No one plans to become disabled. This isn’t something many people generally envision for their lives, but what is done is done. You have found that you are now disabled and you need to do everything you can to create the best possible strategy for surviving financially. Can you do this? It might not feel like it now, especially if this is all hitting you at once. However, many people do it. You just need to know about some of the things you can do to improve the situation.
Apply For Social Security Disability Insurance
You have worked for many years of your life and during that time, money was taken from each pay check for social security. This is something that you paid into and now that you are disabled, you are going to want to make claim to your fair share of that money. You can do this by filing for SSDI. Now, the thing is, you are going to want to file for SSDI as soon as you can. The closer it is to when you first became disabled and stopped working the better, as they use your most recent work credits to determine part of your eligibility.
Also, it is important to note that the entire process can take a good chunk of time. While some people are lucky enough to be approved right away, others find that they are denied at first. This can be disheartening, but it is something that a lot of people go through and you simply need to quickly file an appeal, which may then lead to your approval for SSDI if you have the medical documentation proving you are indeed disabled.
Apply For All Of The Government Assistance You Can Get
Locate your local government assistance office and apply for everything that you believe you qualify for and can make use of. Things such as SNAP benefits, medical coverage, energy assistance, and cash assistance can be a great help during this time. Until you receive your approval for SSDI and begin to receive your monthly payments. You may be able to apply online or you can go to the local office to apply in person. Either way, you want to promptly turn in your application, because it can take a few weeks for your case to be processed.
Consolidate Your Debts
Once you have been approved for your SSDI, you might want to think about applying for a loan consolidation if you have a few personal loans and credit cards that you are unable to keep up with. Even though you will have a monthly income, it is going to be a fraction of what you used to make when you were working full time. Therefore, you might have to find a way to lower your bills. Just make sure that you are working with a quality consolidation company and that you are not going to pay too much in interest. In the meantime, until you are at that point, you will want to do your best to stop using your charge cards.
Consider Working Part Time In The Future
After being approved for SSDI, you will find that you are in fact allowed to go back to work, but only part time and you must earn under a certain dollar amount. The exact amount that you will be allowed to earn may change every year based on current laws, but the social security administration will be able to help you by providing more details. By working a part time job, you will be able to supplement your SSDI income and that might just be enough to be able to handle all of your monthly bills and even have a little left over every month so you can treat yourself to something nice.
Final Thoughts – 4 Tips For Handling Finances For The Newly Disabled
It is going to take some time and planning, but know that even though you are now disabled, you will be able to keep your finances in order. Follow these 4 tips for handling finances for the newly disabled and you will be able to your financial life back on track.