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Disability insurance is among the most critical components of your financial planning strategy. Nevertheless, it remains an underutilized and misunderstood concept. Disabled people who are unable to work often leave themselves and their families without any income protection leading to financial hardship in the long run.
When you suffer from an unexpected disability concern, it can affect your financial condition leaving you stressed mentally. For instance, if you have had an accident that has led to a significant injury to your leg, you cannot return to work for months. In case the accident doesn’t take place at your workplace, it is unlikely that you’ll get any workers’ compensation. The health insurance policy will only cover your medical expenses but not the lost wages.
Hence, you must know about the right disability claims to protect against your lost wages when you cannot return to work. While most organizations offer disability insurance to their employees, many individuals prefer buying personal policies to claim their disability. Specific disabilities qualify for these claims.
Here are the top five disability claims you should know.Disability insurance is among the most critical components of your financial planning strategy. Nevertheless, it remains an underutilized and misunderstood concept.
1. Musculoskeletal System and Connective Tissue
As per the CDA’s 2013 Long-Term Disability Claims Review, approximately one-third of all disability claims are related to the musculoskeletal system and connective tissue disorder. Your musculoskeletal system consists of ligaments, bones, cartilage, connective tissues, etc. It connects to your bones and controls and maintains all your movements. Without a skeletal system, an individual can’t walk, sit or stand properly. You can consult Nicoletlaw group today to learn about disability policies and benefits.
The musculoskeletal system and connective tissue disabilities include:
- Arthritis
- Fibromyalgia
- Spine disorders
- Scoliosis
- Ruptured discs
- Carpal tunnel syndrome
- Degenerative disc disease
A person suffering from a severe musculoskeletal system and connective tissue disorder find work difficult or near impossible. Many individuals claim the SSDI or Social Security Disability Insurance benefits for financial support. These conditions significantly impact an individual’s life as they cannot work and compensate for their lost wages.
2. Degenerative Disc Disease
Degenerative Disc Disease, or DDD, is a kind of osteoarthritis in the spinal region. This type of disability is more or less common in over three million Americans of all ages. The symptoms of this disorder mainly include limb numbness, neck and back pain, soreness, inflammation, etc. Moreover, moderate to severe pain can make it difficult for a person to work, move, and function, making it challenging to meet health expenses and financial requirements due to loss of income. Therefore, such individuals crippled by degenerative disc disease may claim disability benefits to cover their lost income.
3. Cancer
Certain studies claim that approximately 41% of men and 38% of women might develop some cancer during their lifetime. An individual’s lifestyle choices or hereditary factors may be responsible for developing cancer. Nevertheless, it is impossible to determine when or how one will develop cancer.
Cancer is usually caused due to the uncontrollable division of your body’s cells. This cell division leads to the formation of tumors, reducing one’s capacity to function correctly. Typical forms of cancer may include:
- Breast cancer
- Prostate cancer
- Lung cancer
- Skin cancer
- Lymphoma
- Leukemia
One must undergo various procedures like radiation, chemotherapy, or even surgeries to treat cancer. It can lead to exhaustion and bedridden as a result of which, it becomes challenging to keep up with their workplace responsibilities. If someone is diagnosed with severe, invasive, and incurable cancer, they may qualify for various disability benefits. It helps to make sure that their health condition is the priority.
