at a budget is the major lookout. Although a professional advisor must always be consulted to get the option in regards to insurance for disabled child best suiting one’s preferences.
The families in US often find great difficulty in raising their kids who bear a disability of one kind or other. It is rather a struggling phase of the life of the parents to have their disable child grow up in a comfortable manner. In this context, one must get acquainted of the fact that there are many disabled children and adult who are benefited to a great extent by the two programs run by Social Security. One of them is the Social Security Disabled Insurance and the other one is the Supplemental Security Income (SSI). Here is an overview on the various benefits extended by the programs.
A child, who is under 18, is referred as disabled if somehow he or she bears a severe physical or mental condition limiting the functionalities of its mind and body. It is been considered that the disability must continue for 12 months at least or might result in the death of the child.
The common instances at which a child is entitled to get the SSI payment are that if it is under 18 and one of the parents is dead or if it is dependent to a parents getting retired or getting disability benefits. Another essential is that the disability of the child must start before the age of 22. In case a family having very low income and resources bears a disabled child and if the child is under 18, then Social Security Disability Benefit is paid to the child regardless of the other requirements mentioned above.
There are certain clauses related to how long the Disability Insurance Benefit is continued. The benefit might continue as long as the child is unable to work. In case the child is getting the disability benefit on account of one of the parents being dead or the parents being retired or disabled himself/ herself, then the Disability Benefit is stopped as the child reaches 18 or 19, if he/she is a full time student in an elementary school.
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