Tips For Closing The Income Gap While You Wait For Social Security Disability
The application process for Social Security disability benefits can be lengthy. Once you've submitted the paperwork and you're waiting for your determination, you might be wondering how you're going to cover the bills. After all, most disability applications have a mandatory five-month waiting period before you start receiving payments. Without any solid review timeline, you'll have to find another income source to cover the gap. Before you do that, it's in your best interest to talk with a Social Security disability attorney about the process and any income restrictions you might have while the application is under review.
Here's a look at some income opportunities you can consider while you're waiting.
Short-Term Disability Insurance
Many employers offer short-term disability insurance to their employees, and these policies are ideal for this type of situation. Short-term disability coverage is designed to offer you periodic payments for a predetermined period, such as three to six months.
If you don't have coverage through your employer, though, you might be able to get coverage from your state's disability program. Some states have a state-funded disability insurance fund that is used for residents who are currently waiting for the federal review process.
Whether you get temporary benefits from an employer-based policy or your state's disability fund, you'll still have to go through an application and show your eligibility. Given the short-term nature of these policies, the review process is faster than the federal application process, so you can often use these benefits while you're awaiting a determination.
Yard Sales, Crafts and Independent Income
One of the easiest ways that you can earn money while you're waiting for a disability application is through yard sales or online classified sales. Depending on why you're out on disability, you may need to have some help for this, but there's a good chance you've got some extra stuff in the house that you could sell.
Spend some time sorting through your closets, attic, basement and other storage spaces. Set aside anything you're willing to sell or no longer need so that you can label them for a yard sale or to list on a classified website.
Some of the things that sell really well in these situations include jewelry, small kitchen appliances, furniture and even books. In fact, if you have a lot of books in storage, used book stores often buy them to add to their inventory.
Using Your Credit
Sometimes, your good credit standing is all you need to be able to get through. Your bank or other financial institution may be able to help you with a short-term loan, or you may even have a credit card or two that you can use to help cover things temporarily.
Additionally, if you own your home, that's another great source of credit. You may be able to borrow against your home equity while you're waiting. You can consider a home equity loan or a line of credit. You might even want to talk with your lender about refinancing your mortgage to reduce your payments. This could make it easier to get through in the meantime.
Other Support Resources
Many communities have local support resources for people who are struggling with disability or other financial problems. Talk to your local charity services to see what kind of support is available. Whether it's paying for your utility bills or providing food, these resources can be a significant help.
Before you start bringing in any money during your disability process, you'll want to talk with a Social Security disability lawyer. He or she can help you understand the financial restrictions and the guidelines that you need to follow to protect the integrity of your application.
Continue to find more information.
Share