Financial Tips While Waiting for Decision on Social Security Benefits
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by: albert.tobega
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Q: While you are awaiting a decision on a disability application for social security benefits, how are you supposed to support your family?
A: Waiting for a final decision about your social security benefits claim can range from months to years. Claimants are told to expect a 90 to 120 timeframe for an initial application to be reviewed. A large number of initial applications are not approved after the first step. Most claimants who are denied choose to take the next step and have their case reconsidered and, if necessary, appeal for a hearing. Appeals will make your wait even longer. Most estimates say cases that go through an administrative hearing take 2.5 years from initial application to final decision. It is very difficult to know how long it will take a particular social security disability case to go through the review process. Many claimants struggle to support themselves and their families, while they are in limbo waiting for an answer about their particular social security benefits case. If you are able to work in a limited manner, you have to be aware of the impact it may have on your case. Your earnings must be below what Social Security has established as the substantial gainful activity limit. Unfortunately, no matter how small the workload, be aware that it could influence how your injury or condition is viewed by the reviewer. No matter what your decision is about working in a limited capacity, plan ahead as soon as you apply for social security benefits. Cut all unnecessary spending and put that money in a special account to help you through the interim period. If you own your home, consider refinancing the original mortgage to free up funds. If you currently rent, look into finding a less expensive property. Some claimants are able to rely on loved ones for a loan or other resources during the interim period. Submit applications for public assistance programs. Many gas, water and electric companies provide assistance to their customers in need, as well. Speak with your doctor about billing plans that might be available to those awaiting benefits decisions. Look into charities that might be able to help. Some groups pay for prescriptions for those who qualify.
Q: I collect social security benefits and am worried about keeping up with my mortgage. Do you know of any program provided by Florida that will help me in this situation?
A: You may be eligible for an exemption from Florida. An exemption will lower the assessed value on your home by up to $50,000. Apply for a disability exemption.
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For more on social security benefits, goto HillAndPonton.com.
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