Many self-employed professionals such as attorneys, CPAs, entrepreneurs, doctors, and others purchase individual disability income policies to protect their income if they find themselves unable to work at some point in their careers because of a disability. Disability income policies can provide a monthly disability benefit up to age 65, retirement age, or even for a lifetime. Our Chicago self-employed disability attorneys focus solely on representing people with disability insurance claims.
Individual disability income claims can be complex. It’s common for insurance companies to try to delay the claim review process. If you have a disability insurance claim, it’s crucial to know what to expect and how to respond to their requests for information. If the insurance carrier denies your disability claim, you might have the option of appealing their denial. For this reason, and many others, it’s crucial to have an attorney on your side. Our familiarity with the disability claim practices of all the major disability insurance companies in the United States helps us provide the best possible representation to our clients.
In addition to private disability insurance, most self-employed individuals are eligible for Social Security disability (SSD). However, they must meet all eligibility requirements. Like any other worker, the self-employed worker must have earned enough “work credits” to receive SSD benefits. Work credits are earned based on the wages they pay Social Security taxes for. For every $1,260 earned in a single year, a worker earns one work credit. However, work credits are capped at four per year. Workers who earn 40 work credits over a ten-year period have earned enough work credits to obtain full SSD benefits.
Self-employed Americans who file a Schedule SE each year and pay self-employment tax (both Social Security and Medicaid) will earn work credits like any other worker. Always be aware that if you continue operating your business or conducting work for your business while being paid SSDI, the Social Security Administration (SSA) will examine your substantial gainful activity figures, which could affect your benefits. Contact our Chicago self-employed disability lawyers today to find out more.
For the self-employed, every minute they can’t work is a minute they are losing possible income. You need a self-employed LTD plan that is reliable and suits your unique needs. Here are some factors to consider when looking for a plan:
Speak with an experienced Chicago self-employed disability attorney early in the claims process. Doing so can help you avoid costly mistakes and improve your chances of getting your claim approved. Contact Bartolic Law today to meet with one of our attorneys for a free consultation.