When you suffer from a serious injury or illness, you have to know where to turn for the financial resources you need. Otherwise, you might be unable to secure the treatment and stability necessary to advance your recovery. While stymying your physical progress, losing out on much needed support can also leave you susceptible to potential financial consequences like vehicle repossession or even home foreclosure.
But figuring out your options and choosing which ones to act upon can be tough. After all, you’re probably focused on your recovery and attempting to get back on your feet. But the process doesn’t have to be as complicated as it seems. That’s why in this post we want to compare permanent total disability (PTD) with Social Security Disability (SSD) benefits. Hopefully then you’ll have a better idea of what each option can offer you and how to best utilize them to your benefit.
What’s the difference between permanent total disability and Social Security Disability benefits?
While both programs are aimed at helping those who suffer from severe medical conditions, they have some significant differences. Here are some of the most critical that you’ll want to be aware of before choosing the path that’s right for you:
- Eligibility: The two programs have differing eligibility requirements. Permanent total disability is based on the terms of your insurance policy or the state’s workers’ compensation statutes. Eligibility for SSD benefits, on the other hand, are defined by federal law and require you to demonstrate a lengthy enough work history. To qualify for SSD benefits, you have to meet the federal government’s definition of “disabled,” meaning that you’re unable to engage in substantially gainful activity due to a medical condition that is expected to result in death or at least last for a year or more. Each qualifying condition has its own requirements that must be met, too. Your PTD policy and state law will help define what qualifies as a permanent and total disability. However, a finding of eligibility in one program may help you prove eligibility for the other.
- Benefit amounts: SSD benefit amounts are based on your earnings history over an extended period of time. PTD benefits, though, may pay out a percentage of your current wage, depending on how your policy reads. When it comes to benefits, then, PTD oftentimes pays out more.
- Application process: Both programs will require you to submit ample medical evidence demonstrating the severity and extent of your medical condition. For SSD benefits, though, you’ll also need to submit evidence of your work history. The application process for PTD will depend on the policy at hand. In both instances, though, you’ll need to demonstrate how your condition renders you incapable of working.
Remember how the two systems interact with one another
You can technically secure PTD and SSD benefits simultaneously. However, in most instances there’s an offset that occurs. For example, your PTD policy may require you to seek SSD benefits first, with the PTD policy then only picking up any additional benefits to which you may be entitled that aren’t covered by your SSD benefits. Therefore, you have to navigate the process carefully, otherwise you could wind up losing out on the financial support that you need.
Getting a handle on the various legal avenues available to you can be tough. But don’t let the process daunt you to the point that you take the easier, yet less beneficial road. Instead, consider working with your attorney to figure out the best way to protect your interests, then develop the legal arguments necessary to zealously advocate for yourself. If you want to learn more about how to do that, then please continue to read our blog.