Good post B2Y! I'm not hijacking your post here, I too have the old "I can't do this anymore, but I can't do THAT either thing going on in my head...chug chug chug"

I have to add a few things for general information...cause I can!

Private disability is a policy that a person buys on their own. The person pays for it out of pocket. It is usually very expensive and most people don't buy them because of the cost. They are NOT taxable because they are purchased by the person out of pocket with after tax dollars. They normally DON'T have a payback clause and they are always paid in conjunction with SSDI. They are often sold as part of a total insurance package to young couples just starting out with a family. If you were smart enough to actually buy one of these policies and keep them in force, you are considered "lucky" in the disabled world!

Disability policies may be provided by an employer. That kind of disability policy IS taxable because the employer pays for it, so you DO have to pay income tax on it. These types of policies may or may not have to be paid back when SSDI comes through, depending on the type of policy or company requirements ( the actual insurance company that sells and holds the policy)

An employer sponsored policy is one that the employer agrees to sell but the employee pays for themselves. These are not taxable, again, because the employee pays for them out of pocket with after tax dollars. These may or may not have a payback policy (depending on the insurance company that sells and holds the policy)

SSDI is Social Security Disability Income. This is the policy that the government gives to people who have worked a certain amount of time and have a certain number of credits of work time (40 quarters). It is not taxable until one reaches a certain level of earned income above and beyond the actual policy benefit. There's a LOT of complicated rules for SSDI and earned income, and benefits may be offset by any earned income. I believe you get to keep 20% of your benefits at the very least.

SSI is Supplemental Security Insurance. This is the policy that the government gives to people who are disabled and don't have the required number of work quarters in, and people who are blind. It ain't much but it's better than nothing. You usually are eligible for other government benefits because of your low income level, like health care, food stamps, LIHEAP, Section 8 rental assistance, TANF if you have kids, WIC for women with infants and small children and other forms of private assistance from charities.

I found a lovely piece of information in my SS travels. If you retired early, say at 62, there is a little known clause that lets you pay back the benefits you received and start out as if you never retired early. There is no interest on that payback, just pay back the actual amount of benefits received and VOILA! Retire again at full benefits! This could work for people who retire early, then come into a large sum of money, who can afford to pay back the received benefits. It actually can work out in the person's favor, if you are in good health and can afford this!

If anyone has anything to add to this information, please do so...this information is very helpful to those of us who haven't had to deal with the whole mess yet! The only reason I know all of this is because I had to help my fiance when he became disabled.

If we can get it together with correct info, maybe we can have a sticky?

I know exactly what you mean, B2Y.

I love it when people ask me "aren't you happy to be away from all the stress at the office?" Ummmm...let me think......oh, the office where I worked and earned a PAYCHECK??? Why yes, not having a paycheck since APRIL is much less stressful, thank you for asking.

Do others honestly not have a clue when it comes to LTD and SSDI? If it were that easy to get and so nice to be on don't they think everyone would be doing it? :rolleyes:

I'm grateful that it's there - never thought I'd be using it - but the waiting periods are for the birds. What are we waiting for???? Doom??? :p

When I donate to my alma mater, I'm allowed to tell them where I want my money spent (eg, the field hockey program). Why can't I just say that I want my money to go to B2U when I pay my taxes....Not a bad idea!;)

In order to qualify for SSI does a person have to be living in poverty? I would think that a lot of people with MS did not have the opportunity to work 40 quarters before having to quit and yet have a spouse that makes a decent amount of money.

Blessings,

Please keep on with your goal for retirement. My husband just retired with his 30 years in and he is really enjoying his new found freedom and getting paid without working to boot!

gmi

I'd like to add that my SSD check is approxamitely 40% of what I was making as an RN. While I was on LID, I was getting 60%. I have a friend who is in a labor union and says that their laborers don't have to give up their LTD, they have that and SSD. Wow! When I reach 62 or 65, whichever I choose, I will recieve a full pension from my employer. Apparantly I will need that to purchase my health insurance.

You know the annual statement that you recieve from the social security administration? If my husband went on disabilty at this time, he would recieve more on disability now than he would recieve in social security at 62. I don't understand that. So I have jokingly told him he needs to get injured or something so he can go on SSD. He knows though that I am joking 'cause he knows what an emotional adjustment you have to go through and all the legal stuff to get SSD.

It's not easy but I'm glad it's there.

hey Kelly - good point ... you know that I've been struggling .. and have come up with something that will bring in an income (eventually) .. while I'm 'waiting' for SSDI ..

so, what will happen if my corporation that will bring warmth and comfort to others becomes a million-dollar enterprise ... then, I wouldn't get the SSDI anyways, right??

oh gosh - I'm so excited to beat the government at their own game and WIN!! LOL