Are you overlooking one big deduction? Many people do not realize they can deduct the cost of their major medical insurance and some other medical expenses. Make sure you are not paying too much in taxes.
If you have more obligations now than when you bought your policy you may want to update your policy. A recent addition to your family can increase your requirements for insurance. The opposite is also true. If your children are now grown and self sufficient, you may require less protection than you did before.
You feel “worn out” from many years of hard work. Even though you have paid into Social Security for years, you do not automatically qualify for disability just because you have worked many years. There is a provision for disability if you have worked 35 years at heavy unskilled manual labor, have a less than high school education, and cannot do this work due to a handicap but this is very hard to qualify for.
But Ben was out of work for 12 months and with no LONG talking products for the blind he had no income. Jill got a quick, low-paying job but missed work on the days she took Ben to Physical Therapy. She lost those days wages. Their new-born son got sick and needed to go to the hospital for three days. Jill took off work and lost that pay, too, to be at the bedside of their sick child. Jill got sick, herself, and missed more days of work. Then, Ben’s physical therapy was moved to a town 20 miles away. Jill missed more work driving Ben there and back, and had to charge the gas to their last 24% interest credit card.
When the treatments were all over, it took her many months to feel better. She was fatigued and had anxiety attacks. Her doctors diagnosed it as post traumatic syndrome.
This is the date that you became unable to work. If it’s hard to pinpoint the exact date, just do your best. Social Security will make a determination of the date for purposes of determining when you are first eligible for benefits. Your doctor can probably help you decide the date you should use on your application.
Buying short term disability insurance before getting pregnant is the best way to create maternity income, keep your credit score high, and ensure future access to credit when needed, at affordable rates.