Financial Tips While Waiting for Decision on Social Security Benefits
Q: While you are awaiting a decision on a disability application for social security benefits, how are you supposed to support your family?
A: The application review process for social security benefits can take anywhere from a few months to few 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. By the time a claimant has his case heard before a judge, he has often been waiting 2 years. Unfortunately, it is almost impossible to anticipate the length of time it will take for a decision to be rendered on a claim for disability benefits. Since most people cannot work while awaiting a decision about their application for social security benefits, getting by financially can be a hardship. 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. In spite of that, it is important to understand that, while your claim is under review, how your limited work is perceived by the disability examiner for your case can affect the decision. No matter what your decision is about working in a limited capacity, plan ahead as soon as you apply for social security benefits. Get rid of discretionary budget items and, instead, set aside the money. If you own your home, consider refinancing the original mortgage to free up funds. Consider moving to a smaller or less costly place, if you are renting. Contact family and friends who may be able to offer short term financial support. Apply for any and all state and federal aid programs for which you qualify. Many gas, water and electric companies provide assistance to their customers in need, as well. Many medical billing departments will work out payment plans, if they know your particular financial situation. There are many non profit organizations that also provide assistance. Church groups, for example, may have food support programs.
Q: I live in Florida, currently collect disability social security benefits and am in danger of having my home foreclosed. What should I do?
A: You may be eligible for an exemption from Florida. Such exemptions can reduce the taxable value of your property significantly. Apply for a disability exemption.
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