Tips for Florida Self-Employed People On How To Protect Themselves Against Long-Term Disabilities
Florida residents can suffer long-term disabilities at any age. Irrespective of your age, profession, or previous health, you may find yourself facing a condition that affects your ability to work and sustain yourself financially. The long-term disability insurance provided by employers can be a lifeline in this situation, but what happens to self-employed people? Let us offer some practical suggestions.
What You Need to Know About Long-Term Disability Insurance
When injured or ill for more than one year, long-term disability insurance compensates for lost wages. According to the terms of your policy, it can supplement up to a third of your prior earnings. Employer-sponsored LTD policies are common, but if you are self-employed, consider purchasing a policy from a private insurer.
According to an article by Small Biz Trends from March 2022, there are a number of top companies offering LTD insurance to independent contractors. Determine whether long-term disability coverage is right for you by considering the following:
In the United States, there are 61 million people with disabilities, according to the Centers for Disease Control and Prevention (CDC).
About one out of every four 20-year-olds will become disabled before they retire, according to the Social Security Administration (SSA).
Having chronic illnesses like diabetes, heart disease, or respiratory problems increases your chances of becoming disabled.
You are more likely to become disabled if you smoke, drink too much, eat too much, and lead a sedentary life.
Keeping Yourself Safe From Long-Term Disability
Self-employed individuals can protect themselves against long-term disabilities by adopting a healthy lifestyle and purchasing a private insurance policy. You can also take the following steps:
Be sure to visit your doctor regularly, follow their instructions regarding treatment for chronic conditions, and report any new symptoms as soon as they occur.
Sports and recreational activities should be taken seriously, including wearing the appropriate safety equipment.
To prevent overuse, repetitive stress, or other common work-related injuries, inspect your workspace.
Verify that you pay into Social Security and that you are eligible for disability benefits from Social Security.
Make sure you have an emergency savings account that will protect your savings if you cannot work or while you are applying for benefits.